Poperty & Casualty

A tornado that destroys property would be an example of which of the following?

A peril

For the purpose of insurance risk is defined as ? the uncertainty or chance of loss.

The uncertainty or chance of loss

What documentation grants express authority to an agent?

Agent's contract with the principal

Because an agent is using stationery with the logo of an insurance company, applicants for insurance assume that the agent is authorized to transact on behalf of that insurer. What type of agent authority does this describe?

Apparent

A producer who fails to segregate premiums monies from his own personal funds is guilty of?

Commingling

Contracts that are binding by one party and submitted to the other party on a take-it -or- leave it basis are classified as ?

Contracts of adhesion

The authority granted to an agent through the agent's contract is referred to as ? express authority

Express authority

Which of the following insurance must be nonprofit and sell insurance only to its members?

Fraternal

All of the following are examples of risk retention except?

Premiums

Which authority is not stated in an agent's contract but is required for the agent to conduct business? Implied

implied

Insurance is transfer of ?

risk