General Insurance- NY P & C

An agent accepts the premium payment days after it is due, telling the insured there won't be any problem keeping the policy in force. This is an example of what type of authority?

Apparent-

A tornado that destroys property would be an example of ?

Peril- is a cause of loss insured against in an insurance policy.

What is reinsurance

An agreement between a ceding insurance and an assuming insurer.

Which statement regarding insurable risk is not correct?

Insurance CANNOT be randomly selected.

All of the following are examples of risk retention except ?

Premiums- Retention is a planned assumption of risk or acceptance of responsibility for the loss by the insured through the use of deductibles, co-payments, or self insurance.

Which of the following statements that is guaranteed to be true, and if untrue, may breach a contract?

Warranty- in insurance is a statement guaranteed to be true.