Life and Health Insurance Texas License Exam- Graded A+.

The accounting measurement of an insurer's future obligations to its policy holders - Answer- Reserves Who elects the governing body of a mutual insurance company? - Answer- Policyholders A group owned insurance company that is formed to assume and spread liability risks of its members is known as - Answer- Risk Retention Group Which of these describe a participating life insurance policy? - Answer- Policy holders are entitled to receive dividends Which of the following required insurers to disclose when an applicant's consumer or credit history is being investigated: - Answer- 1970 Fair Credit Reporting Act Who makes the legally enforceable promises in a unilateral insurance policy - Answer- Insurance Company Which of these is considered a statement that is assured to be true in every respect? - Answer- Warranty The consideration clause of an insurance contract includes - Answer- The schedule and amount of premium payments A policy of adhesion can only be modified by whom? - Answer- insurance company A contract where one party either accepts or rejects the terms of a contract written by another party is called a contract of - Answer- Adhesion In an insurance contract the insurer is the only party who makes a legally enforceable