Idaho Property and Casualty Insurance Exam

Idaho Property and Casualty Insurance Exam Questions and Answers Updated Latest (Verified Answers) 1.Net Single Premium ANS Premium that a person must pay in a lump sum to receive all the benefits promised in the policy if no insurer expenses were considered 2.Insurers will also consider which of the following in evaluating risk.ANS Numer- ical rating system to evaluate the risk posed by proposed insureds 3.Key difference between variable life and variable universal life insurance ANS - Variable life insurance require a fixed premium payable for the life of the policy while variable universal life permits premium flexibility.

4.Survivorship life insurance policies ANS Insure more than one person but pay the death benefit only when the second insured dies. Premiums are about the same as for two 1 / 2

comparable single-life policies 5.What are survivorship life insurance policies primarily for ANS pay estate taxes and other settlement costs when the second insured dies.

6.Can an employee convert to an individual policy when the group coverage ends?ANS yes, within 31 days following termination or retirement from the group 7.If a policy was instated ten years ago to the day will the insurance be distributed ANS No, on the day of policy lapse all coverage is terminated.

8.Who funds salary continuation plan ANS The employer funds the benefit. Unlike traditional differed compensation where the employee funds the benefit 9.Why are annuities called the mirror image of life insurance?