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Question 1 of 10
1. Question
How the monetary value is measured in life insurance?
Correct
The monetary value of a person’s life is measure by examining the ability of the individual to earn income. It is the only way to measure a person’s life in monetary terms.
Incorrect
The monetary value of a person’s life is measure by examining the ability of the individual to earn income. It is the only way to measure a person’s life in monetary terms.
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Question 2 of 10
2. Question
If a man commits suicide, the insurance company will not be responsible to pay for his loss. Why?
Correct
The insurance policies only cover those losses which are uncertain, not knowing, and is natural. Committing suicide or intentionally encountering a loss to get the insurance amount is against the policies. Thus, an insurance policy doesn’t convert certain events.
Incorrect
The insurance policies only cover those losses which are uncertain, not knowing, and is natural. Committing suicide or intentionally encountering a loss to get the insurance amount is against the policies. Thus, an insurance policy doesn’t convert certain events.
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Question 3 of 10
3. Question
Which of the following statement includes the major considerations for an insurance buyer.
Correct
For an insurance buyer, measuring the economic hardships that a person may face in case of loss is the major consideration before buying an insurance policy.
Incorrect
For an insurance buyer, measuring the economic hardships that a person may face in case of loss is the major consideration before buying an insurance policy.
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Question 4 of 10
4. Question
The concept of indemnity includes that.
Correct
The concept of indemnity is found most specifically in health and life insurance. In indemnified life insurance, an amount will be paid to the family of the insured person in case of the insured’s premature death. In indemnified health insurance, the insurer will pay the whole or a part for the expense of disease.
Incorrect
The concept of indemnity is found most specifically in health and life insurance. In indemnified life insurance, an amount will be paid to the family of the insured person in case of the insured’s premature death. In indemnified health insurance, the insurer will pay the whole or a part for the expense of disease.
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Question 5 of 10
5. Question
How deductible work in Life insurance?
Correct
Deductible work only in health insurance. There is no application of deductible in life insurance.
Incorrect
Deductible work only in health insurance. There is no application of deductible in life insurance.
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Question 6 of 10
6. Question
In coinsurance policy, the insurer and insured share an allowable expense with each other within a specified range. the best application of coinsurance is in.
Correct
The best application of coinsurance is for Medical insurance. The insurer and insured have specified a percentage amount to be paid by both in case of any health loss.
Incorrect
The best application of coinsurance is for Medical insurance. The insurer and insured have specified a percentage amount to be paid by both in case of any health loss.
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Question 7 of 10
7. Question
Which of the following is correct for the annuity.
Correct
Annuity, also known as retirement insurance, is the insurance amount in which the insurance company pays in small gaps at a specific time period in the future. It is most likely to be a future deferred anuity.
Incorrect
Annuity, also known as retirement insurance, is the insurance amount in which the insurance company pays in small gaps at a specific time period in the future. It is most likely to be a future deferred anuity.
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Question 8 of 10
8. Question
How noncommercial insurance services work?
Correct
The non-commercial insurers are the nonprofit insurance companies that provide an insured person with more benefits at a low premium.
Incorrect
The non-commercial insurers are the nonprofit insurance companies that provide an insured person with more benefits at a low premium.
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Question 9 of 10
9. Question
Which of the following is the most common type of insurers that prevails worldwide.
Correct
We are living in a materialistic world. The most prevailing type of insurance in the world is commercial or profit-making insurance companies.
Incorrect
We are living in a materialistic world. The most prevailing type of insurance in the world is commercial or profit-making insurance companies.
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Question 10 of 10
10. Question
In a stock insurance company, the stockholders provide the capital to the insurance company for the purpose of.
Correct
The stock insurance company works on the principle of the stockmarket. In a stock insurance company, the stockholder provides the capital to the insurance company and shares a common value for profit and loss.
Incorrect
The stock insurance company works on the principle of the stockmarket. In a stock insurance company, the stockholder provides the capital to the insurance company and shares a common value for profit and loss.