LIFE AND HEALTH INSURANCE LICENSE EXAM - MN

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LIFE AND HEALTH INSURANCE LICENSE EXAM - MN

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Are dividends guaranteed?

Answer:

NO

Question 2: (Agent Authority) lawsuit

Answer:

Apparent Authority

Question 3: Who is a stock insurer owned by?

Answer:

stockholders

Question 4: value received from the contract by each party may be unequal

Answer:

Aleatory Question 5: Which type of life insurance policy allows withdrawals (partial surrenders) from the cash value?

Answer:

Universal Life

Question 6: Agents who represent only one company

Answer:

Exclusive/Captive Agents

Question 7: Cross-Purchase plan has how many owners?

Answer:

2 Question 8: allows for an advance of the death benefit if the insured is confined to a nursing home or cannot perform ADLs

Answer:

Long Term Care Rider

Question 9: Acronym for risks that can be insured

Answer:

CANHAM (calculable, affordable, non-catastrophic, homogeneous, accidental, measurable)

Question 10: When is the conditional receipt effective?

Answer:

date of application or date of medical exam, whichever is later

Question 11: Reduction in the value of an asset

Answer:

loss Question 12: Is there is ambiguity in a contract of adhesion, court will take the side of....

Answer:

the insured

Question 13: ______ refers to an exchange of value

Answer:

Consideration

Question 14: Insurance is a...

Answer:

transfer of risk

Question 15: Do stock insurers give out dividends? Is so, are they taxable?

Answer:

Yes, Yes

Question 16: What type of insurer would a pitcher use to insure his arm?

Answer:

Lloyd's Association Question 17: Individual or business covers and exceptionally large or specialized risk

Answer:

Surplus Lines Insurer

Question 18: (STARR) two or more individuals pay a portion of any loss incurred

Answer:

Sharing

Question 19: Competent parties required for a legal contract

Answer:

18+, sane, sober

Question 20: state license for an insurance company

Answer:

Certificate of Authority

Question 21: Is a notice to the applicant required in MN?

Answer:

Yes

Question 22: Moral Hazard

Answer:

Dishonesty

Question 23: What type of risk is insurable?

Answer:

Pure Risk

Question 24: statement that guaranteed to be true

Answer:

warranty

Question 25: What type of risk is gambling?

Answer:

Speculative Risk Question 26: Dismemberment: receive _____ sum

Answer:

Capital Question 27: Used to determine a person's eligibility for personal credit, insurance, or employment

Answer:

Consumer Report

Question 28: Modification to a life and healthy policy

Answer:

Rider

Question 29: 3 Types of hazards

Answer:

Physical, Moral, Morale