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10995463
Chapter 1
Description
Life/Health Insurance Study Quiz on Chapter 1, created by Karen Kadura on 21/10/2017.
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life/health insurance study
Quiz by
Karen Kadura
, updated more than 1 year ago
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Created by
Karen Kadura
almost 7 years ago
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Resource summary
Question 1
Question
A ________ insurance company is owned by its policyholders.
Answer
Stock
Reciprocal
Fraternal Benefits Society
Mutual
Question 2
Question
If an insurance company wants to transfer all or part of the risk it has accepted, it would buy which of the following types of insurance?
Answer
Residual
Reinsurance
Reciprocal
Insurer
Question 3
Question
Which of the following in an insurance company that is organized under the laws of another state within the United States?
Answer
Domestic
Alien
Foreign
Authorized
Question 4
Question
Which insurance company department accepts the insurance risk?
Answer
Executive
Actuarial
Claims
Underwriting
Question 5
Question
Which of the following individuals represents the insurance company when selling an insurance policy?
Answer
Producer
Broker
Adjuster
Insurer
Question 6
Question
Which of the following type of authority does the public assume an agent has when quoting insurance?
Answer
Authorized
Express
Implied
Apparent
Question 7
Question
A producer has each of the following responsibilities to the Insurer, EXCEPT:
Answer
A fiduciary duty
Forwarding premiums to the insurer on a timely basis
Reporting material facts that may affect underwriting
A duty to recommend only high premium policies
Question 8
Question
A federal regulation called the ________________ protects consumer privacy.
Answer
Consolidated Omnibus Budget Reconciliation Act
Fraudulent Insurance Act
Privacy Protection Act
Fair Credit Reporting Act
Question 9
Question
Dishonest tendencies that increase the probability of loss are what types of hazard?
Answer
Physical
Moral
Emotional
Legal
Question 10
Question
Each of the following must be included in an insurable risk, EXCEPT:
Answer
Calculable chance of loss
Excluded catastrophic perils
Large group with dissimilar members
Accidental losses
Question 11
Question
Which principle of insurance restores the insured to the same economic condition that existed before the loss?
Answer
Indemnity
Insurability
Adhesion
Underwriting
Question 12
Question
Each of the following is an element of a legal contract, EXCEPT:
Answer
Consideration
Legal Purpose
Agreement
Indemnity
Question 13
Question
A warranty is defined as which of the following?
Answer
Intentional misrepresentation on the application
Statement in the application that is guaranteed to be true
A false statement in the application
What a reasonable and prudent buyer can expect
Question 14
Question
Each of the following is a factor considered by an underwriter, EXCEPT:
Answer
Age
Marital status
Gender
Hazardous occupation
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