General Insurance

Fraternal

Which insurance provider must be nonprofit and sell insurance only to its members?

Mutual

An insured purchased a policy 5 years ago. Last year, she recieved a dividend check from the insurance company that was not taxable. This year, she didn't receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Unilateral

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

Peril

A tornado that destroys property would be an example of what?

Apparent

An agent accepts the premium 35 days after it is due, telling the insured that there will not be a problem keeping the policy i force. This is an example of what type of agent authority?

Hazards

Events or conditions that increase the chances of an insured loss occurring are referred to as:

Risk

Insurance is the transfer of:

Certificate of Authority

A state-issued document empowering an insurance company to become an admitted insurer is called:

Reciprocal

An unincorporated aggregation of individuals, called subscribers, who exchange insurance risks is a...?

Handling insurer funds in a trust capacity

In insurance transactions, fiduciary responsibility means:

Concealment

When applying for an individual life insurance policy, an applicant states that she went to the doctor for nausea, but fails to mention that she was also having severe chest pains. What is this called?

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

Which of the following is a characteristic of a Reciprocal Insurance Exchange?