PROPERTY & CASUALTY INSURANCE GA Exam |
Questions with 100% Correct Answers | Verified |
Latest Update 2026
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Practice questions for this set
Learn 1 /7 Study using Learn
Lying on your application
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1 Expressed Authority 2 Misrepresentation
3 Adhesion 4 Essentials of a Contract Law
Don't know?
Terms in this set (109)
Expressed Authority In your contract ( EX: power to collect premiums)
, Implied Authority Contract may not specify but do it to be a GOOD
agent
Apparent Authority Doing what is Not allowed but making client
BELIEVE you have that authority
Commingling Can not place money belonging to the company
an your own personal account
Essentials of a Contract Law -Offer & Acceptance
-Consideration
-Legal Purpose
-Competent Party
Offer & Acceptance Insured applicant makes offer for insurance and
company may accept or reject it
Consideration Exchange of value between the two parties
evolving the contract
Competent Party -Not a minor
-Not mentally insane
-Not intoxicated
-Have to be trustworthy
Misrepresentation Lying on your application
Concealment Withholding information we need to know
Warranties Must be absolutely true (EX: alarm systems)
Representation Best to your knowledge
Questions with 100% Correct Answers | Verified |
Latest Update 2026
Save
Practice questions for this set
Learn 1 /7 Study using Learn
Lying on your application
Choose an answer
1 Expressed Authority 2 Misrepresentation
3 Adhesion 4 Essentials of a Contract Law
Don't know?
Terms in this set (109)
Expressed Authority In your contract ( EX: power to collect premiums)
, Implied Authority Contract may not specify but do it to be a GOOD
agent
Apparent Authority Doing what is Not allowed but making client
BELIEVE you have that authority
Commingling Can not place money belonging to the company
an your own personal account
Essentials of a Contract Law -Offer & Acceptance
-Consideration
-Legal Purpose
-Competent Party
Offer & Acceptance Insured applicant makes offer for insurance and
company may accept or reject it
Consideration Exchange of value between the two parties
evolving the contract
Competent Party -Not a minor
-Not mentally insane
-Not intoxicated
-Have to be trustworthy
Misrepresentation Lying on your application
Concealment Withholding information we need to know
Warranties Must be absolutely true (EX: alarm systems)
Representation Best to your knowledge
