Exam (elaborations)
Life insurance exam Practice Questions and Answers (100% Pass)
- Course
- Institution
Life insurance exam Practice Questions and Answers (100% Pass)
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMLife insurance exam Practice Questions and
Answers (100% Pass)
life insurance - ✔️✔️insurance that pays to a named beneficiary or the deceased's estate
upon the death of the insured,may b annuity or endowment, may incl benef for accident
death/dismemberment, disability, protects against risk pf premature death which
exposes a finNcial riskto family or business. ie:burial expenses, pay debts, loss of family
inc/business profits
insurance - ✔️✔️content that indemnifies another against loss, damage, liab arising from
unknown event
indemnify - ✔️✔️make a person whole by restoring that person to the same financial
poistion that existed. 4 the loss
insured - ✔️✔️policy owner
premium - ✔️✔️set amount of money payable for policy/coverage
insurance company - ✔️✔️insurer
policy - ✔️✔️agreement insurer and insured, agreeement/contract
loss - ✔️✔️reduction in value and asset
1
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
claim - ✔️✔️demand for payment of insured benefit to person named in policy
risk - ✔️✔️uncertainty of financial loss when one or more outcome is possible. must be
element of doubt and uncertainity
pure risk - ✔️✔️only a chance of loss, only pure risk is insurable, risk associated with
chance of loss
speculative risk - ✔️✔️involves both uncertain of loss and gain ie betting at a race track/
investing in the stock market
peril - ✔️✔️immediate specific event causing loss and giving rise to risk. ie building burns
as a result of "fire" or person dies as a result of "death"
hazard - ✔️✔️fsctor that gives rise to peril
three types of hazards - ✔️✔️physical, moral, morale
physical hazard - ✔️✔️arises from material, structural, or operational features ie:
unsanitary conditions slippery floors
moral hazard - ✔️✔️arise from peoples habits or values (lying, cheating)
morale hazard - ✔️✔️arises out of human negligence ie: dont wear seatbelt
5 ways to manage risks - ✔️✔️share transfer avoid reduction retention
sharing risk - ✔️✔️when risk cannot be avoided& retention causes too much exposure
2
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 OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now