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Free Life Accident and Health Insurance Basics Practice Questions

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

Subtopics: Concealment, Conditional receipt, Contract elements, Agent authority, Waiver, Warranties and representations, Insurable interest timing, Adverse selection control, Estoppel, 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, 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, Attending physician statement, 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. Failing to disclose a material fact that one knows should be disclosed on an application is called what?

Concealment

Concealment is the intentional failure to disclose a known material fact, which can give the insurer grounds to void the contract.

2. A conditional receipt given when an application and initial premium are submitted generally provides what?

Coverage effective as of a stated date if the applicant proves insurable

A conditional receipt may provide coverage as of the application or medical exam date, but only if the applicant is found insurable as applied for.

3. Which of the following is a required element of a valid insurance contract?

Legal purpose and competent parties

A valid contract requires agreement (offer and acceptance), consideration, competent parties, and a legal purpose.

4. The authority an insurer explicitly grants a producer in the agency contract is called what?

Express authority

Express authority is the authority specifically granted to a producer in the agency agreement by the insurer.

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Practice: Life Accident and Health Insurance Basics

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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.