{"id":"insurance-license-free","timeLimitSec":360,"questions":[{"id":"ilf-001","section":"basics","q":"Which kind of risk can be insured?","options":["Any risk the applicant is willing to pay for","Speculative risk: a chance of gain or loss","Pure risk: only a chance of loss or no loss","Gambling risk with a fixed payout"],"answer":2,"explain":"Insurance covers pure risk, where the only outcomes are loss or no loss. Speculative risk, such as investing, also offers a chance of gain and is not insurable."},{"id":"ilf-002","section":"life","q":"Which type of policy provides protection for a set period and has no cash value?","options":["Universal life insurance","Limited-pay life insurance","Whole life insurance","Term life insurance"],"answer":3,"explain":"Term insurance pays only if death occurs during the term. It builds no cash value, which is why it is the least expensive at first."},{"id":"ilf-003","section":"health","q":"A health plan has a $500 deductible and 80/20 coinsurance. A covered hospital bill is $5,500 and no deductible has been met. How much does the insurer pay?","options":["$4,400","$4,000","$1,500","$5,000"],"answer":1,"explain":"After the $500 deductible, $5,000 remains; the insurer pays 80% of it: $5,000 x 0.80 = $4,000. The insured pays $500 + $1,000 = $1,500."},{"id":"ilf-004","section":"prov","q":"After a life policy has been in force for a set period, usually two years, the insurer can no longer deny a claim because of misstatements in the application. Which provision is this?","options":["Incontestability clause","Reinstatement provision","Free-look provision","Entire contract clause"],"answer":0,"explain":"The incontestability clause bars the insurer from contesting the policy for misstatements after it has been in force for the contestable period, usually two years."},{"id":"ilf-005","section":"senior","q":"Which part of Medicare mainly covers inpatient hospital care?","options":["Part A","Part C","Part B","Part D"],"answer":0,"explain":"Part A is hospital insurance: inpatient hospital stays, skilled nursing facility care after a hospital stay, hospice and some home health care."}]}