Accident and Health Insurance Agent Practice Exam| 140 QUESTIONS AND ANSWERS ALL CORRECT
6 views 0 purchase
Course
Accident and Health Insurance Agent
Institution
Accident And Health Insurance Agent
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 ...
accident and health insurance agent practice exam| 140 questions and answers all correct
accident and health insurance agent practice exam
Written for
Accident and Health Insurance Agent
All documents for this subject (274)
Seller
Follow
Classroom
Reviews received
Content preview
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
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.