Accident And Health Insurance Agent Practice Exam|140 Questions And Answers All Correct

Accident and Health Insurance Agent Practice Exam|140 QUESTIONS AND ANSWERS ALL CORRECTGroup Insurance Correct Answer: - the employer is the owner and receives the master contract- the employees are certificate holders which outlines the details of it- underwriting is much more liberal because its a large group and probably wont have adverse selection- if you want to get in at another time, employee has to show insurabilityWhat do you need to get Social Secutiry Correct Answer: - You have to work for 40 qtrs or 10 yearsInsurance Definition Correct Answer: - Transfer of risk from 1 party to another- To provide funds for medical expenses due to sickness or injury and to cover loss of income during a disabilityIndemnity Correct Answer: - To restore or make whole again- To bring back to the same condition they had prior to lossRisk Correct Answer: - the uncertainty or chance of lossMortality Correct Answer: - The number of deaths - helps determing premiumMorbidity Correct Answer: -The number of disabled due to accident or sicknessPure Risk Correct Answer: - Chance of loss without any chance of gain- only pure risk is insurableSpeculative Risk Correct Answer: - Chance of loss or gainWhat kind of Risks