However, many investors expected the new Reagan administration to be more effective in controlling inflation than the Carter administration had been. b. Ms. Wright has been licensed as an insurance agent and an NASD/FINRA securities broker. }, While the day of the test will vary by state, there are some similarities. The elimination period is not part of a major medical insurance policy. endstream
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The benefit duration in a long-term care policy states how long benefits will be paid to an insured, and the benefit amount may be stated either as a daily or monthly amount. Some require a pre-test, and some dont. "acceptedAnswer": { "acceptedAnswer": { The purchase of insurance does all of the following EXCEPT: A person shall not solicit, negotiate, or effect contracts of insurance unless the person holds a valid license from the Commissioner authorizing them to act in that capacity. "acceptedAnswer": { %%EOF
It is a prohibited activity. This book saved my life. The WACC is not constant, but is increasing as Bigbee adds more projects into its capital budget for the year. Certain articles of clothing may also be prohibited.
b. Under most property insurance policies, the policy territory includes which of It is the most the insurer will pay for any one accident.
{ Assume that, at the beginning of 1981, the expected inflation rate for 1981 was 13%; for 1982, 9%; for 1983, 7%; and for 1984 and thereafter, 6%. by Mometrix Test Preparation | This Page Last Updated: July 20, 2022. To prepare for your licensing exam, use the full-length Life & Health Insurance Agent Practice Exam with answers fully explained for ideal study. All of the above are types of health insurance policies.
Your license will be considered to be inactive when you: As specified by the California Insurance Code (CIC), every person must have insurable interest in the person insured at the time of application.
It is concise and to the point so there is no wasted time digging through hundreds of pages with useless information.
A MSN, or Medicare Summary Notice, can also be checked for any changes to a patient's claims. Three courses in the Program of General Insurance AND pass an ethics exam OR, Two courses in the Program of General Insurance AND pass an elective course exam AND pass an ethics exam. If other investments of equal risk earn 11% annually, what is its present value? So far, Ive seen how this product is beneficial for those who are like me and struggle with information overload. This study guide is easy to understand and only 82 pages. "@type": "Answer", "@type": "Answer", } Its important to check the regulations in your area. "name": "Are all Life and Health Insurance exams the same? 158 0 obj <>stream In legal terms, the actions by one party might have the effect of giving up a known right. a period of time, a personal auto policy will provide coverage for "name": "How many questions are on the test? Over the 5-year period, what average nominal interest rate would be expected to produce a 2% real risk-free return on 5-year Treasury securities? Permanent life insurance should be used with buy / sell agreements in order to ensure that the insured will not need to re-qualify for life insurance after a certain amount of time elapses. ", Mometrix has a number of tools that can help you study for the Life & Health Exam. Traditional perils (such as fire, lightning, and so on) are usually excluded by DIC policies. "name": "What type of skills do I need?
Although it typically takes approximately two weeks to settle death benefit claims, insurance companies are required to settle such claims within 30 days. Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks. He trades in his car and purchases a new private passenger auto as a replacement vehicle. "acceptedAnswer": { Individuals holding an INS certificate (regardless of when they earned it) earn the AINS designation once they pass an ethics exam. "text": "There are no specific education and degree requirements, so that means a high school diploma or its equivalent is fine. You will be tested in topics that include HMOs (health maintenance organizations), and health insurance tax issues; annuities and annuity policy tax issues; life insurance plans and general knowledge about the subject; health insurance, dental coverage, medical plans, and more." @9[35.`A Insurance agents regularly talk with clients, youll need to be a very skilled communicator. Fees vary by state, so please check in your area. This is because the beneficiary must be at risk of suffering some type of loss should the insured pass away. Tests vary by state. Again, that varies by state. Does your answer here make you question the yield curve you drew in part c? Check out Mometrix's Life & Health Flashcards, Get complex subjects broken down into easily understandable concepts. An investment will pay $150 at the end of each of the next 3 years,$250 at the end of Year 4, $300 at the end of Year 5, and$500 at the end of Year 6. Not only that, the cards make it easy for a friend or relative to help quiz you on the questions youll need to know to pass the Life & Health Exam. } In order to obtain a life and health insurance license, individuals must take and successfully pass an exam that is offered by the state licensing boards. Under which type of marketing system do agents or agencies operate as "name": "Whats not allowed in the room when I take the Life and Health Insurance Exam? "name": "When will I know if I passed? This coverage applies at another location for up to how many days? "@type": "Question", We believe you can perform better on your exam, so we work hard to provide you with the best study guides, practice questions, and flashcards to empower you to be your best. How long does it take? With an HSA, money that is saved on the premium may be put into the account and then funds are used for certain medical fees. What initial cash outlay is required for the new machine? File a complaint about fraud or unfair practices. Check out Mometrix's Life & Health Study Guide, Get practice questions, video tutorials, and detailed study lessons, { Our practice exam covers life and health insurance exam subject areas that are common across the country and is not specific to any one state but rather applicable to all states. The new machine has a purchase price of$1,175,000, an estimated useful life and MACRS class life of 5 years, and an estimated salvage value of $145,000. Great tool to study for the exam.
When can a representation be altered or withdrawn? Claims-made general liability coverage does not Therefore, Social Security disability benefits should only be used to supplement an individual disability income policy. The practice exam is written by Susan Wright, MBA, CLU, RHU, REBC, who has over 20 years of experience in the insurance industry and Noah Sobin, an life insuance underwriting expert. DIC supplements other coverages and fills insurance gaps. A living benefit on a life insurance policy is typically a policy rider that allows an insured who has a qualifying terminal illness to access some or all of the death benefit proceeds in order to pay medical bills or other financial obligations. ,JfA3XF. Incorrect answer. insurer markets the policies from the home office. Not only that, the cards make it easy for a friend or relative to help quiz you on the questions youll need to know to pass the Life & Health Exam."
a. 146 0 obj <>/Filter/FlateDecode/ID[<4D470C6F3022E39AA7C100BA34205CBD><87E7588D02533644A891B68326476D67>]/Index[136 23]/Info 135 0 R/Length 70/Prev 160233/Root 137 0 R/Size 159/Type/XRef/W[1 3 1]>>stream I can tell this book is very useful, understandable. {
At the time, the prime rate of interest was 21%, a record high. period for reporting claims under the policy will be extended for how long? Please check in your area." "@type": "Answer", Those who pass have a solid job outlook, according to the Bureau of Labor statistics. Some states have other requirements, such as requiring a background and fingerprint check. Some property insurance policies provide for payment of the full policy limit in the event of a total loss by a covered peril, regardless of the actual value of the property. Quality starts with who wrote the material. As well preparation for my license. While there are many different options and riders on life insurance, all policies possess a death benefit.
Important Disclaimer: FINRA does not approve or endorse any professional credential or designation. Reimbursement, Disability and Related Insurance and Seniors and Special Needs Individuals, Life insurance policy provisions, options, and riders, Federal tax considerations for life insurance and annuities, Individual health insurance policy general provisions, Insurance for special needs individuals and senior citizens, Federal tax considerations for health insurance, Life & Health Insurance Agent Practice Exam, Life & Health Insurance Agent Flash Cards. "text": "In general, no electronics - – cell phones, tablets, watches, and the like - – are prohibited and will have to be locked in a secure area outside the test room. It is the single largest limit that applies when a loss is covered by two or more policies issued by the same insurer.
This product also assists with bench-marking. }.
Our large, easy-to-read flashcards help you learn through repetition, and the questions cover every content area of the exam. The applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. No. Choose
{ 0
It tells me what I need to know on the test. "@type": "Answer", "text": "Since insurance agents determine the needs of their clients, excellent analytical skills are a big plus. } Depending on the state, you could know as soon as the test is over. "name": "What does the application process for the test entail? Our comprehensive study guide has been researched by a team of professionals with years of experience helping educators prepare for exams just like this one. all that apply. "text": "While the day of the test will vary by state, there are some similarities.
", If there were pre-test requirements, you may be asked to provide proof that you successfully completed them." Under a personal auto policy, if an insured already has physical damage coverage "@type": "Question", and the insured purchases a supplemental extended reporting period (ERP), the And, if youre worried at all about buying the guide, dont worry. } Is the 90-day forward rate trading at a premium or a discount relative to the spot rate? Before the effective date, if there is no retroactive date. These criteria can include hobbies, occupation, lifestyle, gender, age, income, and many more. "@type": "Question",
You should get a high-quality, professional study guide, like the one here.
"@type": "Question", "Hired autos" include autos the insured leases, hires, rents, or borrows. } 136 0 obj <> endobj independent businesses but agree to represent only one insurance company? the following? California Life And Health Insurance Exam Questions Quiz, common homeowners insurance questions and answers, general insurance agent practice questions with answers, Know Everything About Insurance Policies - Insurance Quiz, homeowners insurance quiz questions and answers, Chapter 4: Life insurance Policies, Options and Riders, Nature Of Insurance Quiz Questions And Answers. This book is very informative. If general liability "claims-made" coverage is renewed by "occurrence" coverage Firm compliance professionals can access filings and requests, run reports and submit support tickets. Although Social Security may provide disability benefits, in the majority of cases, these benefits are inadequate. { "Any auto" is the broadest coverage classification. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients. "@type": "Question", Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. Our large, easy-to-read flashcards help you learn through repetition, and the questions cover every content area of the exam. With the installment method, the insured may wish to use these funds to pay his or her ongoing monthly bills. The guide provides specifics on how to tackle the questions youll be asked. The United States, its territories and possessions, and Canada. For example, 99214 may be used for a physical and 90658 indicates a flu shot. What is the 90-day forward rate? Which type of insurance professional does not actually sell insurance coverages but sells advice about insurance coverages? As these investments move up and down with the movements of the equities market, variable life insurance is considered to be more risky than other types of policies as there is the probability that the value of the policy's investment component could decrease. "name": "What type of preparation is required to take the Life and Health Insurance Exam? transportation expenses at the rate of $20 per day up to how much? Every licensee shall file with the Commissioner his or her truename and also all fictitious names under which he or she conducts business. dwelling policy, what basic limit of coverage applies to medical payments unless This is a very very helpful book. The old machine is being depreciated by $120,000 per year, using the straight-line method. Furthermore, I learn from trial and error so when I took the practice test I was able to go back and relearn a certain topic if I didnt retain it well. The death benefit is the amount that is paid to the policy beneficiary upon the death of the insured.
First City Bank that, along with her $25,000 down payment, equals the $100,000 e. If investors in early 1981 expected the inflation rate for every future year to be 10% (i.e., $\mathrm{I}_{\mathrm{t}}=\mathrm{I}_{\mathrm{t}+1}=10 \%$ for t=1 to $\infty)$, what would the yield curve have looked like? "@type": "Answer", Where can I find a best-in-class study guide? } Currently offered and recognized by the issuing organization. ", Please check in your area. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients." d. Should the firm purchase the new machine?
}, "@context": "https://schema.org", }
LaTonya purchases a house from John.
Injury for such things as libel, slander, false arrest, or invasion of privacy. Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal. The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. { "@type": "Question", for at least one vehicle, a new vehicle will be automatically covered from the Every person has an insurable interest in the life or health of all of the following persons EXCEPT: An insurer organized under the laws of another state who is legally transacting insurance in this state is known as: Making an insured whole again after a loss is known as: An individual who assists consumers with enrollment into the programs administered by the California Health Benefit Exchange is known as a(n)? 2. "@type": "Question", It is the maximum limit for each claim when multiple claimants are arising out of the same occurrence. mean? When the special causes of loss form are attached to a commercial property coverage part, coverage for theft of furs and fur garments is limited to how much? If a contract contains unclear wording, then a court will interpret the language used against the writer of the contract - unless the wording that is used is required by law to be stated in a specific way. A long-term care insurance policy's elimination period is the number of days that the insured must pay for services out-of-pocket until the insurance coverage begins to pay. The amount an individual chooses to pay, out-of-pocket, after the funds in the pretax account have been exhausted and before the health insurance plan's deductible is met. A person who is on the insured location without permission, Any regular resident of the insured's household who pays rent. Concealment entitles the injured party to rescind the insurance if it is: The uncertainty about loss that exists whenever more than one outcome is possible is called: When an insurer voids an insurance contract due to an intentionally fraudulent omission by the insured of a material fact, it is known as: Acting as an agent for a nonadmitted insurer in the transaction of insurance in this state is considered to be a misdemeanor unless acting as a: Transacting insurance includes all of the following activities EXCEPT: It shall be the obligation of each agent to preserve and maintain all applicable records in their possession, in addition to those records transmitted to the insurer, at their principal place of business for a minimum of ____ years: When must a licensee notify the Insurance Commissioner of a change of address?
However, the Bureau of Labor Statistics says about one-third of all agents have college degrees. In total, an annual savings of$255,000 will be realized if the new machine is installed.
Own occupation offers the most liberal definition of disability as the insured is considered to be totally disabled if he or she is unable to engage in the principal duties of his or her own occupation.
This book is the best way to study . All of the following definitions are correct EXCEPT: The chance of loss without any possibility for gain is known as: The Insurance Commissioner may deny an insurance license application without a hearing: If the applicant has a final conviction of a felony. If there is doubt about a patient's insurance eligibility, who should the assistant contact. insurance? All of the following are true regarding warranties in an insurance contract EXCEPT: A particular form of words is necessary to create a warranty. A study guide like the one we provide is a key to success." { Only bodily injuries that are suffered by individuals. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. A copayment is the amount or portion of the total cost that is the patient's responsibility upon receiving a medical service such as an annual check-up. "text": "Again, that varies by state. ", { It is prohibited as an unfair trade practice. "@type": "Answer", { However, the Bureau of Labor Statistics says about one-third of all agents have college degrees." Learn More >>, Formerly known as: INS - Program in General Insurance. Own occupation is a type of benefit trigger that is found in a disability insurance policy, not in long-term care insurance policies. Support your answer. } The living benefits that are accessed from a life insurance policy can typically be taken out either in one lump sum amount or they could be received via regular installments.
hb```f``J? I am now studying from the guide alone and I am so sure I will pass this time. It is the most the insurer will pay for all losses during any one policy period.
},
This is helping me understand and preparing me for new product analyst position in our health plan! that conventional 500 page book will drive you crazy. DIC policies provide property and liability coverages. If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long? Any person who transacts insurance without a valid license to do so is guilty of a misdemeanor punishable by: Both a fine not exceeding $50,000 and up to 1 year in a county jail. hYRRj.P[kH@plhcd';`F|}b?J>O~y{Mm3Q4DD*%u>8-e6f'It qsSMbr } b. It covers all of the following areas which are typically covered in your actual state Life & Health Insurance examination: Copyright 2009-2022 Tests.com LLC - All Rights Reserved, General Life Insurance Basics, Insurable Interest, Parties and Regulations, Types of Life Insurance Policies and Individual versus Group Life Insurance, Life Insurance Application and Underwriting, Selling Life Insurance, Determining Coverage Needs and Issuance and Delivery, Life Insurance for Business Owners and in Estate Planning, Policy Components, Riders and Non-forfeiture Options, Claims, Settlement Options and Tax Concepts, Living Benefits and Viatical and Life Settlements, General Health Insurance Basics, Regulation and Social Health Insurance, Types of Health Insurance Policies and HMO and PPO, Health Insurance Policy Components and Exclusions, Selling Health Insurance, Issuance and Delivery and Tax Considerations, Health Insurance Claims and Indemnity vs. Because the underlying investments are equities such as mutual funds, variable life insurance policies are considered to be securities. Mometrix has a number of tools that can help you study for the Life & Health Exam. "acceptedAnswer": { Those who wish to sell life and health insurance are required to possess the proper licensing for each state in which they conduct business. A wife (owner) can take a policy out on her husband (insured), yet the husband is not a party to the insurance contract. A device that is used to minimize small nuisance claims and that helps to keep insurance premiums down is called what? "@type": "Answer", When an uninterrupted chain of events resulting from a negligent act causes a loss, that act is considered to be which of the following?
", ", I am renewing my license and there are great practice exams. apply to bodily injury or property damage that occurs when? "name": "What types of questions can I expect with taking the Life and Health Insurance Exam? shown in the declarations, except for which of "@type": "Question",
"text": "In general, youll have to provide background information, like employment history, and personal information, such as a picture ID. An appointment as an agent of an insurer becomes effective on the date it is: All of the following are ways to reduce risk EXCEPT. The firm does not expect to realize any return from scrapping the old machine in 5 years, but it can sell it now to another firm in the industry for$265,000. "name": "What type of education do I need? Consider all the factors that are likely to affect the curve. "mainEntity": [ Tom Baxter has an automobile insured by a personal auto policy. The death benefit proceeds on the policy will be reduced by the amount that is accessed by the insured.
{ Learn More All content on this website is Copyright 2022. You can easily learn topics go to a certain category that you need to be more familiar with and study it. }, "@type": "Question", A commercial property coverage part with the basic causes of loss form attached "text": "You should get a high-quality, professional study guide, like the one here. Moreover, many observers believed that the extremely high interest rates and generally tight credit, which resulted from the Federal Reserve Systems attempts to curb the inflation rate, would lead to a recession, which, in turn, would lead to a decline in inflation and interest rates. I like the fact that it is also focuses on test anxiety. for the insurance industry. She borrows $75,000 from I have learned so much from this study guide. I love this because it excludes all the fluff. "text": "Depending on the state, you could know as soon as the test is over. c. What are the incremental cash flows in Years 1 through 5? When this occurs, the party has created which of the following? Under the business auto coverage part, each of the following is true about the "name": "What does it cost to take the test? I like the fact gives scenario questions for test and reason why once answer is right over the wrong ones. Some states have other requirements, such as requiring a background and fingerprint check." Where can I find a best-in-class study guide? While a new job with a drastic change in income and / or hazardous duties could result in a change of life insurance coverage needs, simply changing job titles will not. purchaser is now responsible for payments.
You can get that license by taking the Life and Health Insurance exam in your state. All of the following are true regarding representations EXCEPT: The Department within an insurer that is responsible for the evaluation, selection and classification of insurable risks in a manner that is equitable for insureds and profitable for the insurer is known as the ________ Department: Which of the following must be printed on every licensee's business cards, written price quotations and printed advertisements: All of the following must be specified in an insurance policy EXCEPT: Any licensee who diverts fiduciary funds to his or her own use is guilty of: The California Life and Health Insurance Guarantee Association will provide coverage for which of the following types of insurance?
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b. Under most property insurance policies, the policy territory includes which of It is the most the insurer will pay for any one accident.
{ Assume that, at the beginning of 1981, the expected inflation rate for 1981 was 13%; for 1982, 9%; for 1983, 7%; and for 1984 and thereafter, 6%. by Mometrix Test Preparation | This Page Last Updated: July 20, 2022. To prepare for your licensing exam, use the full-length Life & Health Insurance Agent Practice Exam with answers fully explained for ideal study. All of the above are types of health insurance policies. Your license will be considered to be inactive when you: As specified by the California Insurance Code (CIC), every person must have insurable interest in the person insured at the time of application.
It is concise and to the point so there is no wasted time digging through hundreds of pages with useless information.
A MSN, or Medicare Summary Notice, can also be checked for any changes to a patient's claims. Three courses in the Program of General Insurance AND pass an ethics exam OR, Two courses in the Program of General Insurance AND pass an elective course exam AND pass an ethics exam. If other investments of equal risk earn 11% annually, what is its present value? So far, Ive seen how this product is beneficial for those who are like me and struggle with information overload. This study guide is easy to understand and only 82 pages. "@type": "Answer", "@type": "Answer", } Its important to check the regulations in your area. "name": "Are all Life and Health Insurance exams the same? 158 0 obj <>stream In legal terms, the actions by one party might have the effect of giving up a known right. a period of time, a personal auto policy will provide coverage for "name": "How many questions are on the test? Over the 5-year period, what average nominal interest rate would be expected to produce a 2% real risk-free return on 5-year Treasury securities? Permanent life insurance should be used with buy / sell agreements in order to ensure that the insured will not need to re-qualify for life insurance after a certain amount of time elapses. ", Mometrix has a number of tools that can help you study for the Life & Health Exam. Traditional perils (such as fire, lightning, and so on) are usually excluded by DIC policies. "name": "What type of skills do I need?
Although it typically takes approximately two weeks to settle death benefit claims, insurance companies are required to settle such claims within 30 days. Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks. He trades in his car and purchases a new private passenger auto as a replacement vehicle. "acceptedAnswer": { Individuals holding an INS certificate (regardless of when they earned it) earn the AINS designation once they pass an ethics exam. "text": "There are no specific education and degree requirements, so that means a high school diploma or its equivalent is fine. You will be tested in topics that include HMOs (health maintenance organizations), and health insurance tax issues; annuities and annuity policy tax issues; life insurance plans and general knowledge about the subject; health insurance, dental coverage, medical plans, and more." @9[35.`A Insurance agents regularly talk with clients, youll need to be a very skilled communicator. Fees vary by state, so please check in your area. This is because the beneficiary must be at risk of suffering some type of loss should the insured pass away. Tests vary by state. Again, that varies by state. Does your answer here make you question the yield curve you drew in part c? Check out Mometrix's Life & Health Flashcards, Get complex subjects broken down into easily understandable concepts. An investment will pay $150 at the end of each of the next 3 years,$250 at the end of Year 4, $300 at the end of Year 5, and$500 at the end of Year 6. Not only that, the cards make it easy for a friend or relative to help quiz you on the questions youll need to know to pass the Life & Health Exam. } In order to obtain a life and health insurance license, individuals must take and successfully pass an exam that is offered by the state licensing boards. Under which type of marketing system do agents or agencies operate as "name": "Whats not allowed in the room when I take the Life and Health Insurance Exam? "name": "When will I know if I passed? This coverage applies at another location for up to how many days? "@type": "Question", We believe you can perform better on your exam, so we work hard to provide you with the best study guides, practice questions, and flashcards to empower you to be your best. How long does it take? With an HSA, money that is saved on the premium may be put into the account and then funds are used for certain medical fees. What initial cash outlay is required for the new machine? File a complaint about fraud or unfair practices. Check out Mometrix's Life & Health Study Guide, Get practice questions, video tutorials, and detailed study lessons, { Our practice exam covers life and health insurance exam subject areas that are common across the country and is not specific to any one state but rather applicable to all states. The new machine has a purchase price of$1,175,000, an estimated useful life and MACRS class life of 5 years, and an estimated salvage value of $145,000. Great tool to study for the exam.
When can a representation be altered or withdrawn? Claims-made general liability coverage does not Therefore, Social Security disability benefits should only be used to supplement an individual disability income policy. The practice exam is written by Susan Wright, MBA, CLU, RHU, REBC, who has over 20 years of experience in the insurance industry and Noah Sobin, an life insuance underwriting expert. DIC supplements other coverages and fills insurance gaps. A living benefit on a life insurance policy is typically a policy rider that allows an insured who has a qualifying terminal illness to access some or all of the death benefit proceeds in order to pay medical bills or other financial obligations. ,JfA3XF. Incorrect answer. insurer markets the policies from the home office. Not only that, the cards make it easy for a friend or relative to help quiz you on the questions youll need to know to pass the Life & Health Exam."
a. 146 0 obj <>/Filter/FlateDecode/ID[<4D470C6F3022E39AA7C100BA34205CBD><87E7588D02533644A891B68326476D67>]/Index[136 23]/Info 135 0 R/Length 70/Prev 160233/Root 137 0 R/Size 159/Type/XRef/W[1 3 1]>>stream I can tell this book is very useful, understandable. {
At the time, the prime rate of interest was 21%, a record high. period for reporting claims under the policy will be extended for how long? Please check in your area." "@type": "Answer", Those who pass have a solid job outlook, according to the Bureau of Labor statistics. Some states have other requirements, such as requiring a background and fingerprint check. Some property insurance policies provide for payment of the full policy limit in the event of a total loss by a covered peril, regardless of the actual value of the property. Quality starts with who wrote the material. As well preparation for my license. While there are many different options and riders on life insurance, all policies possess a death benefit.
Important Disclaimer: FINRA does not approve or endorse any professional credential or designation. Reimbursement, Disability and Related Insurance and Seniors and Special Needs Individuals, Life insurance policy provisions, options, and riders, Federal tax considerations for life insurance and annuities, Individual health insurance policy general provisions, Insurance for special needs individuals and senior citizens, Federal tax considerations for health insurance, Life & Health Insurance Agent Practice Exam, Life & Health Insurance Agent Flash Cards. "text": "In general, no electronics - – cell phones, tablets, watches, and the like - – are prohibited and will have to be locked in a secure area outside the test room. It is the single largest limit that applies when a loss is covered by two or more policies issued by the same insurer.
This product also assists with bench-marking. }.
Our large, easy-to-read flashcards help you learn through repetition, and the questions cover every content area of the exam. The applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. No. Choose
{ 0
It tells me what I need to know on the test. "@type": "Answer", "text": "Since insurance agents determine the needs of their clients, excellent analytical skills are a big plus. } Depending on the state, you could know as soon as the test is over. "name": "What does the application process for the test entail? Our comprehensive study guide has been researched by a team of professionals with years of experience helping educators prepare for exams just like this one. all that apply. "text": "While the day of the test will vary by state, there are some similarities.
", If there were pre-test requirements, you may be asked to provide proof that you successfully completed them." Under a personal auto policy, if an insured already has physical damage coverage "@type": "Question", and the insured purchases a supplemental extended reporting period (ERP), the And, if youre worried at all about buying the guide, dont worry. } Is the 90-day forward rate trading at a premium or a discount relative to the spot rate? Before the effective date, if there is no retroactive date. These criteria can include hobbies, occupation, lifestyle, gender, age, income, and many more. "@type": "Question", You should get a high-quality, professional study guide, like the one here.
"@type": "Question", "Hired autos" include autos the insured leases, hires, rents, or borrows. } 136 0 obj <> endobj independent businesses but agree to represent only one insurance company? the following? California Life And Health Insurance Exam Questions Quiz, common homeowners insurance questions and answers, general insurance agent practice questions with answers, Know Everything About Insurance Policies - Insurance Quiz, homeowners insurance quiz questions and answers, Chapter 4: Life insurance Policies, Options and Riders, Nature Of Insurance Quiz Questions And Answers. This book is very informative. If general liability "claims-made" coverage is renewed by "occurrence" coverage Firm compliance professionals can access filings and requests, run reports and submit support tickets. Although Social Security may provide disability benefits, in the majority of cases, these benefits are inadequate. { "Any auto" is the broadest coverage classification. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients. "@type": "Question", Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. Our large, easy-to-read flashcards help you learn through repetition, and the questions cover every content area of the exam. With the installment method, the insured may wish to use these funds to pay his or her ongoing monthly bills. The guide provides specifics on how to tackle the questions youll be asked. The United States, its territories and possessions, and Canada. For example, 99214 may be used for a physical and 90658 indicates a flu shot. What is the 90-day forward rate? Which type of insurance professional does not actually sell insurance coverages but sells advice about insurance coverages? As these investments move up and down with the movements of the equities market, variable life insurance is considered to be more risky than other types of policies as there is the probability that the value of the policy's investment component could decrease. "name": "What type of preparation is required to take the Life and Health Insurance Exam? transportation expenses at the rate of $20 per day up to how much? Every licensee shall file with the Commissioner his or her truename and also all fictitious names under which he or she conducts business. dwelling policy, what basic limit of coverage applies to medical payments unless This is a very very helpful book. The old machine is being depreciated by $120,000 per year, using the straight-line method. Furthermore, I learn from trial and error so when I took the practice test I was able to go back and relearn a certain topic if I didnt retain it well. The death benefit is the amount that is paid to the policy beneficiary upon the death of the insured.
First City Bank that, along with her $25,000 down payment, equals the $100,000 e. If investors in early 1981 expected the inflation rate for every future year to be 10% (i.e., $\mathrm{I}_{\mathrm{t}}=\mathrm{I}_{\mathrm{t}+1}=10 \%$ for t=1 to $\infty)$, what would the yield curve have looked like? "@type": "Answer", Where can I find a best-in-class study guide? } Currently offered and recognized by the issuing organization. ", Please check in your area. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients." d. Should the firm purchase the new machine?
}, "@context": "https://schema.org", }
LaTonya purchases a house from John.
Injury for such things as libel, slander, false arrest, or invasion of privacy. Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal. The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. { "@type": "Question", for at least one vehicle, a new vehicle will be automatically covered from the Every person has an insurable interest in the life or health of all of the following persons EXCEPT: An insurer organized under the laws of another state who is legally transacting insurance in this state is known as: Making an insured whole again after a loss is known as: An individual who assists consumers with enrollment into the programs administered by the California Health Benefit Exchange is known as a(n)? 2. "@type": "Question", It is the maximum limit for each claim when multiple claimants are arising out of the same occurrence. mean? When the special causes of loss form are attached to a commercial property coverage part, coverage for theft of furs and fur garments is limited to how much? If a contract contains unclear wording, then a court will interpret the language used against the writer of the contract - unless the wording that is used is required by law to be stated in a specific way. A long-term care insurance policy's elimination period is the number of days that the insured must pay for services out-of-pocket until the insurance coverage begins to pay. The amount an individual chooses to pay, out-of-pocket, after the funds in the pretax account have been exhausted and before the health insurance plan's deductible is met. A person who is on the insured location without permission, Any regular resident of the insured's household who pays rent. Concealment entitles the injured party to rescind the insurance if it is: The uncertainty about loss that exists whenever more than one outcome is possible is called: When an insurer voids an insurance contract due to an intentionally fraudulent omission by the insured of a material fact, it is known as: Acting as an agent for a nonadmitted insurer in the transaction of insurance in this state is considered to be a misdemeanor unless acting as a: Transacting insurance includes all of the following activities EXCEPT: It shall be the obligation of each agent to preserve and maintain all applicable records in their possession, in addition to those records transmitted to the insurer, at their principal place of business for a minimum of ____ years: When must a licensee notify the Insurance Commissioner of a change of address?
However, the Bureau of Labor Statistics says about one-third of all agents have college degrees. In total, an annual savings of$255,000 will be realized if the new machine is installed.
Own occupation offers the most liberal definition of disability as the insured is considered to be totally disabled if he or she is unable to engage in the principal duties of his or her own occupation.
This book is the best way to study . All of the following definitions are correct EXCEPT: The chance of loss without any possibility for gain is known as: The Insurance Commissioner may deny an insurance license application without a hearing: If the applicant has a final conviction of a felony. If there is doubt about a patient's insurance eligibility, who should the assistant contact. insurance? All of the following are true regarding warranties in an insurance contract EXCEPT: A particular form of words is necessary to create a warranty. A study guide like the one we provide is a key to success." { Only bodily injuries that are suffered by individuals. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. A copayment is the amount or portion of the total cost that is the patient's responsibility upon receiving a medical service such as an annual check-up. "text": "Again, that varies by state. ", { It is prohibited as an unfair trade practice. "@type": "Answer", { However, the Bureau of Labor Statistics says about one-third of all agents have college degrees." Learn More >>, Formerly known as: INS - Program in General Insurance. Own occupation is a type of benefit trigger that is found in a disability insurance policy, not in long-term care insurance policies. Support your answer. } The living benefits that are accessed from a life insurance policy can typically be taken out either in one lump sum amount or they could be received via regular installments.
hb```f``J? I am now studying from the guide alone and I am so sure I will pass this time. It is the most the insurer will pay for all losses during any one policy period.
},
This is helping me understand and preparing me for new product analyst position in our health plan! that conventional 500 page book will drive you crazy. DIC policies provide property and liability coverages. If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long? Any person who transacts insurance without a valid license to do so is guilty of a misdemeanor punishable by: Both a fine not exceeding $50,000 and up to 1 year in a county jail. hYRRj.P[kH@plhcd';`F|}b?J>O~y{Mm3Q4DD*%u>8-e6f'It qsSMbr } b. It covers all of the following areas which are typically covered in your actual state Life & Health Insurance examination: Copyright 2009-2022 Tests.com LLC - All Rights Reserved, General Life Insurance Basics, Insurable Interest, Parties and Regulations, Types of Life Insurance Policies and Individual versus Group Life Insurance, Life Insurance Application and Underwriting, Selling Life Insurance, Determining Coverage Needs and Issuance and Delivery, Life Insurance for Business Owners and in Estate Planning, Policy Components, Riders and Non-forfeiture Options, Claims, Settlement Options and Tax Concepts, Living Benefits and Viatical and Life Settlements, General Health Insurance Basics, Regulation and Social Health Insurance, Types of Health Insurance Policies and HMO and PPO, Health Insurance Policy Components and Exclusions, Selling Health Insurance, Issuance and Delivery and Tax Considerations, Health Insurance Claims and Indemnity vs. Because the underlying investments are equities such as mutual funds, variable life insurance policies are considered to be securities. Mometrix has a number of tools that can help you study for the Life & Health Exam. "acceptedAnswer": { Those who wish to sell life and health insurance are required to possess the proper licensing for each state in which they conduct business. A wife (owner) can take a policy out on her husband (insured), yet the husband is not a party to the insurance contract. A device that is used to minimize small nuisance claims and that helps to keep insurance premiums down is called what? "@type": "Answer", When an uninterrupted chain of events resulting from a negligent act causes a loss, that act is considered to be which of the following?
", ", I am renewing my license and there are great practice exams. apply to bodily injury or property damage that occurs when? "name": "What types of questions can I expect with taking the Life and Health Insurance Exam? shown in the declarations, except for which of "@type": "Question",
"text": "In general, youll have to provide background information, like employment history, and personal information, such as a picture ID. An appointment as an agent of an insurer becomes effective on the date it is: All of the following are ways to reduce risk EXCEPT. The firm does not expect to realize any return from scrapping the old machine in 5 years, but it can sell it now to another firm in the industry for$265,000. "name": "What type of education do I need? Consider all the factors that are likely to affect the curve. "mainEntity": [ Tom Baxter has an automobile insured by a personal auto policy. The death benefit proceeds on the policy will be reduced by the amount that is accessed by the insured.
{ Learn More All content on this website is Copyright 2022. You can easily learn topics go to a certain category that you need to be more familiar with and study it. }, "@type": "Question", A commercial property coverage part with the basic causes of loss form attached "text": "You should get a high-quality, professional study guide, like the one here. Moreover, many observers believed that the extremely high interest rates and generally tight credit, which resulted from the Federal Reserve Systems attempts to curb the inflation rate, would lead to a recession, which, in turn, would lead to a decline in inflation and interest rates. I like the fact that it is also focuses on test anxiety. for the insurance industry. She borrows $75,000 from I have learned so much from this study guide. I love this because it excludes all the fluff. "text": "Depending on the state, you could know as soon as the test is over. c. What are the incremental cash flows in Years 1 through 5? When this occurs, the party has created which of the following? Under the business auto coverage part, each of the following is true about the "name": "What does it cost to take the test? I like the fact gives scenario questions for test and reason why once answer is right over the wrong ones. Some states have other requirements, such as requiring a background and fingerprint check." Where can I find a best-in-class study guide? While a new job with a drastic change in income and / or hazardous duties could result in a change of life insurance coverage needs, simply changing job titles will not. purchaser is now responsible for payments.
You can get that license by taking the Life and Health Insurance exam in your state. All of the following are true regarding representations EXCEPT: The Department within an insurer that is responsible for the evaluation, selection and classification of insurable risks in a manner that is equitable for insureds and profitable for the insurer is known as the ________ Department: Which of the following must be printed on every licensee's business cards, written price quotations and printed advertisements: All of the following must be specified in an insurance policy EXCEPT: Any licensee who diverts fiduciary funds to his or her own use is guilty of: The California Life and Health Insurance Guarantee Association will provide coverage for which of the following types of insurance?
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