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Free Life Accident and Health Insurance Basics Practice Questions

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

Subtopics: Warranty, Apparent authority, Mortality table, Premium components, Consideration, Medical Information Bureau, Conditional receipt, Parties to the contract, 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, 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. A statement guaranteed to be literally true, which can void the contract if untrue, is a:

warranty

A warranty is guaranteed to be true and can void the contract if untrue.

2. Authority the public reasonably believes an agent has based on the insurer's actions is called:

apparent authority

Apparent authority arises from the impression the insurer's actions create in the public's mind.

3. Mortality tables help a life insurer estimate:

the expected death rate among a group of insureds

Mortality tables estimate expected death rates used in pricing life insurance.

4. The two basic components used to calculate a net life insurance premium are mortality and:

interest (investment earnings)

The net premium is based on mortality and assumed interest (investment earnings).

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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 Pennsylvania Insurance Department and the exam administrator before relying on it.