General Insurance
What age do you have to be to hold insurance in Oregon?
18
Which produces evaluations of insurers financial status often used by state departments of ins
AM Best
All of the following actions by a person could be described as risk avoidance EXCEPT
Investing in the stock market
In group ins, what is the policy called?
Master policy
The cause of loss injured against in an insurance policy are known as
Perils
Which of the following is true regarding a market value adjusted annuity
The owner is guaranteed a fixed interest rate for a specific period of time
A tornado that destroys property would be an example of which of the following?
A peril
Ins policies are not drawn up through negotiations, and an insured has little to say about its provisions. What contract characteristic does this describe?
Adhesion
What documentation grants express authority to an agent?
Agents contract with the principal
An insured pays $100 premium every month for his coverage, yet the insurer promises to pay $10k for a covered loss. Which characteristic of an ins contract does this describe?
Aleatory
When transacting business in this state an insurer formed under the laws of another country is know as a/an
Alien Insurer
To legally transact ins in this state, an insurer must obtain which of the following?
Certificate of Authority
Which is a characteristic of a Reciprocal Insurance Exchange?
Chief admin of the insurer is call an "attorney-in-fact"
When applying for an imdv ins policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was having severe chest pains. This is an ex of?
Concealment
An insurer neglects to pay a legit claim that is covered under the terms of the policy. Which of the following ins principles has the insurer violated.
Consideration
When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following?
Consideration
An ins co sells and ins policy over the phone in response to a TV ad. Which best describes this act?
Direct Response Marketing
Which of the following scenarios will incur a 10% tax penalty on distributions?
Distributions are made on a policy before age 59.5
The authority granted to an agent through the agent's contract is referred to as
Express Authority
What insurance is associated with the names Weiss & Fitch?
Guides describing company financial integrity
Pertaining to insurance, what is the definition of a fiduciary responsibility?
Promptly forwarding premiums to the ins co
A situation in which a person can only lose or have no change represents
Pure Risk
Which type of ins is based on mutual agreements among subscribers?
Recipricol Insurance
Installing deadbolt locks on the doors of a home is an ex of which method of handling risk?
Reduction
A policy owner who is also the insured wants to name her husband as the beneficiary of her life policy. She also wishes to retain all of the rights of ownership. The policy owner should have her husband named as the?
Revocable Beneficiary
An applicant has a history of heart disease in his family, so he would like to buy a health insurance policy that strictly covers heart disease. What type of policy is this?
Specified Coverage
In forming a ins contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
Which of the following types of agent authority is also called "perceived authority"?
Apparent
In Ins transactions, fiduciary responsibility means
Handling insurer funds in a trust capacity
An association could buy group insurance for its members if it meets all of the following requirements EXCEPT
Has at least 50 members
A medical ins plan in which the health care provider is paid a regular fixed amount for providing care to the insured and does not receive additional amounts of compensation dependent upon the procedure performed is called
Pre-Paid Plan
In a group policy, who is issued a certificate of insurance?
The individual insured
An insured wants to transfer his personal ins policy to a friend. Under what conditions would this be possible?
The insured will need a written consent of the insurer
Which of the following is NOT covered by Medicare?
Cosmetic Surgery
Which of the following is the basis for a claim against an ins policy?
Loss
Which of the following is NOT a characteristic of insurable risk?
Loss must be catastrophic
The premium of a survivorship life policy compared with that of a joint life policy would be
Lower
The risk of loss may be classified as
Pure risk and speculative risk
Which services are associated with Standard & Poor's and AM Best
Rating the financial strength of in co's
Events in which a person has both the chance or winning and losing are classified as
Speculative Risk
All of the following coverages are usually included under a dental ins plan EXCEPT
Teeth Whitening
Which would qualify as a competent party in an ins contract?
The applicant has a prior felony
Not all losses are insurable, and there are certain requirements that must be met before a risk is a proper subject for insurance. These requirements include all of the following EXCEPT
The loss may be intentional
Which is NOT a characteristic of insurable risk?
The loss must be catastrophic
Which of the following is NOT a characteristic of an insurable risk?
The loss must be catastrophic
All of the following statements are true regarding installments for a fixed amount EXCEPT
The payments will stop when the annuitant dies
Risk is defined as
The uncertainty or chance of loss
An insurer offers a policy very similar to Medicare. An agent tells an applicant that the policy is Medicare. Which of the following is true?
This practice is illegal
Which of the following products requires a securities license?
Variable Annuity