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Accident and Health Insurance Agent Practice Exam| 140 Questions With Verified Answers!! $9.49   Add to cart

Exam (elaborations)

Accident and Health Insurance Agent Practice Exam| 140 Questions With Verified Answers!!

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  • Course
  • Accident and Health Insurance
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  • Accident And Health Insurance

Accident and Health Insurance Agent Practice Exam| 140 Questions With Verified Answers!!

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  • August 23, 2023
  • 37
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Accident and Health Insurance
  • Accident and Health Insurance
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Vannesah
Accident and Health Insurance Agent Practice Exam

Questions And Correct Answers

1. Group Insurance: - 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

2. What do you need to get Social Secutiry: - You have to work for 40 qtrs

or 10 years

3. Insurance Definition: - 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




,4. Indemnity: - To restore or make whole again

- To bring back to the same condition

they had prior to loss

5. Risk: - the uncertainty or chance of loss

6. Mortality: - The number of deaths

- helps determing premium

7. Morbidity: -The number of disabled due to

accident or sickness

8. Pure Risk: - Chance of loss without any chance of gain

- only pure risk is insurable

9. Speculative Risk: - Chance of loss or gain

10.What kind of Risks are insurable: - 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

11.Retention: -The personal acceptance of the loss

12.Peril: - The cause or source of a loss


,13.Hazard: - increases the chance of a loss

14.What are the 3 types of Hazards: - Physical

- Moral (dishonesty)

- Morale (carelessness)






, 15.Underwriting department: - Responsible for the selection of risks to

insure and determines the rate to be charged for

coverage

16.Types of Insurance Companies: - Stock Companies (non-participating)

- Mutual Companies (participating)

- Fraternal Organization

- Reciprocals and Assessment Insurers

- Self-Insurers

17.Domestic Insurance Co: - located in the state it's doing business in

18.Foreign Insurance Co: - allowed to do business in a state other

than their home state

19.Alien Insurance Co: - authorized to conduct business in any of

the 50 states but who has its home office in another

country

20.Cerrtificate of Authority: - What an insurance company needs to

have in order to operate in a state

21.Fraternal Organization: - A non profit association and only can

provide insurance to its members.

22.Reciprocal Organization: - A type of cooperative insurance.

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