UCANPASS PRACTICE TEST 2026 SOLVED QUESTIONS WITH CORRECT ANSWERS GRADED A+

UCANPASS PRACTICE TEST 2026 SOLVED
QUESTIONS WITH CORRECT ANSWERS
GRADED A+

●● Applicant or purposed insured.
Answer: A person applying for insurance


●● Broker.
Answer: An insurance producer not appointed by and insurer and is
deemed to represent a client


●● Insurance policy.
Answer: A contract between a policyowner (and/or insured) and
insurance company which agrees to pay e insured or the beneficiary for
loss caused by specific events


●● Insured.
Answer: The person covered by the insurance policy. This person may or
may not be the policyowner


●● Insurer(principal).
Answer: The company who issues an insurance policy

, ●● Policyowner.
Answer: The person entitled to exercise the rights and privileges in the
policy


●● Premium.
Answer: The money paid to the insurance company for the insurance
policy


●● Reciprocity/Reciprocal.
Answer: A mutual interchange of right and privileges


●● Insurance is the _______ of risk. Insureds' losses are transferred over
to the insurer.
Answer: Transfer


●● Risk.
Answer: Uncertainty or or chance of a loss occurring


●● Pure risk.
Answer: Refers to situations that can only result in loss or no change


●● Speculative risk.
Answer: Involves the opportunity for either loss or gain