Massachusetts Insurance Agent License Exam updated 2024 with Solutions
What are the two components of an agreement? - Ans: Offer and acceptance. Elements of a legal contract - Ans: 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose Property and Liability Policy - Ans: Owned by the policy owner. It is a personal contract. Who is not considered to have legal capacity? - Ans: 1. Minors 2. Insane Persons 3. Individuals Under the Influence 4. Person Coerced 5. Enemy Aliens 6. Convict Unilateral - Ans: An act in exchange for a promise or a promise exchanged for an act already performed. Adhesion - Ans: Drafted by insurer, accepted by applicant. Aleatory - Ans: Unequal payment or consideration Fair Credit Reporting Act of 1970 - Ans: Permits insurer to conduct investigative reports and allows the applicant to receive a copy of the information. Act of Terrorism - Ans: 1. Must be a violent act dangerous to human life, property, or infrastructure. 2. Damage within the US. 3. Committed by someone acting on behalf of foreign interest. 4. Produced P&C losses of 100 million or more. Insurance - Ans: Transfer of risk Law of Large Numbers - Ans: Insurers try to spread the risk. Risk - Ans: Uncertainty Pure Risk - Ans: Possibility of a loss. Speculative Risk - Ans: Possibility of a gain or loss (i.e. gambling). Not covered. Risk Management - Ans: Avoided, shared, reduced, retained, or transferred. Peril - Ans: Cause of loss. Commonly Named Perils - Ans: Fire, Lightening, Hail, Aircraft Damage, Riot, Vehicle Damage, Explosions, Smoke, Theft, Vandalism
Geschreven voor
- Instelling
- Massachusetts Insurance agent license
- Vak
- Massachusetts Insurance agent license
Documentinformatie
- Geüpload op
- 24 oktober 2024
- Aantal pagina's
- 5
- Geschreven in
- 2024/2025
- Type
- Tentamen (uitwerkingen)
- Bevat
- Vragen en antwoorden
Onderwerpen
-
massachusetts insurance
-
insurance agent exam
-
massachusetts insurance agent exam
