Free Life Accident and Health Insurance Basics Practice Questions
Illinois Life, Accident & Health exam — 101 practice questions.
Subtopics: Contract elements, Competent parties, Concealment, Waiver, Conditional receipt, Insurable interest in own life, 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, 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, Application signatures, Third-party consent, Application changes, Incomplete application, Premium receipt, Risk classification, Substandard rating, Underwriting sources, Accelerated underwriting, Genetic information, STOLI, Needs analysis, Social Security, A&H types of losses, AD&D, Limited policies, Workers compensation, Subrogation, Health underwriting, Dependent coverage, Newborn coverage
Read the Life Accident and Health Insurance Basics study guide
Sample questions & answers
1. A valid insurance contract requires offer acceptance consideration competent parties and:
A legal purpose
A binding contract requires a legal purpose along with offer acceptance consideration and competent parties.
2. A competent party to an insurance contract is generally one who is:
Of legal age and of sound mind
Competent parties must be of legal age mentally competent and not under undue influence.
3. Deliberately withholding a known material fact when applying for insurance is:
Concealment
Concealment is the intentional failure to disclose a material fact known to the applicant.
4. The voluntary surrender of a known right by an insurer is called:
Waiver
Waiver is the voluntary and intentional giving up of a known right.
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Practice: Life Accident and Health Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
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.
