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Free Life Accident and Health Insurance Basics Practice Questions

Arkansas Life, Accident & Health exam — 64 practice questions.

Subtopics: Consideration, Offer and acceptance, Competent parties, Legal purpose, Concealment, Material misrepresentation, Waiver, Medical Information Bureau, Attending physician statement, Insurable interest, Personal uses, Determining amount, Business uses, Viatical settlements, Classes of policies, Premium factors, Premium frequency, Producer responsibilities, Policy delivery, Company underwriting, Classification of risks, Legal concepts, Definitions of perils, Types of losses and benefits, Limited health policies, Replacing health insurance, Premium determination, Conditional receipt, Binding receipt, Insuring clause, Consideration clause, Free-look provision, Policy ownership, Third-party ownership, Mortality table, Level premium concept, Net amount at risk, Policy reserves, Living benefits of cash value, Inspection report, Declined risk, Flat extra premium, Replacement, Buyer's Guide, Controlling adverse selection, Premature death, Final expense insurance, Estate liquidity, Charitable uses, Survivorship policy, Juvenile insurance, Life settlement, Creditor insurable interest, Human life value

Read the Life Accident and Health Insurance Basics study guide

Sample questions & answers

1. In an insurance contract, the consideration given by the insured is:

The premium payment and the statements in the application

The insured's consideration is the premium and the statements made in the application.

2. When an applicant submits an application with the initial premium, the applicant is generally making the:

Offer

Submitting an application with the initial premium is generally the applicant's offer to the insurer.

3. For an insurance contract to be valid, the parties must be:

Competent, meaning of legal age and sound mind

Valid contracts require competent parties who are of legal age and sound mind.

4. A valid insurance contract must have a legal purpose, which in life insurance is supported by:

Insurable interest at inception

Insurable interest at the contract's inception supports the legal purpose of a life insurance contract.

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Practice: Life Accident and Health Insurance Basics

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.