Insurer vs insured - Study guides, Class notes & Summaries
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FL Life, Health and Annuities Licensing 2-15 Latest 2024 Already Passed
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FL Life, Health and Annuities Licensing 2-15 Latest 2024 Already Passed 3 ways insurance contracts are different than other legally binding documents Number one. They are aleatory. Meaning the insured pays a premium but may not receive anything back. Number 2. They are contracts of adhesion meaning the contract was prepared by one party. number 3. They are unilateral meaning only the insurance company promises anything in the contract 
How long life insurance has to challenge the validity of a c...
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Iowa Life Insurance Exam Questions and Answers Already Passed
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Iowa Life Insurance Exam Questions and Answers Already Passed purpose of life insurance pay a death benefit to beneficiaries when the insured dies 
life insurance for personal use death benefit serves to replace the insured's future loss income and pay expenses that occur upon death, living benefits 
Group insurance vs. individual -covers many non-related people -less expensive per person 
group insurance eligibility -group cannot be formed for the express purpose of purchasing it -employers -l...
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RIBO: ENTRY LEVEL 1 LATEST UPDATE GRADED A
- Exam (elaborations) • 24 pages • 2023
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RIBO: ENTRY LEVEL 1 LATEST UPDATE GRADED A Risk Chance of a loss 
Which type of risk is insured and why? Pure risk, because speculative risk is comparable to gambling. 
3 Ways risk (management) is dealt with? REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance 
Which of the following is not a risk? 
A) Assume or retain risk 
B) Reduce the risk 
C) Doing nothing / avoiding the risk D) Transfer the risk C) Doing nothing / avoiding the risk 
Insurer Insurance compa...
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Life Insurance Test WA State (And General Insurance Review) Questions and Answers Graded A+
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Life Insurance Test WA State (And 
General Insurance Review) Questions 
 
and Answers Graded A+ 
 
When does insured need an insurable interest? 
when they buy insurance(not like property casualty where have to have at time of claim and not 
necessarily when buying) 
when is subrogation used? 
not in life and seldom in health 
elimination period 
what acts as the deductible in health insurance(the term deductible is not used in disibility 
insurance) - have to actually be disabled for a certian ...
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RIBO: ENTRY LEVEL 1 QUESTIONS WITH 100 % CORRECT ANSWERS | VERIFIED
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Risk - Answer-Chance of a loss 
Which type of risk is insured and why? - Answer-Pure risk, because speculative risk is comparable to 
gambling. 
3 Ways risk (management) is dealt with? - Answer-REDUCE: preventative measures 
ASSUME/RETAIN: Self-insure 
TRANSFER: purchase insurance 
Which of the following is not a risk? 
A) Assume or retain risk 
B) Reduce the risk 
C) Doing nothing / avoiding the risk 
D) Transfer the risk - Answer-C) Doing nothing / avoiding the risk 
Insurer - Answer-Insurance...
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) Exam Questions With 100% Verified Answers.
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CA PSI Site - Life, Accident and Health 
Agent Examination (Life Agent) Exam 
Questions With 100% Verified Answers. 
Admitted Insurance Company vs. Non-Admitted Insurance Company - answerAn admitted 
insurance company is authorized to transact insurance in California because it has a Certificate of 
Authority granted by the California Department of Insurance (CDI) 
A non-admitted insurance company is not authorized to transact insurance in California because 
of failing to comply with California...
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Webce Life and Health exam 2024 with 100% correct answers
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Representations and Warranties correct answersRepresentations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. 
 
Underwriting vs. Actuarial Departments correct answersTwo related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate fu...
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RMIN 5100S Test 1 Atkinson Questions and Answers 100% Pass
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RMIN 5100S Test 1 Atkinson Questions 
 
and Answers 100% Pass 
 
Risk Manager - "insured" buyer of insurance 
- Larger companies will have one personal one 
- Small to mid-sized companies will have someone else who serves this role 
- Must evaluate risks and determine the best approach to manage risks -- including Loss Control, 
Retention and transfer techniques 
 
Agent or Broker "Intermediary" Facilitates the purchase of insurance. Advises insured. 
Negotiates with the insurer. 
 
Independ...
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Life and Health Insurance Cliff Notes 100% Pass
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Life and Health Insurance Cliff Notes 100% Pass 
Multi-line insurer - Correct Answer ️️ -An insurance company selling more than one 
line of insurance 
Commercial Insurers - Correct Answer ️️ -are in the business of selling insurance for a 
profit. Commercial insurance is divided into two main groups: stock and mutual insurers. 
Lloyd's of London - Correct Answer ️️ -is not an insurance company. Members of the 
association form syndicates to underwrite and issue insurance- like cove...
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Webce Life and Health Q&A
- Exam (elaborations) • 40 pages • 2023
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Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. 
 
Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...
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