100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Indiana State Life and Health Insurance Exam 2023 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Insurance
  4.  
  5. Insurance
  6.  
  7. Insurance

Exam (elaborations)

Indiana State Life and Health Insurance Exam 2023 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

 5 views  0 purchase
  • Course
  • Insurance
  • Institution
  • Insurance

Indiana State Life and Health Insurance Exam 2023 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

Preview 2 out of 14  pages

Document information

  • August 14, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • indiana state life and health insurance exam 2023

Written for

  • Insurance
All documents for this subject (257)

Seller

avatar-seller
topgradesdr

Reviews received

Content preview

Indiana State Life and Health Insurance Exam 2023
contract that transfers the risk of financial loss from individual to insurer - ANS-insurance

uncertainty about whether a loss will occur - ANS-risk

type of a risk that has a possibility of a loss and can make a gain - ANS-speculative risk

type of a risk that only involves the possibility of experiencing loss and can be covered by
insurance. ex: car accident - ANS-pure risk

reduction in the value of an asset - ANS-

risk assumed by an insurer and the amount that the insurer is responsible to pay at any given
time - ANS-exposure

cause of loss - ANS-peril

anything that increases the chance that a loss will occur - ANS-hazard

physically identifiable factors that increase the chance of loss. ex: heart condition -
ANS-physical hazard

type of hazard that arise from an individual's character. ex: dishonesty - ANS-moral hazard

state of mind or careless attitude. ex: accidentally leaving door unlocked - ANS-morale hazard

method of handling risk where two or more individuals agree to pay a portion of any loss
incurred by any member of the group. ex: stockholders in a corp share risk of profit or loss. -
ANS-sharing

method of handling risk where the insurer agrees to pay if an individual has a loss. -
ANS-transfer

method of handling risk involving eliminating a particular risk by not engaging in a certain
activity. ex: work from home if roads are iced - ANS-avoidance

method of handling risk that lessens the chance that a loss will occur. ex: wearing a seatbelt -
ANS-reduction

method of handling risk that means the individual will pay for the loss if it occurs. ex of
intentionally retaining a risk - ANS-retention

, the larger the group, the more accurately losses can be predicted - ANS-law of large nujmbers

(CANHAM)
Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable -
ANS-elements of insurable risk

Premiums must be _____________ based upon prior loss statistics for that particular risk in
order to predict future losses. - ANS-calculable

the premium for transferring the risk should be ___ for the average customer - ANS-affordable

insurance can't insure events that cause widespread losses to large numbers of insureds at the
same time. peril of war is excluded from most policies - ANS-non-catastrophic

individual risks that the insurer covers must be all ______, or similar. - ANS-homogeneous

insurance is a method of handling risk. if a loss is certain to occur, there is no risk -
ANS-accidental

it must be possible to estimate the loss as a dollar amount. - ANS-measurable

the tendency for higher-risk individuals to get and keep insurance more than individuals who
represent an average level of risk - ANS-adverse selection

transfers risk from one insurer to another - ANS-reinsurance

the reinsurer evaluates each risk before allowing the transfer - ANS-Faculatative Reinsurance

an agreement where an insurer accepts the transfer of risk - ANS-treaty reinsurance

a business formed as a public or private corporation and owned by its stockholders, aka
shareholders. issues non-par policies - ANS-stock insurer

does not have stock/shareholders. owned by policyholders/owners and issues participating(par)
policies - ANS-mutual insurer

exist for the benefit of its members and offer life insurance as one of the benefits. they also
provide social activities and engage in charitable and benevolent causes - ANS-fraternal benefit
societies

unincorporated groups of people that agree to insure each other's losses under a contract. run
by an attorney in fact - ANS-reciprocal insurers

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 topgradesdr. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76799 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart