California Life Accident And Health Exam 2024.

California Life Accident And Health Exam 2024. A ABC INSURANCE - Correct Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED - Correct Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED - Correct Answer-WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROKER? A A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED C A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE OFFICE D California Life Accident And Health Exam 2024. AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER EMPLOYER C EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST - Correct AnswerTHE INSURANCE CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH, BECAUSE: A CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID THE CONTRACT B THE INSURER HAS DRAWN UP THE CONTRACT AND, THEREFORE, THERE IS NO INTENT TO DECEIVE C EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST D THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE A THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE LOSS, WITH NO INTENT OF LOSS OR GAIN - Correct Answer-WHICH OF THE FOLLOWING BEST DESCRIBES A CONTRACT OF INDEMNITY UNDER INSURANCE? A THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE LOSS, WITH NO INTENT OF LOSS OR GAIN B THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUSTING THE LOSS C THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS D SURPLUS - Correct Answer-THE INSURED IS RESTORED TO A FINANCIAL CONDITION AS GOOD AS, OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS ___________ INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSURANCE IS NOT AVAILABLE FROM AN ADMITTED CARRIER. A FACULTATIVE B DOMESTIC C ALIEN D SURPLUS C PURE RISK - Correct Answer-WHICH OF THE FOLLOWING RISKS IS PROTECTED BY INSURANCE? A CERTAIN RISK B SPECULATIVE RISK C PURE RISK D INVOLUNTARY RISK A WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS - Correct Answer-A GOOD EXAMPLE OF RISK REDUCTION MIGHT BE: A WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS B THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK C THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY D INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF THE INSURED B ADMITTED - Correct Answer-AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A PARTICULAR STATE IS SAID TO BE: A NON-ADMITTED B ADMITTED C DOMESTIC D FOREIGN C STOCK - Correct Answer-WHICH INSURER'S OWNER RECEIVES TAXABLE CORPORATE DIVIDENDS AS A RETURN OF PROFIT? A MUTUAL B RECIPROCAL C STOCK D FRATERNAL B ACCORDING TO THE LAW OF LARGE NUMBERS - Correct Answer-IN INSURANCE, WHEN THE NUMBER OF SIMILAR UNITS INCREASE, THE PREDICTABILITY OF THE LOSS IMPROVES: A BECAUSE OF THE SIMILARITY OF UNITS IN LARGE QUANTITIES B ACCORDING TO THE LAW OF LARGE NUMBERS C BECAUSE OF ACCUMULATED EXPERIENCE D ACCORDING TO THE LAW OF AVERAGES A A UNILATERAL CONTRACT - Correct Answer-A CONTRACT WHEREBY ONLY ONE PARTY IS BOUND TO FUTURE PERFORMANCE, IS SAID TO BE: A A UNILATERAL CONTRACT B A BILATERAL CONTRACT C A CONDITIONAL CONTRACT D AN ALEATORY CONTRACT A .