Massachusetts Insurance Agent License
Exam Questions With Correct Answers
What care cthe ctwo ccomponents cof can cagreement? c- ccorrect canswers✔✔Offer cand
cacceptance.
Elements cof ca clegal ccontract c- ccorrect canswers✔✔1. cAgreement c2. cConsideration
c3. cCompetent cParties c4. cLegal cPurpose
Property cand cLiability cPolicy c- ccorrect canswers✔✔Owned cby cthe cpolicy cowner. cIt cis
ca cpersonal ccontract.
Who cis cnot cconsidered cto chave clegal ccapacity? c- ccorrect canswers✔✔1. cMinors c2.
cInsane cPersons c3. cIndividuals cUnder cthe cInfluence c4. cPerson cCoerced c5. cEnemy
cAliens c6. cConvict
Unilateral c- ccorrect canswers✔✔An cact cin cexchange cfor ca cpromise cor ca cpromise
cexchanged cfor can cact calready cperformed.
Adhesion c- ccorrect canswers✔✔Drafted cby cinsurer, caccepted cby capplicant.
Aleatory c- ccorrect canswers✔✔Unequal cpayment cor cconsideration.
Conditional c- ccorrect canswers✔✔Specific cexpectations cmust cbe cmet cin corder cfor
cthe ccontract cto cbe cexecuted.
Utmost cGood cFaith c- ccorrect canswers✔✔Each cparty cmust ctell cthe ctruth.
Representations c- ccorrect canswers✔✔Statements cmade cby capplicant crecorded con
cthe capplication.
Material cMisrepresentation c- ccorrect canswers✔✔An cuntrue cstatement cthat cwould
ccause crejection.
Warranty c- ccorrect canswers✔✔A cstatement cguaranteed cto cbe cabsolutely ctrue.
Concealment c- ccorrect canswers✔✔Failure cto cdisclose.
Fraud c- ccorrect canswers✔✔Deliberately cdeceiving.
Exam Questions With Correct Answers
What care cthe ctwo ccomponents cof can cagreement? c- ccorrect canswers✔✔Offer cand
cacceptance.
Elements cof ca clegal ccontract c- ccorrect canswers✔✔1. cAgreement c2. cConsideration
c3. cCompetent cParties c4. cLegal cPurpose
Property cand cLiability cPolicy c- ccorrect canswers✔✔Owned cby cthe cpolicy cowner. cIt cis
ca cpersonal ccontract.
Who cis cnot cconsidered cto chave clegal ccapacity? c- ccorrect canswers✔✔1. cMinors c2.
cInsane cPersons c3. cIndividuals cUnder cthe cInfluence c4. cPerson cCoerced c5. cEnemy
cAliens c6. cConvict
Unilateral c- ccorrect canswers✔✔An cact cin cexchange cfor ca cpromise cor ca cpromise
cexchanged cfor can cact calready cperformed.
Adhesion c- ccorrect canswers✔✔Drafted cby cinsurer, caccepted cby capplicant.
Aleatory c- ccorrect canswers✔✔Unequal cpayment cor cconsideration.
Conditional c- ccorrect canswers✔✔Specific cexpectations cmust cbe cmet cin corder cfor
cthe ccontract cto cbe cexecuted.
Utmost cGood cFaith c- ccorrect canswers✔✔Each cparty cmust ctell cthe ctruth.
Representations c- ccorrect canswers✔✔Statements cmade cby capplicant crecorded con
cthe capplication.
Material cMisrepresentation c- ccorrect canswers✔✔An cuntrue cstatement cthat cwould
ccause crejection.
Warranty c- ccorrect canswers✔✔A cstatement cguaranteed cto cbe cabsolutely ctrue.
Concealment c- ccorrect canswers✔✔Failure cto cdisclose.
Fraud c- ccorrect canswers✔✔Deliberately cdeceiving.
