MI Life Insurance Exam FX snapshot Q & A questions with accurate answers..
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ML LIFE INSURANCE
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ML LIFE INSURANCE
MI Life Insurance Exam FX snapshot Q & A questions with accurate answers..MI Life Insurance Exam FX snapshot Q & A questions with accurate answers..MI Life Insurance Exam FX snapshot Q & A questions with accurate answers..MI Life Insurance Exam FX snapshot Q & A questions with accurate answers..MI ...
MI Life Insurance Exam FX snapshot Q &
A questions with accurate answers.
What tis tinsurance? t- tCorrect t tAnswer t- tInsurance ttransfers tthe trisk tof tloss tfrom tan tindividual tor
tbusiness tentity tto tan tinsurance tcompany, twhich tin tturn tspreads tthe tcosts tof tunexpected tlosses tto
tmany tindividuals.
What tis trisk? t- tCorrect t tAnswer t- tRisk tis tthe tuncertainty tor tchance tof ta tloss toccurring.
What tis tperil? t- tCorrect t tAnswer t- tPerils tare tthe tcauses tof tloss tinsured tagainst tin tan tinsurance
tpolicy.
What tare tthe telements tof tinsurable trisk? t- tCorrect t tAnswer t- tLoss tmust tbe t
1. tdue tto tchance
2. tdefinite tand tmeasurable
3. tstatistically tpredictable t
4. tnot tcatastrophic t
5. twith tlarge tloss texposure t
6. tinsurance tcannot tbe tmandatory.
What tis tthe tdifference tbetween tan tauthorized/admitted tand tunauthorized/nonadmitted tinsurer? t-
tCorrect t tAnswer t- tAn tadmitted tor tauthorized tinsurer tis tqualified tand treceived ta tCertificate tof
tAuthority tfrom tthe tDOI tto ttransact tinsurance tin tthe tstate. t
A tnonadmitted tor tunauthorized tinsurer tis tan tinsurance tcompany tthat thas tnot tapplied tfor, tor thad
tbeen tdenied ta tCertificate tof tAuthority tand tmay tnot ttransact tinsurance.
, What tare tthe tthree ttypes tof tagent tauthority? t- tCorrect t tAnswer t- tExpress, tapparent, tand timplied.
What tare tthe tfour telements tof tan tinsurance tcontracts? t- tCorrect t tAnswer t- tAgreement- toffer tand
tacceptance, tconsideration, tcompetent tparties, tand tlegal tpurpose.
What tdoes tindemnify tmean? t- tCorrect t tAnswer t- tTo t"restore" tan tinsured tto tthe tsame tfinancial
tstatus tas tbefore tthe tloss.
What tdoes trepresentation tmean tand thow tdoes tit tdiffer tfrom ta twarranty? t- tCorrect t tAnswer t-
tRepresentations tare tstatements tbelieved tto tbe ttrue tto tthe tbest tof tone's tknowledge. tA twarranty tis
tan tabsolutely ttrue tstatement tupon twhich tvalidity tof tthe tinsurance tpolicy tdepends.
What tis tthe tneeds tapproach tto tdetermining tamounts tof tlife tinsurance tbased tupon? t- tCorrect t
tAnswer t- tThe tneeds tapproach tis tbased ton tthe tpredicted tneeds tof ta tfamily tafter tthe tpremature
tdeath tof tthe tinsured.
What tis tthe tpurpose tof tkey tperson tinsurance? t- tCorrect t tAnswer t- tTo tminimize tthe trisk tof ta
tfinancial tloss tbecause tof tthe tpremature tdeath tof ta tkey temployee tthat thas tspecialized tknowledge,
tskills, tor tbusiness tcosts.
In ta tlife tinsurance tpolicy, twhen tmust tinsurable tinterest texist? t- tCorrect t tAnswer t- tInsurable
tinterest tmust texist tbetween tthe tpolicyowner tand tthe tinsured tat tthe ttime tof tapplication t( tor tthe
ttime tof tpolicy), tbut tnot tat tthe ttime tof tloss.
What tdoes tinsurance tsolicitation tmean? t- tCorrect t tAnswer t- tSolicitation tof tinsurance tmeans tan
tattempt tto tpersuade ta tperson tto tbuy tan tinsurance tpolicy, tand tit tcan tbe tdone tverbally tor tin
twriting.
What tinformation tdoes ta tBuyer's tGuide tprovide? t- tCorrect t tAnswer t- tBasic tinformation tabout tlife
tinsurance tpolicies tand tcomparison tof tpolicy tcost.
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