Ch.1 Exam Questions (Life/Health) - Basic Principles of Life and Health Insurance and Annuities

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What is the accounting measurement of an insurance company's future obligations to its policyowners?

Reserves

A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a

Risk Retention Group

Insurance is NOT characterized as which of the following?

As the number of insureds increase the number of losses decrease

A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n)

Attorney-In-Fact

Which of the following types of insurers limits the exposures it writes to those of it owners?

Captive insurer

When a ceding insurer transfers a portion of its risk to an assuming insurer on a case by case basis, this process is referred to as

Facultative reinsurance

Which of the following financial products creates an instant estate, no matter when the date of death?

Life insurance

Which of the following is a syndicate established by a group of insurers to share underwriting duties?

Lloyd's Organization

Dividends from a mutual insurance company are paid to whom?

Policyholders

Which of the following accurately describes a participating insurance policy?

Policyowners may be entitled to receive dividends

Which of the following outlines the authority given to the producer on behalf of the insurer?

Producer Contract

A stock insurance company is owned by its

Shareholders

Dividends from a stock insurance company are normally sent to

Shareholders

Who regulates an insurer's claim settlement practices?

State insurance departments

Which group is the Do Not Call Registry designed to protect against?

Telemarketers

Which reinsurance contract between two insurers involves an automatic sharing of the risks assumed?

Treaty Insurance

An agent's authority to bind an insurer to an insurance contract may be granted in the

agent's contract and the insurance company's appointment


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