Exam (elaborations)
Life Insurance Exam – Wisconsin (88 questions with 100- correct answers).
- Course
- Just Wisconsin
- Institution
- University Of Wisconsin-Madison
Life Insurance Exam – Wisconsin (88 questions with 100- correct answers).
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Life InsuranceExam –
Wisconsin (88
questions with
100% correct
answers)
Mortality - answer The rate people will die
Morbidity - answer The rate people will get sick
Peril - answer The cause of loss and the event
insured against.
Ex: premature death, dependency during old age,
accident, and sickness
,Adverse Selection - answer The tendency for
poorer than average risks to seek out insurance
Annuity - answer Annuities protect against the risk
of living longer than expected. Annuities provide a
guaranteed life income to protect against the risk
of depleting retirement funds
Lloyds Associations - answer Described as a market
where individuals and groups gather to exchange
insurance, much like stock exchanges provide a
place to buy, sell and trade stocks
Risk Retention Groups - answer Llimited liability
companies or member-owned corporations that
collectively assume and spread their members'
liability risks through self-insurance. All members of
a risk retention group must be employed in similar
types of businesses so that they have similar
liability exposures
Express Authority - answer The explicit authority
granted to the agent by the principal as written in
the agency contract
, Implied Authority - answer Not specifically
expressed by the principal to the agent in the
agency contract, but is implicit in the agent's
duties
Apparent Authority - answer Is a situation in which
the insurer gives the customer a reasonable belief
that an agent has the power and authority to bind
the principal, even in cases where the agent does
not have such authority
Fair Credit Reporting Act (FCRA) - answer The Act
requires consumer-reporting agencies to
implement policies and procedures to preserve the
confidentiality, accuracy, relevance, and
appropriate utilization of consumer's private credit
information
What cannot be in a consumer report unless for a
life insurance policy of $150,000 or more: - answer
-Bankruptcies dating back more than 10 years
-Civil suits and judgments dating back more than
seven years or cases in which the statute of
limitations has expired, whichever period is longer
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