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Question 1 of 10
1. Question
Ketty is injured in a house fire. When the bills come, the insurance company pays 80% of the cost, and Ketty pays the rest. This is an example of
Correct
A coinsurance applies only when an insured may be required to pay a percentage of a health insurance cost known as a copayment. So, in Ketty’s case, it’s a case of coinsurance.
Incorrect
A coinsurance applies only when an insured may be required to pay a percentage of a health insurance cost known as a copayment. So, in Ketty’s case, it’s a case of coinsurance.
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Question 2 of 10
2. Question
Mathematicians who research and compile statistical data for insurance firms on exposure and risks are named
Correct
To research and interpret statistical evidence, Actuaries Losses from ventures, and then develops premium rates. So, Mathematicians who research and compile statistical data for insurance firms on exposure and risks are named Actuaries.
Incorrect
To research and interpret statistical evidence, Actuaries Losses from ventures, and then develops premium rates. So, Mathematicians who research and compile statistical data for insurance firms on exposure and risks are named Actuaries.
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Question 3 of 10
3. Question
The XYZ Insurance Company is incorporated in Canada and doing business in Texas; it is
Correct
XYZ is incorporated in Canada; it is a foreign insurer within the jurisdiction of Texas. So, it is considered a foreign insurer.
Incorrect
XYZ is incorporated in Canada; it is a foreign insurer within the jurisdiction of Texas. So, it is considered a foreign insurer.
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Question 4 of 10
4. Question
Insurance applicants must be given advance notice, including all the following types of information except
Correct
There is no requirement to provide information about the persons who are collecting the information. So, Insurance applicants must be given advance notice, including all the following types of information except the persons collecting information.
Incorrect
There is no requirement to provide information about the persons who are collecting the information. So, Insurance applicants must be given advance notice, including all the following types of information except the persons collecting information.
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Question 5 of 10
5. Question
An association that sets up model legislation that is also adopted by The states with only minor distinctions are the
Correct
The NAIC is the national organization that drafts and proposes model laws to the states. So, An association that sets up model legislation adopted by The states with only minor distinctions is the National Association of Insurance Commissioners.
Incorrect
The NAIC is the national organization that drafts and proposes model laws to the states. So, An association that sets up model legislation adopted by The states with only minor distinctions is the National Association of Insurance Commissioners.
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Question 6 of 10
6. Question
Which of the following is deemed to be a pattern of unreasonable claims?
Correct
The other practices are all unfair trade practices, but they are not related to claims. Only Failing to affirm or deny coverage within a reasonable time after receiving proof of loss is deemed to be a pattern of unreasonable claims.
Incorrect
The other practices are all unfair trade practices, but they are not related to claims. Only Failing to affirm or deny coverage within a reasonable time after receiving proof of loss is deemed to be a pattern of unreasonable claims.
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Question 7 of 10
7. Question
Which of the following is not a prerequisite for a producer to obtain a license in most of the states?
Correct
In nearly all states, the minimum age to qualify for a license is 18 years. Being at least 19 years of age is not a prerequisite for a producer to obtain a license in most states.
Incorrect
In nearly all states, the minimum age to qualify for a license is 18 years. Being at least 19 years of age is not a prerequisite for a producer to obtain a license in most states.
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Question 8 of 10
8. Question
Associations organized to protect policyholders, annuitants, claimants, and creditors of financially impaired insurers are known as
Correct
Guaranty associations were established to protect policyholders and claimants if an insurer becomes financially impaired or insolvent.
Incorrect
Guaranty associations were established to protect policyholders and claimants if an insurer becomes financially impaired or insolvent.
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Question 9 of 10
9. Question
Jack accepts the initial premium when she sells an insurance policy and sends it to the company with the application. Nothing in his contract mentions handling of initial premiums. This is an example of
Correct
Implied authority is not expressly stated in an agent’s contract, but it is actual authority related to common business practices, such as accepting premiums for the insurer
Incorrect
Implied authority is not expressly stated in an agent’s contract, but it is actual authority related to common business practices, such as accepting premiums for the insurer
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Question 10 of 10
10. Question
Marry has paid only four premiums on his health insurance policy when she is hit by a car. The insurance company pays out nearly half a million dollars to cover his treatment and a lengthy stay in intensive care. This is an example of
Correct
An aleatory contract is one that depends on chance or an uncertain outcome. Merry may have received far more benefits than she paid as premiums, but others who pay premiums may never have a loss and never receive even a dollar in benefits.
Incorrect
An aleatory contract is one that depends on chance or an uncertain outcome. Merry may have received far more benefits than she paid as premiums, but others who pay premiums may never have a loss and never receive even a dollar in benefits.