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General Insurance

QuestionAnswer
Risk in insurance terminology refers to_______ The certainty of financial loss
Conditions that increase the chances of an insured loss occurring are referred to as_____ Hazards
Mutual companies are owned by____ Policy holders
The insurer must be able to rely on the statements in the application, and the insured must be able to rely on the insurer to pay valid claims. In the forming of an insurance contract, this is referred to as_____ A warranty
In an insurance contract, consideration refers to_____ Exchange of something of value by both parties.
Which of the following characteristics of a contract means the insured pays a small amount of the premium for a large amount of risk on the part of the insurance company___ Aleatory
An agent's actions show what kind of authority? Implied
Give an example of an agent fiduciary responsibilities Promptly fording premiums to the insurer.
In insurance contracts, a warranty is___ Statement that must be true.
All of the following are examples of risk retention except. A. Self insurance B. Premiums ***** C. Deductibles. D.Co payments.
Which method of dealing with risk is applied when a person purchases insurance. A. Avoidance. B. Reduction. C. Sharing. D. Transfer****
An insurance contract must contain all of the following elements to be considered legally binding except. A. Offer and acceptance B. Competent parties C. Beneficiaries consent**** d. Consideration.
When would a misrepresentation on the insert, insurance application be considered fraud? If it is intentional and material.
Who acts on behalf of the principal? Agent
Which provision states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost? Limited benefit provision
Created by: Jodistillin
 

 



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