Wisconsin Bundle 2024/2025 with complete solution

Adverse Selection - The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. Adult Day Care - A program for impaired adults that attempts to meet their health, social, and functional needs in a setting away f...

Why were Exchanges implemented by the Affordable Care Act (ACA)? To create a one-stop market for standardized health insurance plans. Provide an additional stream of income for the Federal government. To enforce every U.S citizen to purchase health insurance. Assist in the conversion of individu...

In order for forms HO-2, HO-3, and HO-5 to provide coverage, a dwelling must be insured for at least what percentage of replacement cost? - 80% Coverage for medical payments under a Personal Auto Policy applies to expenses following a covered accident that are incurred and services rendered withi...

Alletory Contract - Equal value is not given by both parties in the insurance contract. Either insured collects more claims than premiums or insurer collects more premiums than claims paid. All of the following must have an intermediary license except: A) A town mutual insurance agent who sells o...

Binder - Temporary insurance Usually given by the agent—verbal or in writing Can be canceled by the company Does not guarantee a policy will be issued Automatically ends if a policy is issued by the underwriter Assigned risk plans - A plan through which people can buy insurance if they are un...

Binding Receipts - coverage is guaranteed until the insurer formally rejects the application -even if the proposed insured is ultimately found to be uninsurable -coverage is guaranteed until rejection of application Blanket Life Insurance - COvers groups of people exposed to the same hazard, such...

All of the following information about a customer must be used in determining annuity suitability EXCEPT a) financial experience b) annual income c) beneficiary's age d) tax status - c A claimant, whi is totally and permanently disabled, is eligible for Social Security Disability benefits aft...

An employer pays the accident and health insurance premiums for its employees. The premiums paid by the employer are Deductible to the business. Taxable to the employee. Tax-deferred to the business. Reimbursed as a tax credit. - Deductible to the business. Medical expense insurance typically ...

How to deal with risk - Avoid (Don;t fly, hang glide, mountain climb etc) Retain (Self insure) Transfer (Social vehicle for insurance) Share (incorporate or add a partner) Reduce (install fire alarms, stop smoking, etc) Essentials of an Insurance Contract - Think LACC Legal Purpose Acceptance...