Free Life Accident and Health Insurance Basics Practice Questions
Oregon Life, Accident & Health exam (series 12-03) — 130 practice questions.
Subtopics: Irrevocable beneficiary, Insurable interest, Agent versus broker, Field underwriting, Warranty, Concealment, Per stirpes, Underwriting sources, Risk classification, Sexual orientation, HIV testing, Medical questions, HIV questions, Consent of insured, Charitable beneficiary, Application alteration, Business uses, Buyer disclosure, Sales presentation, Policy summary, Illustrations, Suitability, Life settlements, Guaranty association, Health insurance defined, Blanket health, Short-term health, Personal uses, Determining amount, 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, Conditional receipt, 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, Application signatures, Third-party consent, Application changes, Incomplete application, Premium receipt, Substandard rating, 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. An irrevocable beneficiary designation generally means the policyowner:
Needs the beneficiary's consent
An irrevocable beneficiary's consent is required before the owner can change the designation or exercise certain rights.
2. Which situation most clearly demonstrates the insurable interest needed to buy life insurance on another person?
A key business partner
Insurable interest exists where the applicant would suffer a genuine loss from the insured's death, as with a key business partner.
3. The principal difference often drawn between an insurance agent and a broker is that an agent generally:
Represents the insurer; a broker, the buyer
An agent generally represents the insurer, whereas a broker is generally regarded as representing the insurance buyer.
4. When a producer completes the application and gathers information about an applicant, the producer is performing:
Field underwriting
Gathering applicant information and completing the application accurately is the producer's role of field underwriting.
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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.
