PA Life, Accident, Health Insurance Exam 200 Questions And Answers
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Terms in this set
200
Misrepresentation of material fact, made knowingly with intent to be deceptive?
Fraud
Insurable Interest must exist when for property/casualty and life insurance?
Property/Casualty: Time of loss or claim occurs
Life Insurance: Only at time of application when policy is purchased
Life Insurance: Only at time of application when policy is purchased
In order for a group to be eligible for group life insurance what must the group not have done?
The group must not have formed for the purpose of purchasing life insurance
How long must one be covered to convert a whole life policy?
5 years
Loss
The reduction in value of an asset which is measured before and after
Domestic
State in which insurer is/was formed and is headquartered
Foreign
Insurer writes business in states other than its home state
Alien
Insurer outside of the United States
Mutual
Insurer whose participation/dividends owned by policyowners
Stock
Insurer who is non-participating and no dividends are owned by stockholders