Question
a.
The risk associated with extreme sports activitiesBy requiring clients to engage in high-risk activities
b.
The chance of a client's behavior changing due to having life insuranceBy providing discounts on premiums
c.
The possibility of accidents caused by external factorsBy looking for factors suggesting increased risk
d.
The likelihood of sudden illness in the insured's familyBy encouraging policyholders to purchase multiple policies
Posted under IC38 Life Insurance Agent Exam
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Q. What is a Moral Hazard in the context of life insurance underwriting?How do life insurance companies address the concern of Moral Hazard when assessing risk?
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Q. What is a Moral Hazard in the context of life insurance underwriting?
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Q. In what situation might a Moral Hazard Report be required by a life insurance company?
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Q. What is the significance of the First Premium Receipt (FPR) in the context of life insurance?
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Q. Which of the following information is typically found on the First Premium Receipt (FPR)?
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Q. What is the purpose of subsequent premium receipts, also known as Renewal Premium Receipts (RPR)?
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Q. What is the significance of the policy document in the context of insurance?
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Q. What responsibility do insurance companies bear in relation to the policy document?
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Q. Which part of the standard policy document is typically found on the face page of the policy and contains important policy details?
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Q. What information is commonly included in the Policy Schedule of a life insurance contract?
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Q. Which part of the policy document forms the core of the insurance contract by specifying the events and amounts promised to be paid by the insurer?
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Q. What is the purpose of the Standard Provisions in the policy document?
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Q. Which part of the policy document contains provisions that are specific to the individual policy contract?
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Q. What are the standard policy provisions primarily concerned with?
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Q. Which type of provision is typically statutorily provided under the policy contract?
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Q. What does a first premium receipt (FPR) signify? Choose the most appropriate option.
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Q. What does the "Grace Period" provision in a life insurance policy allow?
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Q. When does a policy enter a lapse condition?
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Q. What is reinstatement in the context of a life insurance policy?
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Q. Under what conditions can a policy be revived?What is required for a policy revival to take place?
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Q. Under what conditions can a policy be revived?
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