Question 1

What is the term length of a term insurance policy?

Accepted Answer

A specified period of time.

Answer

The insured person's lifetime.

Answer

Until a specific event occurs.

Answer

Until the insured person reaches a certain age.

Question 2

When reviewing sources in insurance, what does the term 'underwriting' refer to?

Accepted Answer

Assessing risk and determining premiums

Answer

Developing insurance policies

Answer

Marketing and advertising strategies

Answer

Handling claims and settlements

Question 3

When evaluating the credibility of a source in insurance, what does 'NAIC' stand for?

Accepted Answer

National Association of Insurance Commissioners

Answer

National Agency for Insurance Claims

Answer

National Association of Insurance Companies

Answer

National Accreditation for Insurance Coverage

Question 4

When reviewing insurance policies, what does 'exclusion' mean?

Accepted Answer

Specific conditions or circumstances that are not covered by the insurance policy

Answer

The maximum limit of coverage for a specific event

Answer

Additional benefits included in the policy

Answer

The total amount of coverage provided by the policy

Question 5

What is an insurance underwriter responsible for?

Accepted Answer

Assessing risk and determining coverage

Answer

Selling insurance policies to customers

Answer

Providing customer service

Answer

Handling claims and settlements