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All of the following definitions are correct EXCEPT: The chance of loss without any possibility for gain is known as: The Insurance Commissioner may deny an insurance license application without a hearing: If the applicant has a final conviction of a felony. Whats the best way to prepare? purchase price of the home. The companys marginal tax rate is 35% and it has a 12% WACC. This product also assists with bench-marking. }, The death benefit is the amount that is paid to the policy beneficiary upon the death of the insured. Before the effective date, if there is no retroactive date. Under liability insurance policies, what does the term "personal injury" usually }.

a marketing system that offers contracts to the public through direct mail, newspapers, raido tv, magazine and vending machines. A device that is used to minimize small nuisance claims and that helps to keep insurance premiums down is called what? We offer a 100% risk-free, money-back guarantee. Assume that, at the beginning of 1981, the expected inflation rate for 1981 was 13%; for 1982, 9%; for 1983, 7%; and for 1984 and thereafter, 6%.

"@type": "Answer", period for reporting claims under the policy will be extended for how long? You will be tested in topics that include HMOs (health maintenance organizations), and health insurance tax issues; annuities and annuity policy tax issues; life insurance plans and general knowledge about the subject; health insurance, dental coverage, medical plans, and more." independent businesses but agree to represent only one insurance company?

a. In short, its a good idea not to bring anything of value to the testing center." However, the Bureau of Labor Statistics says about one-third of all agents have college degrees." Because the funds in the HSA account can be used for medical services, participants often use them for un-covered procedures such as chiropractic visits or other health-related services that are not covered by their insurance policy. Does your answer here make you question the yield curve you drew in part c? Concealment entitles the injured party to rescind the insurance if it is: The uncertainty about loss that exists whenever more than one outcome is possible is called: When an insurer voids an insurance contract due to an intentionally fraudulent omission by the insured of a material fact, it is known as: Acting as an agent for a nonadmitted insurer in the transaction of insurance in this state is considered to be a misdemeanor unless acting as a: Transacting insurance includes all of the following activities EXCEPT: It shall be the obligation of each agent to preserve and maintain all applicable records in their possession, in addition to those records transmitted to the insurer, at their principal place of business for a minimum of ____ years: When must a licensee notify the Insurance Commissioner of a change of address?

Under which type of marketing system do agents or agencies operate as

Three courses in the Program of General Insurance AND pass an ethics exam OR, Two courses in the Program of General Insurance AND pass an elective course exam AND pass an ethics exam. "acceptedAnswer": { This product is also great when paired with another book for more referencing. Which of the following is considered to be a morale hazard?

"acceptedAnswer": { }] classifications of covered autos, which are designated by numerical symbols Injury for such things as libel, slander, false arrest, or invasion of privacy. Own occupation is a type of benefit trigger that is found in a disability insurance policy, not in long-term care insurance policies.

The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. He trades in his car and purchases a new private passenger auto as a replacement vehicle.

While the day of the test will vary by state, there are some similarities. It is a prohibited activity. b. All of the following are true regarding warranties in an insurance contract EXCEPT: A particular form of words is necessary to create a warranty. Fees vary by state, so please check in your area. "text": "Again, that varies by state. An insured may be, but is not necessarily a party. Tom Baxter has an automobile insured by a personal auto policy.

Permanent life insurance policies consist of both a death benefit component and a cash value component. The amount an individual chooses to pay, out-of-pocket, after the funds in the pretax account have been exhausted and before the health insurance plan's deductible is met. Some claims may require additional time if they require additional investigation. }

apply to bodily injury or property damage that occurs when?

I have learned so much from this study guide.

Mometrix has a number of tools that can help you study for the Life & Health Exam. Our comprehensive study guide has been researched by a team of professionals with years of experience helping educators prepare for exams just like this one. Quality starts with who wrote the material. }, Calculate the annual depreciation allowances for both machines and compute the change in the annual depreciation expense if the replacement is made.

DIC can provide considerable protection at a reasonable cost. Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. I love this because it excludes all the fluff. e. In general, how would each of the following factors affect the investment decision, and how should each be treated? In addition to the information about the applicant for insurance, underwriters will also look at the named beneficiary in the policy in order to determine whether or not there is an insurable interest. date it is acquired as long as the insured notifies the insurer and requests the that conventional 500 page book will drive you crazy.

You can easily learn topics go to a certain category that you need to be more familiar with and study it. "name": "What does the application process for the test entail? File a complaint about fraud or unfair practices. It is the single largest limit that applies when a loss is covered by two or more policies issued by the same insurer. Consider all the factors that are likely to affect the curve. A beneficiary and the underwriter are not parties to a life insurance contract. At the time, the prime rate of interest was 21%, a record high.

"acceptedAnswer": { Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks.

Important Disclaimer: FINRA does not approve or endorse any professional credential or designation.

,JfA3XF. Please choose another answer. While major medical insurance policies typically have high deductibles, these must be established in the policy as well as the maximum amount of out-of-pocket costs that will be paid by the policy holder.

It is the most the insurer will pay for any one accident.

The guide provides specifics on how to tackle the questions youll be asked. "@type": "Answer",

Its important to check the regulations in your area." Learn More All content on this website is Copyright 2022. The questions are intended to resemble the types of queries and the range of content on your insurance license qualification exam; however, because insurance license exam questions are kept strictly confidential, you should not expect these questions to be the same as those you will see on your actual exam. { Injuries suffered by named insureds or family members who are insured under personal lines policies. "@type": "Answer", has worked in the insurance and financial services industry for over 20 years, where she has focused, in part, on producing training and educational materials. The old machine has a book value of $600,000 and a remaining useful life of 5 years. Here, there is nothing suspicious about John's death. Those who pass have a solid job outlook, according to the Bureau of Labor statistics. An appointment as an agent of an insurer becomes effective on the date it is: All of the following are ways to reduce risk EXCEPT.

Tests vary by state. basic, or minimum, the limit for employers liability coverage is how much per

A long-term care insurance policy's elimination period is the number of days that the insured must pay for services out-of-pocket until the insurance coverage begins to pay.

Some require a pre-test, and some dont. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients. Maladaptive Daydreaming Test: Am I A Maladaptive Daydreamer. Learn More >>, Formerly known as: INS - Program in General Insurance. A wife (owner) can take a policy out on her husband (insured), yet the husband is not a party to the insurance contract. Youll need to present a photo ID, most likely a government-issued one. "name": "What type of education do I need? "@type": "FAQPage",

"text": "In general, no electronics - – cell phones, tablets, watches, and the like - – are prohibited and will have to be locked in a secure area outside the test room.

When the special causes of loss form are attached to a commercial property coverage part, coverage for theft of furs and fur garments is limited to how much? "name": "What can I expect on test day?

A copayment is the amount or portion of the total cost that is the patient's responsibility upon receiving a medical service such as an annual check-up.

I am fairly new to life and health insurance field. "@type": "Question", { All of the following are true regarding representations EXCEPT: The Department within an insurer that is responsible for the evaluation, selection and classification of insurable risks in a manner that is equitable for insureds and profitable for the insurer is known as the ________ Department: Which of the following must be printed on every licensee's business cards, written price quotations and printed advertisements: All of the following must be specified in an insurance policy EXCEPT: Any licensee who diverts fiduciary funds to his or her own use is guilty of: The California Life and Health Insurance Guarantee Association will provide coverage for which of the following types of insurance? The elimination period is not part of a major medical insurance policy. The primary regulator of all Health Maintenance Organizations (HMOs) in this state is the: California Department of Managed Health Care. ?MfM HiD%s>?iHKSN%m]wmQd[em^rCfW/K Although it typically takes approximately two weeks to settle death benefit claims, insurance companies are required to settle such claims within 30 days. "@type": "Question", assessment physical form example forms templates pdf "acceptedAnswer": { "name": "What types of questions can I expect with taking the Life and Health Insurance Exam? "@type": "Answer", "@context": "https://schema.org", (Some recent long-term care insurance plans also offer a lump-sum benefit payout option). },

Some states have other requirements, such as requiring a background and fingerprint check." These General insurance exam questions and answers cover general insurance concepts. "@type": "Answer", "@type": "Answer",

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It is designed to help you evaluate your comprehension of the general insurance concepts for which you will be tested in your insurance license qualification exam. "@type": "Answer",

The WACC is not constant, but is increasing as Bigbee adds more projects into its capital budget for the year. Where can I find a best-in-class study guide? questions thank actual sample test courses answer paper way issues

A study guide like the one we provide is a key to success." For example, 99214 may be used for a physical and 90658 indicates a flu shot. ", "@type": "Question", Check out Mometrix's Life & Health Flashcards, Get complex subjects broken down into easily understandable concepts. The Commissioner may disapprove the use of any true or fictitious name for all of the following reasons EXCEPT: It is the bona fide natural name of an individual, When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be.

"name": "Are all Life and Health Insurance exams the same? %PDF-1.6 % An investment will pay $150 at the end of each of the next 3 years,$250 at the end of Year 4, $300 at the end of Year 5, and$500 at the end of Year 6. Only bodily injuries that are suffered by individuals.

When this occurs, the party has created which of the following?

DIC supplements other coverages and fills insurance gaps.

In total, an annual savings of$255,000 will be realized if the new machine is installed.

Its future value? Tests vary by state. Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal. First City Bank that, along with her $25,000 down payment, equals the $100,000 the following? ", "@type": "Answer",

a period of time, a personal auto policy will provide coverage for transportation expenses at the rate of $20 per day up to how much?

}, @9[35.`A "acceptedAnswer": { a higher amount is purchased? In disability insurance, the period of time between when the disability started and the commencement of benefits is the: The Process of making and implementing decisions to handle loss exposure is known as __________.

",

As well preparation for my license.

{ It is prohibited as an unfair trade practice. d. Should the firm purchase the new machine? purchaser is now responsible for payments. assessment physical form example forms templates pdf } As these investments move up and down with the movements of the equities market, variable life insurance is considered to be more risky than other types of policies as there is the probability that the value of the policy's investment component could decrease. e. If investors in early 1981 expected the inflation rate for every future year to be 10% (i.e., $\mathrm{I}_{\mathrm{t}}=\mathrm{I}_{\mathrm{t}+1}=10 \%$ for t=1 to $\infty)$, what would the yield curve have looked like? endstream endobj 137 0 obj <> endobj 138 0 obj <> endobj 139 0 obj <>stream If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long?

Under liability insurance policies, what does an "aggregate limit" mean? Depending on the state, you could know as soon as the test is over. for at least one vehicle, a new vehicle will be automatically covered from the All of the above are types of health insurance policies. Twisting involves an agent suggesting that an individual let their current insurance coverage lapse in order to purchase a new policy, typically with similar benefits. {

Great tool to study for the exam.

Another example would be returning a portion of the applicant's policy premium from the agent's commission. This book saved my life. Not only that, the cards make it easy for a friend or relative to help quiz you on the questions youll need to know to pass the Life & Health Exam." }

c. Assuming a real risk-free rate of 2% and a maturity risk premium that equals $0.1 \times(t) \%$, where t is the number of years to maturity, estimate the interest rate in January 1981 on bonds that mature in 1, 2, 5, 10, and 20 years. {

Any form of injury that affects a person, including bodily injury, property damage, financial injury, and damage to one's reputation. Ms. Wright has been licensed as an insurance agent and an NASD/FINRA securities broker.

Under a personal auto policy, if an insured already has physical damage coverage "Hired autos" include autos the insured leases, hires, rents, or borrows.

Youll need to present a photo ID, most likely a government-issued one.

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This promise of covering losses is in exchange for the premium that is paid by the insured and the compliance with the policy terms.

Permanent life insurance should be used with buy / sell agreements in order to ensure that the insured will not need to re-qualify for life insurance after a certain amount of time elapses.

It can be altered or withdraw BEFORE the insurance is issued, The trust that your client places in you in regard to handling premiums. Any person who transacts insurance without a valid license to do so is guilty of a misdemeanor punishable by: Both a fine not exceeding $50,000 and up to 1 year in a county jail.

She has earned nine industry professional designations, including: Chartered Life Underwriter, Registered Health Underwriter, Registered Employee Benefits Consultant, Certified Senior Advisor and Certified in Long-Term Care. Although Social Security may provide disability benefits, in the majority of cases, these benefits are inadequate. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients."

This chapter reviews basic principles that provide a foundation a. As an insurance agent, one is allowed to offer many different lines of coverage provided that the required training and testing qualifications have been met.

"@type": "Answer", It is the maximum limit for each claim when multiple claimants are arising out of the same occurrence. "acceptedAnswer": { } I am now studying from the guide alone and I am so sure I will pass this time.

}, "name": "When will I know if I passed? If a contract contains unclear wording, then a court will interpret the language used against the writer of the contract - unless the wording that is used is required by law to be stated in a specific way. Assume that interest rate parity holds and that 90-day risk-free securities yield a nominal annual rate of 3% in the United States and a nominal annual rate of 3.5% in the United Kingdom. Currently offered and recognized by the issuing organization. Mometrix has a number of tools that can help you study for the Life & Health Exam. Since insurance agents determine the needs of their clients, excellent analytical skills are a big plus. "name": "Whats not allowed in the room when I take the Life and Health Insurance Exam?

If there is not, the application for life insurance could be rejected.

You will be tested in topics that include HMOs (health maintenance organizations), and health insurance tax issues; annuities and annuity policy tax issues; life insurance plans and general knowledge about the subject; health insurance, dental coverage, medical plans, and more.

{ Great investment and resource guide. In short, its a good idea not to bring anything of value to the testing center. LaTonya purchases a house from John.

In late 1980, the U.S. Commerce Department released new data showing inflation was 15%. What initial cash outlay is required for the new machine?

#Fu]pY;e{-ho\olb"EjAUdULb!8S7x,^mNB,ZGFF?1:bZAq6b!iyjhut }8'gtcHw>-)?M3Hgk w[g_L2>WK:QUKy tn!:RD;s'7{XC,"pfce)0x9-tY$z ,i "acceptedAnswer": { Moreover, many observers believed that the extremely high interest rates and generally tight credit, which resulted from the Federal Reserve Systems attempts to curb the inflation rate, would lead to a recession, which, in turn, would lead to a decline in inflation and interest rates. },

Some states tests are 150 questions long; some are shorter. for the insurance industry. This coverage applies at another location for up to how many days?

hYRRj.P[kH@plhcd';`F|}b?J>O~y{Mm3Q4DD*%u>8-e6f'It qsSMbr The firm does not expect to realize any return from scrapping the old machine in 5 years, but it can sell it now to another firm in the industry for$265,000.

It covers all of the following areas which are typically covered in your actual state Life & Health Insurance examination: Copyright 2009-2022 Tests.com LLC - All Rights Reserved, General Life Insurance Basics, Insurable Interest, Parties and Regulations, Types of Life Insurance Policies and Individual versus Group Life Insurance, Life Insurance Application and Underwriting, Selling Life Insurance, Determining Coverage Needs and Issuance and Delivery, Life Insurance for Business Owners and in Estate Planning, Policy Components, Riders and Non-forfeiture Options, Claims, Settlement Options and Tax Concepts, Living Benefits and Viatical and Life Settlements, General Health Insurance Basics, Regulation and Social Health Insurance, Types of Health Insurance Policies and HMO and PPO, Health Insurance Policy Components and Exclusions, Selling Health Insurance, Issuance and Delivery and Tax Considerations, Health Insurance Claims and Indemnity vs. While there are many different options and riders on life insurance, all policies possess a death benefit. Every person has an insurable interest in the life or health of all of the following persons EXCEPT: An insurer organized under the laws of another state who is legally transacting insurance in this state is known as: Making an insured whole again after a loss is known as: An individual who assists consumers with enrollment into the programs administered by the California Health Benefit Exchange is known as a(n)? insurance? b. 1. The text is concise and to the point. } In the spot market, 1 pound=$1 53. a. Please check in your area." mean?

What is the 90-day forward rate? However, many investors expected the new Reagan administration to be more effective in controlling inflation than the Carter administration had been. If there were pre-test requirements, you may be asked to provide proof that you successfully completed them. Take this free practice test to get an idea of what is on your state's life and health insurance agent licensing exam. She borrows $75,000 from No. "name": "Whats the test like? In legal terms, the actions by one party might have the effect of giving up a known right. If youre interested in selling life or health insurance, this may be a good time to get the licensing that you need. Please check in your area. In 2026, the demand for insurance agents is expected to have grown by 10%.

These criteria can include hobbies, occupation, lifestyle, gender, age, income, and many more.

Your license will be considered to be inactive when you: As specified by the California Insurance Code (CIC), every person must have insurable interest in the person insured at the time of application. The guide provides specifics on how to tackle the questions youll be asked. It is expected to economize on electric power usage, labor, and repair costs, as well as to reduce the number of defective bottles. The purchase of insurance does all of the following EXCEPT: A person shall not solicit, negotiate, or effect contracts of insurance unless the person holds a valid license from the Commissioner authorizing them to act in that capacity. "acceptedAnswer": { "text": "While the day of the test will vary by state, there are some similarities.

I like the fact gives scenario questions for test and reason why once answer is right over the wrong ones. Each CPT also corresponds to one or more International Classification of Diseases (ICD-9) codes. Underwriters look at many factors that can deem an applicant for life insurance as being more or less risky.

coverage within how many days? The following practice exam is a sample from the full-length test. Medical payments under a homeowners policy are available for expenses resulting from an injury to which of the following?

Our large, easy-to-read flashcards help you learn through repetition, and the questions cover every content area of the exam. There are no specific education and degree requirements, so that means a high school diploma or its equivalent is fine. A person who is on the insured location without permission, Any regular resident of the insured's household who pays rent. The old machine is being depreciated by $120,000 per year, using the straight-line method. hbbd```b``m L2'A< X V"M@`` g`$ An insurer's loss ratio is determined by dividing what? In general, youll have to provide background information, like employment history, and personal information, such as a picture ID.

", },

What a difference! "name": "What does it cost to take the test? 2.

The death benefit proceeds on the policy will be reduced by the amount that is accessed by the insured. Again, that varies by state. Own occupation offers the most liberal definition of disability as the insured is considered to be totally disabled if he or she is unable to engage in the principal duties of his or her own occupation. @30&i =AxDg'xh3b:Va~2f@lg 3aP[pQsm`Q6 xvo UZ This study guide is easy to understand and only 82 pages. This is helping me understand and preparing me for new product analyst position in our health plan!

This book is very informative.

"name": "What type of preparation is required to take the Life and Health Insurance Exam? { } FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. dwelling policy, what basic limit of coverage applies to medical payments unless by Mometrix Test Preparation | This Page Last Updated: July 20, 2022. Our comprehensive study guide has been researched by a team of professionals with years of experience helping educators prepare for exams just like this one.

covers all of the following perils except which one? army corps ordnance aoc indian recruitmentindia onlinetests In general, no electronics cell phones, tablets, watches, and the like are prohibited and will have to be locked in a secure area outside the test room. Draw a yield curve based on these data. "text": "There are no specific education and degree requirements, so that means a high school diploma or its equivalent is fine. and the insured purchases a supplemental extended reporting period (ERP), the The applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. If there were pre-test requirements, you may be asked to provide proof that you successfully completed them." Who has an insurable interest in this home?

We believe you can perform better on your exam, so we work hard to provide you with the best study guides, practice questions, and flashcards to empower you to be your best. c?p{Id6Q^HY8(d,! What was the average expected inflation rate over the 5-year period 19811985?

If coverage for personal liability and medical payments is attached to a "Any auto" is the broadest coverage classification. Wish more were like this!

We offer a 100% risk-free, money-back guarantee. Some states have other requirements, such as requiring a background and fingerprint check. "text": "Since insurance agents determine the needs of their clients, excellent analytical skills are a big plus. "text": "You should get a high-quality, professional study guide, like the one here. Because the underlying investments are equities such as mutual funds, variable life insurance policies are considered to be securities. } { Incorrect answer.

When can a representation be altered or withdrawn? Policies issued under the National Flood Insurance Program provide removal coverage for property removed to protect it from the flood.

}, "text": "In general, youll have to provide background information, like employment history, and personal information, such as a picture ID. { A MSN, or Medicare Summary Notice, can also be checked for any changes to a patient's claims. All classes of newly acquired autos are automatically covered. DIC policies provide property and liability coverages. I can tell this book is very useful, understandable. } And, if youre worried at all about buying the guide, dont worry.

It is the most the insurer will pay for all losses during any one policy period.

I took the test once already and I did not study this material completely, but I did notice that it had a lot of material that I needed to study from the guide. A living benefit on a life insurance policy is typically a policy rider that allows an insured who has a qualifying terminal illness to access some or all of the death benefit proceeds in order to pay medical bills or other financial obligations. "@type": "Question",

c. What are the incremental cash flows in Years 1 through 5? If other investments of equal risk earn 11% annually, what is its present value? While a new job with a drastic change in income and / or hazardous duties could result in a change of life insurance coverage needs, simply changing job titles will not.

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