Life and Health Insurance Exam 1 Questions with 100% Verified Correct Answers

Life and Health Insurance Exam 1 Questions with 100% Verified Correct Answers
UNIT 1: The term used to describe the individual who is covered by the insurance is
A. insurer
B. insured
C. policyowner
D. risk - Correct Answer B
Which of the following is a risk?
A. A car may need to have new brakes installed after several years of regular driving.
B. An individual may need medical attention after slipping on the ice and falling.
C. Both are examples of risk.
D. Neither is an example of risk. - Correct Answer B
The estimation of future losses is more accurate when information is from
A. a small select group
B. a large group
C. a medium-sized group
D. any size group; group size does not matter - Correct Answer A
The application of the law of large numbers enables insurers to
A. estimate the future losses of a class or group of people
B. predict the future losses of speci c individuals
C. charge higher premiums for insurance
D. calculate mortality charges - Correct Answer B
Which type of policy is designed to protect against the risk of living too long?
A. Casualty
B. Life
C. Annuity
D. Medical expense - Correct Answer C

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