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A valuable resource for those studying for insurance licensing exams. it presents a series of multiple-choice questions covering various aspects of insurance, including risk assessment, claims handling, and ethical sales practices. the questions test knowledge of insurance regulations, policy types, and common industry practices, making it ideal for exam preparation and knowledge reinforcement. The detailed answers offer explanations and insights into the correct responses, enhancing understanding of key concepts.
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which of the following situations presents a situation of pure risk?
BBC insurers filed premium rates for its new line of variable products on January 15. Within how many days must the commissioner approve or disapprove the rates? - ✔✔30 days all rate filings are subject to a 30-day waiting period before they become effective. The commissioner of insurance can examine the business accounts, transactions, and records of insurers and producers as often as necessary, but must do so at least once in how many years? - ✔✔5 years Acme Insurance and Apogee insurance agree to offer different premium rates for persons of equal risk within a particular class. They also agree to limit benefits paid to insureds within this class if the insureds live within certain counties of PA. What are Acme and Apogee engaging in?
Jeremy has had an individual health insurance policy for many years because of his family's history of cancer. the tendency of someone like jeremy to buy and retain insurance is known as:
Len decided to surrender his policy for its cash value. All the following statements concerning his decision are correct EXCEPT:
under a disability waiver of premium rider, an insured most commonly must be totally disabled for how long before the waiver begins? - ✔✔most waiver of premium riders require that the insured be totally disabled for SIX MONTHS before the waiver begins julia signed a viatical settlement agreement on May 1. 2 weeks later she decides she no longer wants to sell the policy, what are her options?
if a retired worker's total income including one-half of his or her social security benefits exceeds a threshold amount, then up to what benefits exceeding the threshold are taxable? - ✔✔85% of the following, what organization(s) do life and health insurance companies regulate themselves through:
the formal name for what is commonly called a "double indemnity ride" is: - ✔✔accidental death benefit rider is aka double indemnity rider in applying for a whole life insuranc epolicy, andrea disclosed that she is a rock climber. of the following, what may the insurer do?
alpha co pays the premiums for its group medical, dental, disability, and LTC insurance plans. which statement is correct about the income tax consequences?