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Health and Life insurance multible choices questions

Health and Life insurance multible choices questions

 

Question 1 (2 points)

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Life insurance companies try to select and classify exposure units carefully for all of the following reasons, EXCEPT:

Question 1 options:

1) To maintain equity among insureds
2) To make insureds contribute to the common fund according to the insureds’ potential claims on the fund
3) To have actual mortality approximate expected mortality
4) To make it possible for all applicants to obtain insurance on the same terms
5) To achieve fair and just treatment for all insureds

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Question 2 (2 points)

 

Which of the following statements concerning the treatment of life insurance applicants is (are) correct?

I. Women are charged lower rates for life insurance but higher rates for annuities than men.

II. The smaller the amount at risk, the more liberal can be the life insurance company’s underwriting standards.

III. Since we all legally have unlimited insurable interest on our own lives, we all are eligible for $1 million policy with a life company of our choice if we can afford to pay the premium.

Question 2 options:

1) I only
2) I and II only
3) II and III only
4) I, II, and III

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Question 3 (2 points)

 

If all persons who walked by a busy street corner in Los Angeles were to purchase a $10,000 ordinary life insurance policy, and each paid the premium established for his or her age group, the life insurance company would accept them all without evidence of insurability. Why would this be so? (It is assumed that the opportunity to purchase the $10,000 policy is not known by the general public.)

Question 3 options:

1) There would be no need to be concerned about adverse selection.
2) Los Angeles is a young city, and there would be a high percentage of young lives.
3) If a person can walk, he or she is usually able to meet insurability requirements.
4) This arrangement would eliminate the catastrophe hazard because of wide dispersion of risk.

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Question 4 (2 points)

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