General Insurance
A particpating insurance policies may do which of the following
Pay dividends to the policyowner
The risk of lost may be classified as
Pure risk and speculation risk
which of the following insurance options would be considered a risk sharing arrangement
Reciprocal
what do individuals use to transfer their risk of loss to a large group
insurance
In forming an insurance contract, when does accept acceptance usually occur
when an insurer underwriter approves coverage
a producer who fails to segregate premium monies from his own personal funds is guilty of
Commingling
what term best describes the act of withholding material information that would be crucial to an underwriting decision
Concealment
when an insurer makes truthful statement on the application for insurance and pays the required premium, it's known as which of the following
Consideration
Which of the following best describes the aleatory nature of an insurance contract
Exchange of unequal values
The authority granted to an agent through the agent contact is referred to as
Express authority
The requirement that agents not commingle insurance monies with their own funds is known as
Fiduciary responsibility
an insurance company is domiciled in Montana transacts insurance in Wyoming. which term best describes the insurers
Foreign
Which of the following insurance providers must be noprofit and sell insurance only to it's members
Fraternal
which authority is NOT stated in an agent but is required for the agent to conduct business
Implied
All of the following are marketing arrangements used by insurers EXCEPT
Reinsurance System
Adverse selection is a concept best described as
Risk with higher probability of loss seeking insurance more often than other risks
Events in which a person has both the chance of winning or losing are classified as
Speculation Risk
which of the following is an example of apparent authority of an agent appointed by an insurer
The agent accepts a premium payment after the end of the grace period
which of the following is a characteristics of a Reciprocal Insurance Exchange
The chief administrator of the insurer is called an "attorney-in-fact
if only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it
Unilateral
The risk management technique that used to prevent a specific loss by not exposing oneself to that activity is called
Avoidance
what documentation grants express authority to an agent
idk yet
who might receive dividends from a mutual insurer
policiesholders
In insurance, an offer is usually made when
The completed application is submitted.
All of the following actions by a person could be describes as risk avoidance EXCEPT
investing in the stock market
