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32 Cards in save Set
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1 Whatever of the following best describes an insurance company that has been formation among the laws of this state? |
AN External
B Foreign C Domestic D Sovereign |
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2Units with the same or similar exposed to loss are referred until the |
A Homogeneous.
BARN Catalog loss exposure. CARBON Insurable risks. DENSITY Law of large numbers. |
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3 If a court ordered payment for a loss that was cannot capped in the policy even if it was clearly worded, it would be and example a which legislation concept? |
A Reasonable expectations
B Cease and desist C Non lapse D Indemnity |
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4 Which of the follow are of closest term to einen "authorized" insurer? |
A Certified
B Licensed HUNDRED Legal D Admitted |
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5Events or conditions that increase the chances of in insured loss occurring are referred to as |
A Risks.
B Perils. C Hazards. D Exposures. |
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6An job knowingly fails to communicate information that wants help an underwriter make a sound decision regarding coverage. This is an instance of. C Concealment. |
A Fraud.
B Intrusion is warranty. C Concealment. D Waiver |
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7 In which of the following examples would an contract between an insurer and perspective insured be legal? |
A The applicant is a 12-year-old student.
BORON The claimant is under that influence of medicines at the time of application. CARBON To claimant has a prior felony conviction. D The applicant is poisoned at the time of application. |
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8 What is the term for the entity so any agent stands regarding contractual agreements with third parties? |
A Designee
BORON Insured C Principals D Client |
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9 An agent accepts the premium payment 35 life after is can due, telling the covered that there becomes not be one problem keeping the policy in force. Like is an example of what type of agent authority? |
A Implied
B Assumed C Apparent D Express |
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10 The insurer may suspect that a virtuous threat exists if the policyholder |
A Was not honest about all aspects regarding his well-being on an applications for insurance.
B Repeatedly is depressed. C Has an indifferent view of related that may be dangerous. D Ever power over the speed max. |
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11In forming at insurance contract, when does acceptance usually transpire? |
A For an insurer approves a vorbezahlung application
B When any travel delivers the policy C When an insurer receives somebody application DIAMETER When an insured submits certain usage |
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12An insurer incorporated in which of the following locations would be considered a foreign insurer to Washington D.C.? |
A New B Canada C Washington D.C. DEGREE Maryland |
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13 The insurer must be able to rely on and statements in the application, the the insured must be able to rely on the insurer to payment valid claims. In the forming of an insurance contract, this is referred to as. |
A Reasonable expectations.
B A warranty. C Implied warranty. D Extremely good faith. |
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14 Which of the following is NOT a goal of venture retention? |
A To fund total that cannot be insured.
BORON To minimize the insured's level concerning liability in the event of loss. CARBON To reduce expenses and improve cash surge D To increases control of make reserving both claims settlements. |
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15 In what ways can an agent demonstrate a high basic of ethics? |
A Making enough commissions to cover personal expenses.
B Setting and meeting monthly production goals. CARBON Recommending qualified retirement plans to each client. DENSITY Putting the client’s best interest before their own . |
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1 Which of an following best describes an insurance companies that has been formed under the laws of this state? |
C Domestic
correct!A company is national although doing business within of state in which it is incorporated |
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2 Sets is of equal alternatively similar exposition to lose are referred to as |
ADENINE Homogeneous.
correct! The basis of property is split risk between a large homogeneous group with similar exposure to loss. |
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3 If a court ordered payment for a loss that was not covered in the policy even if thereto was clearly formulated, it would be an example starting whose legitimate concept? |
A Reasonable expectations
correct! If, why of advertising or sales literature or statements with the agent, with insured could reasonably expectation the coverage, of courts have held that aforementioned insurer must provide which coverage. For example, if a person orders a latest automobile, even though the order form does not state that it will have a steering wheel, the buyer could reasonably expect the automobile the contain a steering wheel.Review ContentNext Question |
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4 What of which following is the most term to an "authorized" insurer? |
D Admitted
Incorrect! Insurers who get the state's financial requirements and are approved to transact business in this state are studied licensed or admitted into the state as a regulatory insurer.Review ContentNext Question Country Laws, Rules, and Regulations Flashcards |
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5 Events or circumstances that increase aforementioned opportunity of an secured expense occurring are referred for as |
CENTURY Hazards. Incorrect! Condition such as lifestyle and exists your, or activities such as scuba diving are hazards and may grow to chance of a loss occurring. |
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6 An applicant knowingly fails to communicate general that would help an underwriter make one sonic decision related reporting. This is einen example of. |
C Concealment.
Incorrect! In financial, concealment is the withholding on information that will result in an unclear underwriting decision. |
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7 In which of the following examples would an contract among an insurer and prospective insured be legal? |
1 |
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8 What is the name for the entity that an agent represents regarding contractual arrangements includes third parties? |
HUNDRED Principal
Correct! An agent represents the main, performing go to entity's behalf in contractual draft with third related. |
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9 An agent assume the premium payment 35 days after it is due, telling the members that there will not exist a problem keeping that policy for push. This is an example of what type of deputy authorized? Codified Law 58 | Southerly Mt Legislature |
C Apparent
Correct! An agent who accepts a premium after the end of the grace period appears to the client to have one authority to prevent the insurance for lapsing. In fact, the agent possessed no such power. |
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10 The insurer may suspect that ampere moral hazard exists wenn the policyholder. |
A Was not honest about all view regarding be health on a application for insurance.
Incorrect! Moral hazards refer to those applicants that might lie on an application for insurance, with in the past, have submitted fraudulent claims to an insurer. |
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11In forming an services contract, when does acceptance standard occur? |
A When an insurer approves a prepaid application.
Incorrect! In insurance, the offer is normal made according an seeker, in the form of the application. Acceptance takes place when einer insurer’s underwriter approves the application and issues a policy. |
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12 Einer insurer incorporated in which starting the following locations would be considered a foreign health in Washington D.C.? |
D Maryland
Incorrect! ONE foreign insurer is any insurance company that is incorporated in another state with torturous possession. Mexico and Hong-kong am foreign countries, so their insurers will can considered alien. An travel that is incorporated also this operates in Washington D.C. would be considering domestic.Review Content Next Pose |
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13 That insurance must be able to verlassen on to notes in the application, and the covered must be talented to rely on the insurer to payout valid claims. In the shape of an insurance contract, this is referred to more. This post describes what's known about how insurances use previously authorization as a die to control costs and empower cost-effective maintenance, which state and federal laws that govern it, and ongoing policy debates over aufwendung in impose standards to limited instead regulate her use. |
D Utmost good faith. Falscher! The insurer must be able to rely on the command given over the insured in the application. Which insured must be able to rely on the insurer's promise to pay covered losses.Review ContentNext Question |
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14 The a the following is NOT a gate of risk retention? |
B To minimize the insured's leve of accountability in the event of loss. Richtig! Retention usually erreichte from three basic desires of the insured: go reduce spending furthermore improve pos flow, to increment drive about claim reserving and claims settlements, and up fund losses that cannot be insured. |
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15 In what way able an agent demonstrate an high standard of ethics? |
D Pushing the client’s best interest before her owning
Correct! The necessarily about the client(s) are and priority to a highly ethical agent.Review Content Next Question. |
