Chapter 1 Quiz

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Over several years, a policy owner paid $10,000 in premiums for his insurance policy. When he suffered a loss, the insurance company paid out $50,000 in benefits. What characteristic of an insurance contract does this describe?

Aleatory

which of the following includes information regarding a person's credit, character, reputation, and habits

Consumer report

the medical information Bureau is

a source of medical information to alert insures to advise medical history

which of the following is considered a field underwriter?

an agent

which of the following would be the main source of underwriting information used by the company in the risk selection process

application or attending Physician's statement

in an insurance contract, consideration refers to

exchange of something of value by both parties

if the agent feels that there could be misrepresentation on the part of the application for insurance, what must the agent do

inform the insurance company

all the following may have an insurable interest in the insured except

insured's best friend or the spouse

an insured submits the full premium along with a complaint application, and the policy is issued 10 days later. when does the coverage begin

on the date of the application

if an agent fails to obtain an applicant's signature on the insurance application, the agent must

return the application to the applicant for signature

what is the main responsibility of a company's underwriting unit

risk selection and classification

which of the following best describes the purpose of the USA Patriot Act with regards to the insurance industry

to prevent terrorism activities through monitoring of financial transactions

when must insurable interest exist in life insurance

application or issue date

if no receipt is issued at the time of application, a statement or good health is usually required at the time of

policy delivery

representations are statements made by the applicant that are

consider true to the best of the applicant's knowledge


Kaugnay na mga set ng pag-aaral

Ch 10 Middle Childhood: Social and Emotional Development

View Set

Inclusion, Equity, and Diversity

View Set

Real Estate Vocab (need to study)

View Set

Lección 5 - Estructura 5.3 - Reciprocal reflexives - Así fue

View Set

CHEM 122, UNIT 2 - SCALAR/PODER/PRATICE EXAM Questions

View Set

Psych 354 Final Exam (chapters 1-14)

View Set

Exam 3 Chapter 13 Book Questions

View Set

Network+ Objective 5.2 - Network Troubleshooting Tools

View Set