Study guides, Class notes & Summaries
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Florida 240 License exam questions with verified correct answers
- Exam (elaborations) • 38 pages • 2023
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The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: 
Reserves 
 
 
 
An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: 
Fair Credit Reporting Act 
 
 
 
A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: 
A fraternal benefit society 
 
 
 
What I the name...
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Florida Health 240 Insurance with 100% correct answers
- Exam (elaborations) • 22 pages • 2023 Popular
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Rules of Construction 
Help to identify and establish the intent of the parties to the contract 
 
 
 
Utmost good faith 
Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. 
 
 
 
Aleatory Contract 
A contract under which one party's performance is contingent on an uncertain event. 
 
 
 
property and casualty agent 
has the power to bind the insurer ...
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Illinois licensure exam for NHA students, Questions with marking schemes
- Exam (elaborations) • 17 pages • 2024
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Nursing home care act became effective in - 1980 
 State agency that enforced nursing home care act - Public health 
 Annual license renewal for skilled and intermediate care facilities - 6 to 18 months 
 To qualify for two year license must have - An average occupancy rate of 90% or more for 
previous 24 months 
 Two year license can be issued and renewed - 18 to 30 months 
 Term Intermediate care facility can use in their title - Nursing home 
 Skilled and intermediate care facilities code a...
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Illinois Health Insurance Exam Questions with complete solutions
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Under the Affordable Care Act, which classification applies to health plans based on the amount of 
covered costs? 
Metal level classification. 
Other than conditions stipulated by the Director, what is a permissible reason for an HMO to cancel or 
not renew an enrollee's contract? 
Failure to pay monthly premiums. 
According to the PPACA rules, what percentage of health care costs will be covered under a bronze plan? 
60% 
Which of the following offers limited health care plans, in which som...
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Illinois Health Insurance Exam Questions with complete solutions 2023/2024
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What are the four elements of an insurance contract? - 1. agreement- offer and acceptance 
2. consideration 
3. competent parties 
4. legal purpose 
What does representation mean and how does it differ from a warranty? - representations are 
statements believed to be true to the best of one's knowledge. A warranty is an absolutely true 
statement upon which the validity of the insurance policy depends 
How can an insurance company use the information it obtains from the MIB? - it can use M...
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Illinois Health Exam Questions with Marking schemes
- Exam (elaborations) • 11 pages • 2024
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First Dollar coverage - -basic medical insurance 
-no deductible 
Basic hospital expense - -policy states that the max daily room and board benefit is $500 per day for 
30 days. 
-surgery not covered 
Usual Customary and reasonable (UCR) - -insurer calculates by averaging the cost of a specific 
surgery in a defined geographic area. 
-if actual charge is more, policyowner pays the difference 
Major medical expense plan - -designed to provide broad coverage under one policy 
-low benefit limit...
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Florida Real Estate Exam for insurance students latest updates
- Exam (elaborations) • 16 pages • 2024
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How is the binder deposit shown on the Closing Disclosure Form? - >>credit to the buyer 
what is the status of a sales associates license if he does not complete the required post licensing 
education prior to his first renewal section? - >>null and void 
Mortagee - >>lender 
when you sell or transfers - >>due on sale 
2 mortgage clauses - >>due on sale clause, acceleration clause 
acceleration clause - >>the buyer defaulted 
government insured loan - >>...
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Health Insurance (Exam FX) Questions And Answers 100% Correct A Grade.
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Agent/Producer - ANSWERS-A legal representative of an insurance company 
Broker - ANSWERS-An insurance producer not appointed by an insurer and whom 
represents the client 
Insured - ANSWERS-A person covered by an insurance policy 
Insurance policy - ANSWERS-A legal contract between a policyowner (and/or insured) 
and an insurance company which agrees to pay the insured/beneficiary for losses 
caused by specific events 
Principal - ANSWERS-Insurer, company who issues insurance policies 
Policyow...
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UPDATED Health Insurance (Exam FX) Questions And Answers 100% Correct A Grade.
- Exam (elaborations) • 10 pages • 2024
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Agent/Producer - ANSWERS-A legal representative of an insurance company 
Broker - ANSWERS-An insurance producer not appointed by an insurer and whom 
represents the client 
Insured - ANSWERS-A person covered by an insurance policy 
Insurance policy - ANSWERS-A legal contract between a policyowner (and/or insured) 
and an insurance company which agrees to pay the insured/beneficiary for losses 
caused by specific events 
Principal - ANSWERS-Insurer, company who issues insurance policies 
Policyow...
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Excel Testing Solutions (Life & Health) Final 150 Question Practice Exam
- Exam (elaborations) • 13 pages • 2023
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When can a policy owner change a revocable beneficiary? - CORRECT ANSWER 
Anytime	 
 
M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - CORRECT ANSWER Revocable 
 
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - CORRECT ANSWER If the primary beneficiary dies before the...
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Final Exam: California Life, Accident, and Health Insurance 2023 with complete solution
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Final Exam: California Life, Accident, and Health Insurance 2023 with complete solution 1. What is considered the most common type of specified disease insurance policy?: Cancer 2. Minimum participation standards exist for a group health insurance plans in order to: Prevent Adverse Selection 3. How does underwriting differ between group life and individual life insur- ance?: Medical questions must be answered on individual life insurance 4. when handling premiums for an insured an agent is actin...
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CA Health and Life insurance Exam WFG Study Guide Complete Solution 2023
- Exam (elaborations) • 17 pages • 2023
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What is meant by referring to an insurance policy as a uliteral contract? - Only one 
party makes a legally enforceable promise 
When must insurance records of insurance agents and brokers be made available to 
the insurance commissioner? - At all times 
Any situation that presents the possibility of a loss is known as... - A loss exposure 
Which of the following information is not required to be communicated with a life 
insurance contract? - Personal judgment 
Directed ration of insurance util...