What is known as the immediate specific event causing loss and giving rise to risk?

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What is known as the immediate specific event causing loss and giving rise to risk?

A) Peril
B) Hazard
C) Loss factor
D) Liability

Answer: A) Peril

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need:

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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All of the following are general requirements of a qualified plan EXCEPT
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The pro rata liability clause is designed to protect the principle of
What does the Group Life underwriting risk selection process help protect insurance companies from?
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All of these statements concerning whole life insurance are false EXCEPT
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All of the following could own group life insurance EXCEPT
Fixed annuities provide each of the following EXCEPT
What is the purpose of establishing the target premium for a universal life policy?
A domestic insurer issuing variable contracts must establish one or more
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
All of these statements about the Waiver of Premium provision are correct EXCEPT
Which of the following best defines target premium in a universal life policy?
What does the word "level" in Level Term describe?
A beneficiary change can occur
No existing agent's license will be revoked until
Which of the following statements about aleatory contracts is NOT true?
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
The minimum interest rate on an equity indexed annuity is often based on
Under an extended term nonforfeiture option, the policy cash value is converted to
Which type of life insurance policy generates immediate cash value?
What rule is used to determine the importance of a representation?
Which of the following is NOT the purpose of HIPAA?
The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
An error was made on Mary's life insurance application. Which of the following areas are errors commonly made on applications for which the incontestable clause does NOT apply?
All of the following statements are true regarding installments for a fixed amount EXCEPT
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Which contract element is insurable interest a component of?
Which nonforfeiture option provides coverage for the longest period of time?
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of:
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Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
All of the following statements are correct regarding Credit Life Insurace EXCEPT:
All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
Health insurance will typically cover which of the following perils?
Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's
Insurable interest does NOT occur in which of the following relationships?
Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death?
The authority granted to a licensed producer is provided via the
All of the following are examples of a Business Continuation Plan EXCEPT
Which of these would be the best example of a limited pay life insurance policy?
All of the following entities regulate variable life policies EXCEPT
The pro rata liability clause is designed to protect the principle of
When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
All of the following are TRUE regarding the convertibility option under a term life insurance policy EXCEPT
All of the following statements concerning dividends are true EXCEPT:
All of the following are true regarding rebates EXCEPT
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All of the following are elements of an insurance policy EXCEPT
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All of the following are true of key person insurance EXCEPT
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Who is responsible for assembling the policy forms for insureds?
Life income joint and survivor settlement option guarantees
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Which of the following is NOT true regarding the accumulation period of an annuity?
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What is the other term for the cash payment settlement option?
Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
Insurance represents the process of risk
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What is the purpose of establishing the target premium for a universal life policy?
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Group health plans may deny participation based upon the
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What is the other term for the cash payment settlement option?
What documentation grants express authority to an agent?

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