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Life, Accident, and Health Insurance Practice Exam
Life, Accident, and Health Insurance Practice Exam 1. Which is the proper term for a company 5. The money paid by the insured to the insurance owned by its policyowners? company for insurance protection is called the A. A stock insurance company A. consideration B. A mutual insurance company B. dividend C. A legal insurance company C. benefit D. A fraternal insurance company D. assignment 2. A certificate of insurance 6. The difference between a customer and a A. is issued to the employer to list which consumer under the Gramm-Leach-Bliley Act employees are covered by the group plan is that B. is issued to each individual covered by A. a customer is a policyholder, whereas the group life insurance a consumer is an applicant C. contains all policy information except the B. a consumer is a policyholder, whereas amount of protection and the beneficiary a customer is an applicant D. is not considered valid proof of coverage C. a customer has an ongoing relationship with the insurer, whereas a consumer does not 3. Al purchases an estate builder (jumping D. a consumer has an ongoing relationship juvenile) policy for his 5-year-old son, Donald. with the insurer, whereas a customer When Donald reaches age 21, his father does not presents him with the policy as a gift. Which of the following statements is NOT correct? 7. An insured allows a permanent policy to A. Donald does not have to continue to make lapse. Unless otherwise instructed, the the premium payments to keep the policy in insurance company force. A. is entitled to keep any accumulated B. The premium will continue to be based on cash values Donald’s original age of 5. B. may use the cash value to purchase a C. Donald has enjoyed protection against the reduced amount of permanent insurance problems of premature death. C. will automatically send the cash values D. The face value of Donald’s policy of the policy to the policyowner has increased by 5 times. D. will automatically institute the extended term option 4. Mortality figures are normally developed by studying and interpreting statistics 8. Which of the following statements about the A. from small groups of people over 10- average number of people who die each year year periods is TRUE? B. developed from the deaths of millions A. It is called the mortality rate. of persons over long periods B. It cannot be predicted with any accuracy. C. gathered by interviewing many persons C. It cannot be used to determine insurance in selected cities across the nation rates. D. obtained by surveys of insured persons D. It is the principal factor in risk selection.
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