Exam Queen Study

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People who are risker than the average person

Adverse selection

people who are more prone to losses than the average person

Adverse selection

How does reinsurance benefit the insurer

It helps protects the insurer against catastrophic losses

talking badly about the financial condition of another company

Defamation

*Due to chance *Definite and measurable *Statistically Predictable *Not catastrophic *Randomly selected/ large loss exposure

Elements of Insurable Risk

The right to enforce that right in the future is no longer available

Estoppel

The written authority of an insurance producer that is in the agency contract

Express

sharing, transfer, avoidance, reduction, and retention

Methods for handling risks

The main purpose of the fair credit reporting act is?

Protect against circulation of inaccurate obsolete information

Insurance that is a result of a agreements of indemnity between subscribers is known as

Reciprocal

What does Cease and Desist mean?

Stop immediately

Government insurance programs ae funded by

Taxes

According to the general rules of agency, an agent represents

The Insurer

selling more to family than the public

controlled business

which of the following is a competent party?

a lawyer on daily medication for blood sugar levels

Insurers submit financial statements

annually

Assumed or perceived by the customer

apparent

you cannot act as an agent for a company until you have an

appointment

which is not one of the available methods for dealing with exposure to risk?

ascertain the risk

a customer provides premium and application, this is known as

consideration

when both parties bring something of vale to the table

consideration

authority given in the contract w/ the insurer

express

the authority which is given by the insurer that is not specified is

implied

who pays for an examination done by the commissioner?

insurer

if you commit an unfair trade practice you are guilty of a

misdemeanor

when can a commissioner take away your license?

only after a hearing

the cause of a loss is

peril

the purpose of the commissioner closing examinations

protect the public

offering cash to get a client to buy a policy

rebating

insurance is regulation by

state government

charging people in the same class different premiums

unfair discrimination

a contract that is one sided

unilateral

To voluntarily give up a known right

waiver

when are you share commisson?

when both agents are duly licensed


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