Best describe the mib - Study guides, Class notes & Summaries

California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outlivin...

What do individuals use to transfer their risk of loss to a larger group? - Answer- Insurance Best Describe the MIB - Answer- Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? - Answer- Consideration The term "illustration" in a life insurance policy refers to... - Answer- A presentatio...

Life & Health Exam Questions & Answers 100% accurate! First-dollar basis - ANSWERAnother term used to describe "no deductible" is Revocable - ANSWERAn insured wants to name her husband as the beneficiary of her health policy. She also wishes to retain all of the rights of ownership. The insured should have her husband named as what type of beneficiary? It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance. - ANSWERWhich of t...

Tennessee Health Exam Questions and Answers Graded A+ What are the 4 elements of an insurance contract? The elements of this are: Agreement - Offer and Acceptance Consideration Competent Parties Legal Purpose How can an insurance company use the information it obtains from the MIB? The information from this can be used to conduct further investigation into an applicant's current insurability. Explain the concept of coverage on a first-dollar basis. This coverage does not require the insured t...

NC Life Insurance Exam Questions With 100% Correct Answers 2024 Fraternal Benefit Society - answerAn organization of people who share a month ethnic, religious or vocational affiliation. They are entities they have no capital stock, have a representative form of government. They exist not for profit but solely for the benefit of their members and their beneficiaries and operate on a lodge system. Fraternal Benefit Societies - answerAgents of these societies must comply with the SAME gener...

First-dollar basis - ANSWERAnother term used to describe "no deductible" is Revocable - ANSWERAn insured wants to name her husband as the beneficiary of her health policy. She also wishes to retain all of the rights of ownership. The insured should have her husband named as what type of beneficiary? It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance. - ANSWERWhich of the following best describes the MIB? Insurer - ANSWERW...

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will... - Pay the policy proceeds only if it would have issued the policy An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance pr...

Primerica Chapter 1 Questions Guide |100% Correct Answer| #VERIFIED What do individuals use to transfer their risk of loss to a larger group? *Ans* Insurance Best Describe the MIB *Ans* Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? *Ans* Consideration The term "illustration" in a...

What are the 4 elements of an insurance contract? The elements of this are: Agreement - Offer and Acceptance Consideration Competent Parties Legal Purpose How can an insurance company use the information it obtains from the MIB? The information from this can be used to conduct further investigation into an applicant's current insurability. Explain the concept of coverage on a first-dollar basis. This coverage does not require the insured to pay a deductible. What cov...

Final exam -Florida life and health questions and answers already passed Which of the following factors affect the amount of monthly disability benefits payable under social security? The THE AMOUNT OF BENEFITS AVAILABLE from other sources Which of the following provisions specifies how long a policy owner's health coverage will remain in effect if the policy owner does not pay the premium when it is due? Grace period As a condition for a loan, a bank requires the borrower to purchase credit...