Wv state life insurance - Study guides, Class notes & Summaries

A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - ANSWER Risk retention group Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? - ANSWER 1970-Fair Credit Reporting Act Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies suddenly and the beneficiary is paid $500,000. This exchange of unequal value...

WV State Life Insurance Exam/ 175 Quizzes & Correct Ans. Terms like: A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - Answer: Risk retention group Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? - Answer: 1970-Fair Credit Reporting Act Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies ...

WV State Life Insurance Exam/ 175 Quizzes & Correct Ans. Terms like: Insurance contracts are known as _____ because certain future conditions or acts must occur before any claims can be paid. - Answer: Conditional A life insurance arrangement which circumvents insurable interest statutes is called: - Answer: Investor-Originated Life Insurance In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What kind of contract is this? - Answer: Unilate...

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A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - ANSWER Risk retention group Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? - ANSWER 1970-Fair Credit Reporting Act Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies suddenly and the beneficiary is paid $500,000. This exchange of unequal value...

A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - ANSWER Risk retention group Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? - ANSWER 1970-Fair Credit Reporting Act Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies suddenly and the beneficiary is paid $500,000. This exchange of unequal value...

WV STATE LIFE INSURANCE EXAM (ACTUAL) 2024 QUESTIONS AND ANSWERS