Chapter 1: General California Life Insurance Law
An agent has how many days in which to receive an appointment after the issuance of an insurance contract?
14 Days
What is considered uninsurable?
An insured loses a large sum in a poker game. Speculative losses are uninsurable.
How often must every insurer doing business in California reports its financial condition to the Commissioner?
Each year, on or before March 1st
The key factor of representation that allows the injured party to rescind the contract is
If the representation is false in a material point
In determining how material a piece of information is to each party of a contract , the value is not determined by the event itself, but solely by which of the following?
Influence this information would have in forming an estimate of advantages or the disadvantages of the contract
What do individuals use to transfer their risk of loss to a larger group?
Insurance
Insurance is a contract that protects the insured from what?
Loss
What method do insurers use to protect themselves against catastrophic losses?
Reinsurance