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Massachusetts Life and Health Insurance Exam Study Guide. Insurance - answerTransfer of Risk Risk - answerUncertainty/ Possibility of Loss Exposure - answerRisks for which the insurance company would be liable Peril - answerCause of Loss Hazard - answerSomething that causes an increase in the...

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  • October 1, 2024
  • 70
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • massachusetts life and health insurance exam study

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  • Massachusetts Life and Health Insurance

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Massachusetts Life and Health Insurance
Exam Study Guide.


Insurance - answer✔Transfer of Risk


Risk - answer✔Uncertainty/ Possibility of Loss


Exposure - answer✔Risks for which the insurance company would be liable


Peril - answer✔Cause of Loss


Hazard - answer✔Something that causes an increase in the chance of loss


Physical Hazard - answer✔Hazard that can be seen


Moral Hazard - answer✔A belief that intentionally causing a loss is acceptable


Morale Hazard - answer✔Carelessness


STARR - answer✔Method of handling risk


S- Method of handling risks - answer✔Sharing


T- Method of handling risk - answer✔Transfer


A- Method of handling risk - answer✔Avoidance

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R- Method of handling risk - answer✔Retention


R- Method of handling risk - answer✔Reduction


Contract Policy - answer✔An agreement between the insured and the insurer


Law of Large Numbers - answer✔The larger the group, the more accurate losses can be

predicted


CANHAM Risks - answer✔Can be insured with the following characteristics


C- CANHAM Risks - answer✔Calculable


A- CANHAM Risks - answer✔Affordable


N- CANHAM Risks - answer✔Non- Catastrophic


H- CANHAM Risks - answer✔Homogeneous


A- CANHAM Risks - answer✔Accidental


M- CANHAM Risks - answer✔Measurable


Adverse Selection - answer✔risks that have a greater than average chance of loss


Reinsurance- - answer✔An insurance company sells some of its risk to other insurance

companies.


Facultative Reinsurance - answer✔the reinsurer evaluates each risk before allowing the transfer

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Treaty Reinsurance - answer✔the reinsurer accepts the transfer according to an agreement called

a treaty


Stock Insurer - answer✔An insurer that is owned by its stockholders and formed as a corporation

for the purpose of earning a profit for the stockholders.- Issues Non Par Policies


Mutual Insurer - answer✔An insurer that is owned by its policyholders and formed as a

corporation for the purpose of providing insurance to them.- Non Taxable dividends &

Participating Polcies


Fraternal Insurer - answer✔provides insurance and other benefits


must be a member of the society to get the benefits


Reciprocal Insurers - answer✔unincorporated groups of people that provide insurance for one

another through individual indemnity agreements


Llyod's Associations - answer✔Organizations that provide support facilities for underwriters or

groups of individuals that accept insurance risk.


Risk Retention Group - answer✔A liability insurance company owned by its members, which

are exposed to similar liability risks by virtue of being in the same business or industry.


Risk Purchasing Groups - answer✔Groups of people with similar insurance needs who form an

organization to buy insurance as a group.


Self-insurance - answer✔a business that pays its own claims

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Residual Market - answer✔insurance from the state or federal government


Insurance Company Locations - answer✔Domestic, Foreign, and Alien


Certificate of Authority - answer✔state license for an insurance company


Admitted or Authorized - answer✔state requires the insurance company to have a certificate of

authority


Non-admitted - answer✔unauthorized-insurance company not required to have a Certificate of

Authority from the state


Surplus Lines - answer✔any type of insurance for which there is no available market within the

state, and the coverage must be placed with a non admitted insurer


Methods of Marketing - answer✔- Independent


- Exclusive or captive

- General agents or managing general agents

- direct writing companies


Agency - answer✔The insurance agent acts on behalf of principal (Insurance Company)


Agent Authority - answer✔express, implied, apparent


Fiduciary Trust - answer✔- Promptly sends premiums to insurer


- Has knowledge of products

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