Naic life insurance Study guides, Class notes & Summaries

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the validity of a life insurance pol...

SOUTH DAKOTA LIFE AND HEALTH – EXAM 2024 WITH 100% CORRECT ANSWERS Insurers (companies/carriers) - correct answer Provide insurance coverage by issuing particular insurance policies or contracts. Insurance Agencies - correct answer Independent sales organizations that provide service and distribute insurance policies to consumers. Agents and Producers - correct answer Licensed individuals representing an insurance company when transacting insurance business. The insurance industr...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders Mutual companies - Participating, they pay dividends Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies - Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers. ...

LIFE, HEALTH & VARIABLE ANNUITY (2-15 EXAM) QUESTIONS AND ANSWERS LATEST UPDATE 2024/2025 (100% Solved) An owner is worried that employees will help themselves to products on the shelf without paying for them. This is an example of what type of hazard? - CORRECT ANSWERS Moral Hazard Won't fly an airplane, never drives a car and keeps money out of the stock market is known as what type of risk ? - CORRECT ANSWERS Risk Avoidance Only pure risk is insurable. TRUE or FALSE? - CORRECT ANSWERS T...

2024 FP 512 ACTUAL EXAM TEST BANK WITH 300 EXAM QUESTIONS AND CORRECT ANSWERS WITH DETAILED EXPLANATIONS (100% CORRECT VERIFIED ANSWERS) GRADED A (NEW!!) Which of the following gave states the authority to regulate the insurance industry? - ANSWER-The McCarran-Ferguson Act of 1945 Under the McCarran-Ferguson Act of 1945, insurance is regulated primarily at the state level. The NAIC issues model insurance legislation that individual states are free to adopt if they choose, but the NAIC...

Wisconsin Life Insurance Course with Complete Solutions Stock Companies -private organization focused to make profits for shareholders -Stock dividends are paid to stock holders -policyholders do not participate Mutual Companies -have no stock holders -owners are policy owners -policy holders can vote for members of the board -policy owners receive dividends Lloyd's of London -A syndicate of individuals who underwrite insurance Reinsurers -are a specialized branch of the ins...

VA Health Life and Annuities Latest Version Graded A+ Long-Term Care refers to the broad range of medical and personal services for individuals (often the elderly) who need assistance with daily activities for an extended period of time for chronic illnesses like arthritis, rheumatism, and so forth. Limited Policies Restrict benefits to specified accidents or diseases, such as travel policies, dread disease (cancer) policies, ticket policies, and so forth. Managed Care Organizatio...

LIFE, HEALTH & VARIABLE ANNUITY (2-15 EXAM) QUESTIONS AND ANSWERS LATEST UPDATE 2024/2025 (100% Correct) Insurance concept founded on the ability to predict the approximate number of deaths or frequency of disabilities within a certain group during a specific time. - CORRECT ANSWERS Law of Averages An owner is worried that employees will help themselves to products on the shelf without paying for them. This is an example of what type of hazard? - CORRECT ANSWERS Moral Hazard Won't fly an ...

LIFE, HEALTH & VARIABLE ANNUITY (2-15 EXAM) QUESTIONS AND ANSWERS LATEST UPDATE 2024/2025 (100% Solved) An owner is worried that employees will help themselves to products on the shelf without paying for them. This is an example of what type of hazard? - CORRECT ANSWERS Moral Hazard Won't fly an airplane, never drives a car and keeps money out of the stock market is known as what type of risk ? - CORRECT ANSWERS Risk Avoidance Only pure risk is insurable. TRUE or FALSE? - CORRECT ANSWERS T...

Insurance Exam: Life (Iowa Laws, Rules, and Regulations Commonly To ALL Lines) Rated A+ which individual would be required to be licensed as an insurance producer? A) a salaried full time employee who counsels the employer on the employers insurance interests B) a person employed by the insurer to inspect and rate risks C) a salaried employee who advertises and solicits insurance D) an assistant who secures and furnishes information for group insurance a salaried employee who advertises and ...