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Question 1 of 10
1. Question
We can find many insurance companies around us. which of the following is classified as the major types of insurers?
Correct
There are three major types of insurance companies or insurers i.e. Commercial insurers, non-commercial insurers, and the United States government. In the following, only commercial insurers and profitable insurance companies while the rest are nonprofit companies.
Incorrect
There are three major types of insurance companies or insurers i.e. Commercial insurers, non-commercial insurers, and the United States government. In the following, only commercial insurers and profitable insurance companies while the rest are nonprofit companies.
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Question 2 of 10
2. Question
Service insurers are technically not insurers but they are special insurance of.
Correct
Service insurers are a special type of nonprofit health insurance that does not pay the insurer directly, instead, they pay the hospital or medical expenses directly.
Incorrect
Service insurers are a special type of nonprofit health insurance that does not pay the insurer directly, instead, they pay the hospital or medical expenses directly.
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Question 3 of 10
3. Question
Which statement is true about the blue cross insurance plan?
Correct
The Blue cross insurance plan is the health insurance plan that pays for the hospital expenses.
Incorrect
The Blue cross insurance plan is the health insurance plan that pays for the hospital expenses.
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Question 4 of 10
4. Question
In reciprocal insurance, if any subscriber suffer the loss
Correct
Reciprocal insurance is the one in which each person insured is known as a subscriber and each subscriber is allocated a separate account to submit their premiums. In case of loss in reciprocal insurance, each subscriber has to pay the claim equally.
Incorrect
Reciprocal insurance is the one in which each person insured is known as a subscriber and each subscriber is allocated a separate account to submit their premiums. In case of loss in reciprocal insurance, each subscriber has to pay the claim equally.
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Question 5 of 10
5. Question
Lloyd’s of London can be compared to:
Correct
Lloyd’s of London is not an insurance company rather it can be compared or referred to as a stock exchange company.
Incorrect
Lloyd’s of London is not an insurance company rather it can be compared or referred to as a stock exchange company.
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Question 6 of 10
6. Question
Which statement is true about assessment insurers?
Correct
The assessment insurance company is unique insurance in which the company has the right to charge the additional amount to the policyholders if the premium is not sufficient to pay the claim.
Incorrect
The assessment insurance company is unique insurance in which the company has the right to charge the additional amount to the policyholders if the premium is not sufficient to pay the claim.
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Question 7 of 10
7. Question
In which of the following types of insurance, the insured has no right of claim against the insurer.
Correct
Reciprocal insurers are the only type of insurance in which the insured person has no right to claim any loss against the insurer.
Incorrect
Reciprocal insurers are the only type of insurance in which the insured person has no right to claim any loss against the insurer.
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Question 8 of 10
8. Question
The United States government life insurance plan is for.
Correct
The United States government life insurance plan is specific for the Veterans of World war I. For other employees and occupations, there are other plans of insurance.
Incorrect
The United States government life insurance plan is specific for the Veterans of World war I. For other employees and occupations, there are other plans of insurance.
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Question 9 of 10
9. Question
The Federal government has provided insurance to many occupations through.
Correct
The Federal Government has passed many acts to provide insurance to many occupations. The main acts are The federal Employees’ Compensation Act, The Civil Service Retirement Act, and The railroad Retirement Act.
Incorrect
The Federal Government has passed many acts to provide insurance to many occupations. The main acts are The federal Employees’ Compensation Act, The Civil Service Retirement Act, and The railroad Retirement Act.
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Question 10 of 10
10. Question
Social Security provides survivor benefits in case of a covered worker’s death. this benefit includes the amount of.
Correct
Social security by the Federal government provides the survivor benefit to eligible workers in case of death. This benefit is $225 plus monthly income benefits.
Incorrect
Social security by the Federal government provides the survivor benefit to eligible workers in case of death. This benefit is $225 plus monthly income benefits.