General Insurance

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A particpating insurance policies may do which of the following

Pay dividends to the policyowner

The risk of lost may be classified as

Pure risk and speculation risk

which of the following insurance options would be considered a risk sharing arrangement

Reciprocal

what do individuals use to transfer their risk of loss to a large group

insurance

In forming an insurance contract, when does accept acceptance usually occur

when an insurer underwriter approves coverage

a producer who fails to segregate premium monies from his own personal funds is guilty of

Commingling

what term best describes the act of withholding material information that would be crucial to an underwriting decision

Concealment

when an insurer makes truthful statement on the application for insurance and pays the required premium, it's known as which of the following

Consideration

Which of the following best describes the aleatory nature of an insurance contract

Exchange of unequal values

The authority granted to an agent through the agent contact is referred to as

Express authority

The requirement that agents not commingle insurance monies with their own funds is known as

Fiduciary responsibility

an insurance company is domiciled in Montana transacts insurance in Wyoming. which term best describes the insurers

Foreign

Which of the following insurance providers must be noprofit and sell insurance only to it's members

Fraternal

which authority is NOT stated in an agent but is required for the agent to conduct business

Implied

All of the following are marketing arrangements used by insurers EXCEPT

Reinsurance System

Adverse selection is a concept best described as

Risk with higher probability of loss seeking insurance more often than other risks

Events in which a person has both the chance of winning or losing are classified as

Speculation Risk

which of the following is an example of apparent authority of an agent appointed by an insurer

The agent accepts a premium payment after the end of the grace period

which of the following is a characteristics of a Reciprocal Insurance Exchange

The chief administrator of the insurer is called an "attorney-in-fact

if only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it

Unilateral

The risk management technique that used to prevent a specific loss by not exposing oneself to that activity is called

Avoidance

what documentation grants express authority to an agent

idk yet

who might receive dividends from a mutual insurer

policiesholders

In insurance, an offer is usually made when

The completed application is submitted.

All of the following actions by a person could be describes as risk avoidance EXCEPT

investing in the stock market


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