NYS Life, accident, and health insurance Tests compilation | everything you need

nsurance - transfer of risk hand pure - loss only; no financial gain; insurable speculative - loss or gain; financial gain; not insurable physical hazards - individual characteristics that increase the chances of the cause of loss moral hazards - tendencies toward increased risk morale hazards ...

Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year mortgage in the event of the insured's death? - 30-year decreasing term. How many days notice does the ACA require insurers to give before rescinding coverage? - 30 A signed good health stateme...

Based on the Human Life Value Approach, which of the following is NOT used to calculate an individual's life value? A. Insured's annual expenses B. Effect of inflation on income over time C. Predicted needs of the family after the insured's death D. Insured's current and future income - C. ...

Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage th...

Accelerated Benefits - Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy descr...

Dram Shop Liability refers to: - Liquor Law Liability. The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? - Negle...