Banker: Life & Health - Comprehensive Exam - Questions & Answers (Rated 98%) Best Update 2024

Which Act was implemented in order to protect consumers from questionable Medicare Supplement Policy marketing practices? {Ans: NAIC Model Law}Experience rating utilizes _______ in determining the rate the insurer will charge for group coverage in each year of coverage. {Ans: Actual loss experience of the group}To make insurance more affordable and protect the insurance company from paying out too much in claims, insurers will: {Ans: Reinsure the risk}A policy is issued with a rider. Years later the policy owner would like to drop the rider in order to save some money. Who has the authority to effect that policy change? {Ans: An executive officer of the insurer}Which of the following statements regarding the appointment of the Commissioner of Insurance is correct? {Ans: The Commissioner is appointed by the governor with the advice and consent of the Senate}Which of the following beneficiary designations is a class designation? {Ans: Any children of this marriage}