New York Life Insurance
136 Questions
| Total Attempts: 168
Life insurance is the provision of cover by an insurance company to compensate you on occurrences of life risks. New York Life Insurance is a lengthy quiz on the subject. All the best as you test and advance your knowledge.
Questions and Answers
- 1.A legal representative of an insurance company
- 2._____________ is the person covered by the insurance company.
- 3.________ is the uncertainty or chance of a loss occurring.
- 4.____________ loss is defined as the reduction, or disappearance of value of the person or property insured in a policy, caused by a named peril.
- 5.Insurance provide a means to transfer loss.
- A.
True
- B.
False
- 6.In life insurance, what protects survivors from losses suffered after an insured's death.
- A.
Peril
- B.
Policy
- C.
Whole Life
- D.
Risk
- 7.Different types of risk.
- A.
Pure
- B.
Speculative
- C.
Moral
- D.
Prune
- 8.Insurance companies are willing to accept _________ risk.
- 9.An example of ______________ risk is gambling.
- 10.___________ are conditions or situations that increase the probability of an insured loss occurring.
- 11.The causes of loss insured against in an insurance company are called perils.
- A.
True
- B.
False
- 12.Life insurance insures against the financial lost caused by the mature death of the insured.
- A.
True
- B.
False
- 13.___________ means eliminating exposure to a loss.
- 14.Law firms practice ____________ because of the expense of malpractice insurance.
- 15.The safest and most common method of transferring risk is to __________ insurance coverage.
- 16.The most effective way to handle risk is to transfer it so that the loss is borne by another insurance company.
- A.
True
- B.
False
- 17.Insurance policies usually include coverage for loss caused by war or nuclear events.
- A.
True
- B.
False
- 18.The _______________ states that the larger the number of people with a similar exposure to loss, the more predictable actual losses will be. This law forms the basis for statistical prediction of loss upon which insurance rates are calculated.
- A.
Law of insurance
- B.
Law of large numbers
- C.
Law of whole life
- D.
Law of pure risk
- 19._________________ companies are own by the policyowners and issue participating policies.
- A.
Marketing
- B.
Life
- C.
Mutual
- D.
Lloyds
- 20.Fraternal association sell only to their members and are considered charitable institutions, they are not subject to all of the regulations that apply to the insurers that offer coverage to the public at large.
- A.
True
- B.
False
- 21._______________ provides support for underwriters or groups of individuals that accept insurance risk. They operate exclusively in the property insurance field.
- A.
Riders
- B.
Lloyds
- C.
Term life
- D.
Brokers
- 22.Before insurers may transact business in a specific state, they must apply for a license or __________________.
- 23.Insurance companies are classified according to the _____________________ (domicile).
- 24.A ______________ insurer is an insurance company that is incorporated in this state.
- A.
Foreign
- B.
Alien
- C.
Domestic
- D.
All above
- 25.A __________________ insurer is an insurance company that is incorporated in another state or territorial possession.
- A.
Foreign
- B.
Alien
- C.
Domestic
- D.
A and B
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