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Accident and Health Insurance Agent Practice Exam| 140 QUESTIONS AND ANSWERS ALL CORRECT $10.49   Add to cart

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Accident and Health Insurance Agent Practice Exam| 140 QUESTIONS AND ANSWERS ALL CORRECT

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Group Insurance Correct Answer: - the employer is the owner and receives the master contract - the employees are certificate holders which outlines the details of it - underwriting is much more liberal because its a large group and probably wont have adverse selection - if you want ...

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  • September 28, 2022
  • 14
  • 2022/2023
  • Exam (elaborations)
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Accident and Health Insurance Agent Practice Exam|
140 QUESTIONS AND ANSWERS ALL CORRECT
Group Insurance Correct Answer: - the employer is the owner and receives the
master contract
- the employees are certificate holders which
outlines the details of it
- underwriting is much more liberal because its a
large group and probably wont have adverse
selection
- if you want to get in at another time, employee
has to show insurability

What do you need to get Social Secutiry Correct Answer: - You have to work for 40 qtrs or 10
years

Insurance Definition Correct Answer: - Transfer of risk from 1 party to another
- To provide funds for medical expenses due to
sickness or injury and to cover loss of income
during a disability

Indemnity Correct Answer: - To restore or make whole again
- To bring back to the same condition they had
prior to loss

Risk Correct Answer: - the uncertainty or chance of loss

Mortality Correct Answer: - The number of deaths
- helps determing premium

Morbidity Correct Answer: -The number of disabled due to accident or
sickness

Pure Risk Correct Answer: - Chance of loss without any chance of gain
- only pure risk is insurable

Speculative Risk Correct Answer: - Chance of loss or gain

What kind of Risks are insurable Correct Answer: - loss must be accidental
- loss must be definite (or measurable)
- must not be catastrophic
- must be great enough to create economic
hardship
- premiums must be reasonable

, Retention Correct Answer: -The personal acceptance of the loss

Peril Correct Answer: - The cause or source of a loss

Hazard Correct Answer: - increases the chance of a loss

What are the 3 types of Hazards Correct Answer: - Physical
- Moral (dishonesty)
- Morale (carelessness)

Underwriting department Correct Answer: - Responsible for the selection of risks to insure
and determines the rate to be charged for
coverage

Types of Insurance Companies Correct Answer: - Stock Companies (non-participating)
- Mutual Companies (participating)
- Fraternal Organization
- Reciprocals and Assessment Insurers
- Self-Insurers

Domestic Insurance Co Correct Answer: - located in the state it's doing business in

Foreign Insurance Co Correct Answer: - allowed to do business in a state other than their
home state

Alien Insurance Co Correct Answer: - authorized to conduct business in any of the 50
states but who has its home office in another
country

Cerrtificate of Authority Correct Answer: - What an insurance company needs to have in
order to operate in a state

Fraternal Organization Correct Answer: - A non profit association and only can provide
insurance to its members.

Reciprocal Organization Correct Answer: - A type of cooperative insurance. Each
policyholder is insured by all other policyholders.

Reinsurance Correct Answer: - Insurance between insurers
- limits liability and prevents catastrophic loss

An agent has 3 types of authority Correct Answer: - Expressed authority
- Implied Authority
- Apparent authority

Expressed Authority Correct Answer: - Written in a producer's contract

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