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Question 1 of 10
1. Question
Jenny fills out an application for a life insurance policy to ensure her own life, and for which he plans to pay the premiums. Jenny is playing all the following roles except
Correct
Obviously, Jenny is the applicant and the insured. Because she will pay the premiums, she is also the policy owner. So, Jenny is playing all the following roles, except Beneficiary.
Incorrect
Obviously, Jenny is the applicant and the insured. Because she will pay the premiums, she is also the policy owner. So, Jenny is playing all the following roles, except Beneficiary.
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Question 2 of 10
2. Question
A is a 25-year-old who only rarely drinks, does not smoke, and do not have any known health conditions, will definitely be rated by an insurer as
Correct
This person probably falls into the standard risk category as he only rarely drinks, does not smoke, and do not have any known health conditions.
Incorrect
This person probably falls into the standard risk category as he only rarely drinks, does not smoke, and do not have any known health conditions.
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Question 3 of 10
3. Question
Life insurance that requires no medical test and asks only fundamental medical questions is referred to as
Correct
Simplified issue life insurance is a form of coverage that does not require a medical exam and asks only basic medical questions on the application. So, potion B is correct.
Incorrect
Simplified issue life insurance is a form of coverage that does not require a medical exam and asks only basic medical questions on the application. So, potion B is correct.
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Question 4 of 10
4. Question
Where an insurance policy is classified or rejected by an applicant, the reasons for this decision will be explained to the applicant by
Correct
The producer is the person who has direct contact with an applicant, and it is the producer’s duty to explain any adverse underwriting decision. So, the reasons for this decision will be explained to the applicant by The producer.
Incorrect
The producer is the person who has direct contact with an applicant, and it is the producer’s duty to explain any adverse underwriting decision. So, the reasons for this decision will be explained to the applicant by The producer.
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Question 5 of 10
5. Question
Which of the following does not affect the insurance premium rates?
Correct
Mortality or morbidity, interest rates, and expenses all influence insurance premiums. A producer’s status does not affect insurance rates. So, option C is correct.
Incorrect
Mortality or morbidity, interest rates, and expenses all influence insurance premiums. A producer’s status does not affect insurance rates. So, option C is correct.
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Question 6 of 10
6. Question
Testing for the presence of HIV infection in many jurisdictions requires all of the following except for
Correct
Consent forms, release forms, and confidentiality of results are required. There is no requirement for medical oversight by a research specialist. So, testing for the presence of HIV infection in many jurisdictions requires all of the following except for medical oversight of any testing by a specialist in HIV research.
Incorrect
Consent forms, release forms, and confidentiality of results are required. There is no requirement for medical oversight by a research specialist. So, testing for the presence of HIV infection in many jurisdictions requires all of the following except for medical oversight of any testing by a specialist in HIV research.
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Question 7 of 10
7. Question
Saimon is hired to work at a restaurant. He is not eligible to join the group insurance plan for 30 days. This is an example of
Correct
A probationary period is an initial period of time a person must work before being eligible for group insurance. So, this is an example of the probationary period.
Incorrect
A probationary period is an initial period of time a person must work before being eligible for group insurance. So, this is an example of the probationary period.
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Question 8 of 10
8. Question
Polly’s Printing funds all the claims in a year, regardless of the amount of the claim. Polly’s insurer manages the paperwork for the claims. What option is Polly’s Printing using?
Correct
Polly’s printing is self-funding losses and using an insurer only for administrative services. So, Polly’s Printing is using Administrative services only.
Incorrect
Polly’s printing is self-funding losses and using an insurer only for administrative services. So, Polly’s Printing is using Administrative services only.
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Question 9 of 10
9. Question
Ayesha’s Boutique Shop pays a provisional premium at the beginning of the year. At the end of the year, Ayesha’s insurer has the right to change that premium by charging more or issuing a refund. Ayesha’s policy is funded using which premium option?
Correct
Under retrospective premium rating, the insurer will adjust the premium at the end of the year based on the number of actual losses. So, Ayesha’s policy is funded using the retrospective premium option.
Incorrect
Under retrospective premium rating, the insurer will adjust the premium at the end of the year based on the number of actual losses. So, Ayesha’s policy is funded using the retrospective premium option.
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Question 10 of 10
10. Question
Arian’s Book Store pays for all the routine claims. Arian’s insurer pays for excess or unexpected claims beyond a specified trigger point. Arian’s policy is funded using which premium option?
Correct
Under a minimum premium plan, the employer self-insures the normal and expected claims up to a given amount, and the insurer funds only the excess amounts. Arian’s policy is funded using the Minimum premium.
Incorrect
Under a minimum premium plan, the employer self-insures the normal and expected claims up to a given amount, and the insurer funds only the excess amounts. Arian’s policy is funded using the Minimum premium.