Rhode Island insurance exam
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the role of insurance is to transfer the risk of financial loss from an individual or business to an insurance
company
organized and incorporated under state law owned by stock insurance company
stockholders who get a paid share of the company's
profit through dividends. also referred to as a
nonparticipating or non-par bc policy holder do not
participate in paid dividends
organized and incorporated under state law. but they mutual insurer companies
have no stockholders. instead, the policyholders own the
company. owners get paid a share of the companies
profits through dividends. participating or par companies
bc policy owners do not participate in paid dividends
process of a stock company being converted into a mutualization
mutual company
, process of a mutual company being converted into a demutualization
stock company
an association formed to underwrite and issue insurance Lloyds of London
like coverage on certain items and areas that might
otherwise be uninsurable
are a specialized branch of the insurance industry that reinsurers
insurers other insurance company's risk. *is an
arrangement by which an insurance company transfers
or sells a portion of the risk to a reinsurance
company
the insurance company transferring the risk ceding company
industrial insurance sold by home service or debit home service insurers
insurance companies
when 3rd party ownership is involved, applicants who insurable interest in the proposed insured
also happen to be the stated primary beneficiary are
required to have
which is considered a statement that is assured to be true warranty
in every respect
which best describes a warranty statement guaranteed to be true
which of these is not considered to be an element of an negotiating
insurance contract
a life insurance policy would be considered contract insurable interest
without?
all of the following (bilateral unilateral aleatory adhesion) bilateral
are considered to be typical characteristics describing
the nature of an insurance contract except
in an insurance contract the insurer is the only party unilateral
who makes a legally enforceable promise what kind
of contract is this
Taking receipt of premiums and holding them for the fiduciary responsibility
insurance company is an example of
a policy of adhesion can only be modified by whom the insurance company
In regards to representations or warranties, which of these if material to the risk, false representation will void a policy
statements is TRUE?
Save
the role of insurance is to transfer the risk of financial loss from an individual or business to an insurance
company
organized and incorporated under state law owned by stock insurance company
stockholders who get a paid share of the company's
profit through dividends. also referred to as a
nonparticipating or non-par bc policy holder do not
participate in paid dividends
organized and incorporated under state law. but they mutual insurer companies
have no stockholders. instead, the policyholders own the
company. owners get paid a share of the companies
profits through dividends. participating or par companies
bc policy owners do not participate in paid dividends
process of a stock company being converted into a mutualization
mutual company
, process of a mutual company being converted into a demutualization
stock company
an association formed to underwrite and issue insurance Lloyds of London
like coverage on certain items and areas that might
otherwise be uninsurable
are a specialized branch of the insurance industry that reinsurers
insurers other insurance company's risk. *is an
arrangement by which an insurance company transfers
or sells a portion of the risk to a reinsurance
company
the insurance company transferring the risk ceding company
industrial insurance sold by home service or debit home service insurers
insurance companies
when 3rd party ownership is involved, applicants who insurable interest in the proposed insured
also happen to be the stated primary beneficiary are
required to have
which is considered a statement that is assured to be true warranty
in every respect
which best describes a warranty statement guaranteed to be true
which of these is not considered to be an element of an negotiating
insurance contract
a life insurance policy would be considered contract insurable interest
without?
all of the following (bilateral unilateral aleatory adhesion) bilateral
are considered to be typical characteristics describing
the nature of an insurance contract except
in an insurance contract the insurer is the only party unilateral
who makes a legally enforceable promise what kind
of contract is this
Taking receipt of premiums and holding them for the fiduciary responsibility
insurance company is an example of
a policy of adhesion can only be modified by whom the insurance company
In regards to representations or warranties, which of these if material to the risk, false representation will void a policy
statements is TRUE?
