100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Louisiana Life and Health Insurance Licensing: Chapter One, General Insurance Exam Questions and Answers $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Louisiana Life And Health Insurance
  4.  
  5. Louisiana Life and Health Insurance

Exam (elaborations)

Louisiana Life and Health Insurance Licensing: Chapter One, General Insurance Exam Questions and Answers

 7 views  0 purchase
  • Course
  • Louisiana Life and Health Insurance
  • Institution
  • Louisiana Life And Health Insurance

Louisiana Life and Health Insurance Licensing: Chapter One, General Insurance Exam Questions and Answers

Preview 2 out of 7  pages

Document information

  • January 15, 2024
  • 7
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • louisiana life and health insurance licensing cha

Written for

  • Louisiana Life and Health Insurance
All documents for this subject (149)

Seller

avatar-seller
Rusenna

Reviews received

Content preview

Louisiana Life and Health Insurance
Licensing: Chapter One, General
Insurance Exam Questions and Answers

Agent or Producer - Answer- a legal representative of an insurance company

Producer - Answer- usually includes agents and brokers

Agent - Answer- represents an insurer

Broker - Answer- insurance producer not appointed by an insurer and is deemed to
represent the client

True - Answer- T/F the insured may or may not be the policyowner

Principal/Insurer - Answer- The company who issues an insurance policy

Reciprocity/Reciprocal - Answer- a mutual interchange of rights and privileges

Idemnify - Answer- make whole

Pure and Speculative Risk - Answer- The risk of loss may be classified as

Pure Risk - Answer- A chance of loss or no loss, but no chance of gain.

Speculative Risk - Answer- Chance of loss or gain

Speculative Risk - Answer- What times of risks are not insurable?

Exposure - Answer- A unit of measure used to determine rates charged for insurance
coverage.

1. age of the insured
2. medical history
3. occupation
4. gender - Answer- In life insurance, all of the following factors are considered in
determining rates:

homogeneous - Answer- a large number of units having the same or similar exposure to
loss

, hazards - Answer- Conditions or situations that increase the probability of an insured
loss occurring.

Physical, moral, and morale - Answer- What are the three types of hazards?

Physical Hazards - Answer- individual characteristics that increase the chances of the
cause of loss

Physical Hazards - Answer- exist because of a physical condition, past medical history,
or condition at birth, such as blindness

Moral Hazard - Answer- Tendencies toward increased risk

Moral Hazard - Answer- refers to individuals who may lie on an insurance app or have
submitted fraudulent claims against an insurer

Morale Hazard - Answer- Arise from a state of mind that causes indifference to loss,
such as carelessness

Perils - Answer- causes of loss insured against in an insurance policy

Life Insurance - Answer- insurance against the financial loss caused by the premature
death of the insured

Health Insurance - Answer- insures against the medical expenses and/or loss of income
caused by the insured's sickness or accidental injury

Property Insurance - Answer- insures against the loss of physical property or the loss of
its income-producing abilities

Casualty Insurance - Answer- insures against the loss and/or damage of property and
resulting liabilities

Loss - Answer- The reduction, decrease, or disappearance of value of the person or
property insured in a policy, by a named peril

Avoidance - Answer- eliminating exposure to a loss; seldom practical

Retention - Answer- planned assumption of risk by an insured through the use of
deductibles, co-payments, or self-insurance

the insured accepts the responsibility for the loss before the insurance company pays -
Answer- risk retention is also known as self-insurance when

1. to reduce expenses and improve cash flow

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Rusenna. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76799 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart