CH 1 VA State Health and Insurance Exam Questions and answers. 100% verified. Graded A

Document Content and Description Below

CH 1 VA State Health and Insurance Exam Questions and answers. 100% verified. Graded A Which of the following is a term for a person who seeks insurance from an insurer? A) Agent B) Insured C)... Beneficiary D) Applicant - ✔✔D) Applicant What do individuals use to transfer their risk of loss to a larger group? A) Exposure B) Indemnity C) Insurance D) Insurable interest - ✔✔C) Insurance Part II of the application provides questions regarding all of the following EXCEPT A) Recent surgeries. B) Other insurance coverages C) Family health history D) Alcohol and tobacco consumption - ✔✔B) Other insurance coverages Part II of the application contains questions regarding the applicants' health history. Part I of the application includes questions regarding current coverage being applied for as well as any other insurance covereage with the same or other insurers. Which of the following is NOT included on Part I of the application for insurance? A) Applicant's medical background B) Applicant's gender C) Applicant's occupation D) Applicant's marital status - ✔✔A) Applicant's medical background Part I of the application includes general questions about the applicant, including name, age, adress, birth date, gender, income, marital status, and occupation. The applicant's medical background is addressed in Part II. All of the following factors, which are indentifies on the application, play a vital role in determining the insured's insurability EXCEPT A) Age B) Gender C) Occupation D) Education - ✔✔D) Education Which of the following terms describe the fee a person pays an insurance company to receive coverage? A) Commission B) Benefit C) Premium D) Installment - ✔✔C) Premium If an agent fails to obtain an applicant's signature on the application, the agent must A) Send the application to the insurer with a note explaining the absence of signature B) Return the application to the applicant for a signature C) Sign the application for the applicant D) Sign the application, statis it was by the agent. - ✔✔B) Return the application to the applicant for a signature Insurance is a contract by which one seeks to protect another from A) Loss B) Exposure C) Uncertainty D) Hazards - ✔✔A) Loss A prospective insured receives a conditional receipt and dies before the policy is issued. The company will A) Not pay the policy proceeds under any circumstances. B) Automatically pay the policy proceeds C) Pay the policy proceeds only if it would have issued the policy D) Pay the policy proceeds up to an establish limit. - ✔✔C) Pay the policy proceeds only if it would have issued the policy When a conditional receipt is give, the applicant and the company form what might be call a conditional contract, contingent upon conditions that exist at the time the application is signed, or when the medical exam is completed, if required. Unless the insurer can show a reason why the policy would not have been issued, or would have been in any way different that applied for, the coverage begins when the application was signed, or the date of the medical exam, whichever is later. What is the special significance of a conditional receipt? A) It guarantees the applicant that a policy will be issued in the amount applied for in the application B) It serves as proof that the agent has determine the applicant to be fully insurable for coverage by the insurance company. C) It is given by the agent only to applicant who fully prepay all scheduled premiums in advance of policy issue. D) It is intended to provide coverage on a date earlier than the date of the issuance of the policy. - [Show More]

Last updated: 2 years ago

Preview 1 out of 5 pages