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CA PSI-LIFE, ACCIDENT, AND HEALTH OR SICKNESS EXAM 2024 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) || 300 ACTUAL EXAM QUESTIONS A+ GRADE$23.99
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CA PSI-LIFE, ACCIDENT, AND HEALTH OR SICKNESS EXAM 2024 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) || 300 ACTUAL EXAM QUESTIONS A+ GRADE
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Course
CA PSI-LIFE, ACCIDENT, AND HEALTH OR SICKNESS
Institution
CA PSI-LIFE, ACCIDENT, AND HEALTH OR SICKNESS
CA PSI-LIFE, ACCIDENT, AND HEALTH
OR SICKNESS EXAM 2024 QUESTIONS
AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) || 300 ACTUAL
EXAM QUESTIONS A+ GRADE
CA PSI -LIFE, ACCIDENT, AND HEALTH OR SICKNESS EXAM 2024 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) || 300 ACTUAL EXAM QUESTIONS A+ GRADE A participating company is also referred to as which type of insurer? Correct Answer Mutual insurer An insurer owned by its policyholders, is called a Correct Answer Mutual insurer What is a participating life insurance policy? Correct Answer Contract that allows the policyowner to receive a share of surplus in the form of policy dividends An insurer enter into a contract with a third -party to ensure itself against losses from insu rance policies it issues. What is this agreement called? Correct Answer Reinsurance John owns an insurance company that gives him the right to share and then sure surplus. What kind of policy is this? Correct Answer Participating Which of the following is not a characteristic of reinsurance? Correct Answer Increases the unearned premium reserved Which of the following is not a benefit of insurance? Correct Answer Losses due to fraud are eliminated When a mutual insurer becomes a stock company, the p rocess is called Correct Answer Demutualization Which of the following is a contract that involves one party which indemnifies another one a loss arises from an unknown event? Correct Answer Insurance policy Which of the following is an insurer establi shed by a parent company's loss exposure's? Correct Answer Captive insurers Which of the following is not considered to be a definition for the term "loss"? Correct Answer Probability that an event will occur Which of the following is not considered a definition of a risk? Correct Answer The cause of loss Which of the following best describes the statement; " the more times, and event is repeated, the more predictable the outcome becomes"? Correct Answer Law of large numbers Which of the following w ould not be accomplished with the purchase of an insurance policy? Correct Answer Risk is eliminated Which of the following is a situation where there is a possibility of either a loss or gain? Correct Answer Speculative risk Which of the following is any situation that presents the possibility of a loss? Correct Answer Loss An insurer having a large number of similar exposure units is considered important because: Correct Answer the greater the number insured, the more accu rately that is her can predict losses & set appropriate premiums Which of these statements correctly describes risks? Correct Answer Pure risk is the only insurable risk Which type of risk is gambling? Correct Answer Speculative risk Moral hazard is d escribed as the: Correct Answer increased chance of a loss because of an insured's dishonest tendencies All of the following circumstances must be met for los retention to be an effective, risk management technique, except Correct Answer Probability of loss is unknown All of the following circumstances must be met for lost attention to be an effective risk management technique, except Correct Answer Probability of loss is unknown After a policy has lapsed, which provision allows the insurer to continu e coverage Correct Answer Reinstatement provision In a life insurance policy, the entire contract consists of Correct Answer policy and attached application Which policy provision protects the policy owner from unintentional lapse of the contract? Correct Answer Grace period Which of the following is not a common life insurance policy later? Correct Answer Extended term What an accidental death benefit is added to a whole life policy, how does this affect the policies cash value? Correct Answer Policies, cash value is not affected A life insurance policy can be surrendered for its cash value under which policy provision? Correct Answer Nonforfeiture options Which of the following does a policy owner not have the right to change? Correct Answer Dividend schedule Which statement is true regarding policy dividends? Correct Answer A dividend option is selected by the insured at the time of the policy purchase What does the grace period allow a life insurance policy to do? Correct Answer Make a premium payment after the due date without any loss of coverage If an insured dies because of an accident, which type of life insurance rider will provide additional co verage? Correct Answer Accidental death rider How is a life insurance policy dividend legally defined? Correct Answer A return of excess premium and non -taxable An insurer can be protected from adverse selection by which policy provision? Correct Answer Suicide clause What does the guaranteed insurability option allow and insured to do? Correct Answer Purchase additional coverage with no evidence of insurability required How are the acts of war and aviation treated under a group life insurance polic y? Correct Answer Policy exclusion Which of these is not a valid policy dividend option? Correct Answer Monthly income payments True statement of policy dividends? Correct Answer A dividend option is selected by the insured at the time of the policy p urchase
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