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![]() The uncertainty or chance of a loss occurring Transferring risk of loss from an individual or business entity to an insurance company When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as. When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. The reduction, decrease, or disappearance of value of the person or property insured in a policy by a peril insured against is known as. This person presents what type of hazard? The agent accepts a premium payment after the end of the grace period.Ī person who does not lock the doors or does not repair leaks shows an indifferent attitude. ![]() What is an example of apparent authority of an agent appointed by an insurer? The requirement that agents not commingle insurance monies with their own funds is known as.Ī statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company What is the basis for a claim against an insurance policy? Putting the client's best interests before their own In what way can an agent demonstrate a high standard of ethics? What is the major difference between a stock company and a mutual company? If an insurance company is domicile in Montana and transacts insurance in Wyoming, which term best describes the insurer's classification in Wyoming? The causes of loss insured against in an insurance policy are known as.Īn insured intentionally did not disclose a material fact on an application or insurance. In the forming of an insurance contract, this is referred to as. 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. Which insurance principles has the insurer violated?Ĭonsideration, which is the binding force in any contract. What is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract?Īn insurer neglects to pay a legitimate claim that is covered under the terms of the policy. In insurance, an offer is usually made when. ![]() Promptly forwarding premiums to the insurance company Pertaining to insurance, what is the definition of a fiduciary responsibility? What is considered to be a morale hazard?Ī situation in which a person can only lose or have no change represents. Something that increases the risk of loss Is not honest about his health on an application for insurance.Īn insurer with a home office in another state The insurer may suspect that a moral hazard exists if the policyholder. Not taxable since the IRS treats them as a return of a portion of the premium paid. On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are. The insurer issued the policy and learns of his history one year later. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. ![]() What is not true regarding insurable risks?Īn individual applies for a life policy. What must an insurer obtain in order to transact insurance within a given state? The loss exposure must be large, the loss must be due to chance, the loss must be measurable.Ī producer who fails to segregate premium monies from his own personal funds is guilty of.Įvents in which a person has both the chance of winning or losing are classified as. What are characteristics of an insurable risk? ![]()
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