life

what insurance concept is associated with the words Weiss and Fitch

Guides describing company financial integrity

An insurance organization that does not issue insurance policies but provides a meeting place for underwriters to conduct business is known as a

Lloyd's Association

what company produces evaluations of insurer financial status often used by insurance department

am best

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

which of the following types of agent authority is also called perceived authority

apparent

ABC Insurance Company receives an incomplete application and issues. The policy anyways, 6 months later, ABC realizes the missing information. What term is used that prevents ABC from forcing the policy owner to answer further questions.

estoppel

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

hazards

what significance did u.s vs south eastern underwriters have on. the insurance industry

it reversed the decision of Paul v Virginia determine that insurance is interstate commerce and should be regulated federally

For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become

larger

what documentation grants express authority to an agent

Agent's contract with the principal

the risk of loss may be classified as

Pure risk and speculative risk

Which of the following statements is an accurate comparison between private and government insurers

Private insurers may be authorized to transact insurance by state insurance departments.

peril is most easily defined as

The cause of loss insured against

An individual's tendency to be dishonest would be indicative of a

moral hazard

the formation and recommendation of model insurance legislation and regulations designed to bring uniformity from state to state is one of the purposes of

naic

The causes of loss insured against in an Insurance policy are known as.

perils

all of the following are examples of risk retention except

premiums

what type of insurance is based on mutal agreements among subscribers

reciprocal insurance

following a career change, an insured is no longer required to perform many physical activities so he has implemented a diet and Excersice program for himself. which method of dealing with risk does this scenario describe

reduction

An insurance Agents responsibilities include all of the following except.

represent the client

insurance is the transfer of

risk

What is the term which best describes when a person develops a formal program identifying evaluating and funding its losses?

self insuring

Ghari wants to make sure that if he dies before his wife, she will have enough money to live on. His death is considered a risk if he convinces another party to assume this risk, this risk handling method would be called

transfer

who is responsible for equitably evaluating insurable risks and selecting and distributing to the insurer those that are profitable to the insurer

underwriter

which of the following is not a responsibility of an insurance agent

underwriting the contract