Illinois life insurance - Study guides, Class notes & Summaries

Lloyd's of London - correct answer NOT an insurer but rather a syndicate of individuals and companies that underwrite insurance. 1945 McCarran and Ferguson Act - correct answer This law made it clear that the states' continued regulation of insurance was in the public's best interest. However, it also made possible the application of federal antitrust laws to the extent that [the insurance business] is not regulated by state law. 1970 Fair Credit Reporting Act - correct answer Requires ...

ILLINOIS LIFE INSURANCE EXAM 2024 | 2 CURRENTLY TESTING EXAM VERSIONS WITH 99 ACCURATE REAL EXAM QUESTIONS AND ANSWERS WITH A STUDY GUIDE| LATEST UPDATE

What is insurance? - The transfer of the risk of loss from the individual or business entity to an insurance company What is included under the term insurance transaction? - Solicitation, negotiating prior to execution of a contract, execution of a contract, and the transaction of any matters that arise as a result of the contract, as well as the actual process of insuring. What is the difference between an authorized/admitted and unauthorized/nonadmitted insurer? - An admitted or authoriz...

Pooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answer is the person or org that applies for the policy and pays the premium Actuarial Tables - correct answer Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - correct answer financial risks of premature death on a defined amount Loss of income - correct answe...

What is insurance? - Answer- The transfer of the risk of loss from the individual or business entity to an insurance company What is included under the term insurance transaction? - Answer- Solicitation, negotiating prior to execution of a contract, execution of a contract, and the transaction of any matters that arise as a result of the contract, as well as the actual process of insuring. What is the difference between an authorized/admitted and unauthorized/nonadmitted insurer? - Answer-...

Pooling of Risks - Answer- A large group of people contribute money to a fund out of which their losses can be paid Policyowner - Answer- is the person or org that applies for the policy and pays the premium Actuarial Tables - Answer- Are statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - Answer- financial risks of premature death on a defined amount Loss of income - Answer- the face amount of life insurance...

Pooling of Risks - correct answerA large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answeris the person or org that applies for the policy and pays the premium Actuarial Tables - correct answerAre statistical tables that are used when calculating premium rates and mortality loss reserves Life Insurance Policies transfer: - correct answerfinancial risks of premature death on a defined amount Loss of income - correct answerthe...

What is insurance? - correct answer The transfer of the risk of loss from the individual or business entity to an insurance company What is included under the term insurance transaction? - correct answer Solicitation, negotiating prior to execution of a contract, execution of a contract, and the transaction of any matters that arise as a result of the contract, as well as the actual process of insuring. What is the difference between an authorized/admitted and unauthorized/nonadmitted insu...

Illinois Life & Health Insurance Exam Questions and Answers with Verified Solutions Accelerated Benefits Riders attached to life insurance policies that 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 description of accidental death accidental death insurance an insurance policy that provides payment if the insureds death is th...