RHODE ISLAND PESTCIDE EXAM NEWEST ACTUAL
EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+||BRAND NEW!
the role of insurance is to - ANSWER transfer the risk of financial loss from an individual
or business to an insurance company
organized and incorporated under state law owned by stockholders who get a paid
share of the company's profit through dividends. also referred to as a nonparticipating or
non-par bc policy holder do not participate in paid dividends - ANSWER stock insurance
company
organized and incorporated under state law. but they have no stockholders. instead, the
policyholders own the company. owners get paid a share of the companies profits
through dividends. participating or par companies bc policy owners do not participate in
paid dividends - ANSWER mutual insurer companies
process of a stock company being converted into a mutual company - ANSWER
mutualization
process of a mutual company being converted into a stock company - ANSWER
demutualization
an association formed to underwrite and issue insurance like coverage on certain items
and areas that might otherwise be uninsurable - ANSWER Lloyds of London
are a specialized branch of the insurance industry that insurers other insurance
company's risk. *is an arrangement by which an insurance company transfers or sells a
portion of the risk to a reinsurance company - ANSWER reinsurers
the insurance company transferring the risk - ANSWER ceding company
industrial insurance sold by home service or debit insurance companies - ANSWER
home service insurers
when 3rd party ownership is involved, applicants who also happen to be the stated
primary beneficiary are required to have - ANSWER insurable interest in the proposed
insured
, which is considered a statement that is assured to be true in every respect - ANSWER
warranty
which best describes a warranty - ANSWER statement guaranteed to be true
which of these is not considered to be an element of an insurance contract - ANSWER
negotiating
a life insurance policy would be considered contract without? - ANSWER insurable
interest
all of the following (bilateral unilateral aleatory adhesion) are considered to be typical
characteristics describing the nature of an insurance contract except - ANSWER
bilateral
in an insurance contract the insurer is the only party who makes a legally enforceable
promise what kind of contract is this - ANSWER unilateral
Taking receipt of premiums and holding them for the insurance company is an example
of - ANSWER fiduciary responsibility
a policy of adhesion can only be modified by whom - ANSWER the insurance company
In regards to representations or warranties, which of these statements is TRUE? -
ANSWER if material to the risk, false representation will void a policy
Statements made on an insurance application that are believed to be true to the best of
the applicant's knowledge are called - ANSWER representations
life and health insurance policies are - ANSWER unilateral contracts
which of the following consists of an offer, acceptance, and consideration? - ANSWER
contract
when must insurable interests exist for a life insurance contract to be valid - ANSWER
inception of the contract
The part of a life insurance policy guaranteed to be true is called a(n) - ANSWER
warranty
K is shopping for a permanent life insurance policy that will offer her the most protection
per $. of annual premium. which of these policies best fits her needs? - ANSWER
straight life
What type of life policy has a death benefit that adjusts periodically and is written for a
specific period of time? - ANSWER decreasing term
EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+||BRAND NEW!
the role of insurance is to - ANSWER transfer the risk of financial loss from an individual
or business to an insurance company
organized and incorporated under state law owned by stockholders who get a paid
share of the company's profit through dividends. also referred to as a nonparticipating or
non-par bc policy holder do not participate in paid dividends - ANSWER stock insurance
company
organized and incorporated under state law. but they have no stockholders. instead, the
policyholders own the company. owners get paid a share of the companies profits
through dividends. participating or par companies bc policy owners do not participate in
paid dividends - ANSWER mutual insurer companies
process of a stock company being converted into a mutual company - ANSWER
mutualization
process of a mutual company being converted into a stock company - ANSWER
demutualization
an association formed to underwrite and issue insurance like coverage on certain items
and areas that might otherwise be uninsurable - ANSWER Lloyds of London
are a specialized branch of the insurance industry that insurers other insurance
company's risk. *is an arrangement by which an insurance company transfers or sells a
portion of the risk to a reinsurance company - ANSWER reinsurers
the insurance company transferring the risk - ANSWER ceding company
industrial insurance sold by home service or debit insurance companies - ANSWER
home service insurers
when 3rd party ownership is involved, applicants who also happen to be the stated
primary beneficiary are required to have - ANSWER insurable interest in the proposed
insured
, which is considered a statement that is assured to be true in every respect - ANSWER
warranty
which best describes a warranty - ANSWER statement guaranteed to be true
which of these is not considered to be an element of an insurance contract - ANSWER
negotiating
a life insurance policy would be considered contract without? - ANSWER insurable
interest
all of the following (bilateral unilateral aleatory adhesion) are considered to be typical
characteristics describing the nature of an insurance contract except - ANSWER
bilateral
in an insurance contract the insurer is the only party who makes a legally enforceable
promise what kind of contract is this - ANSWER unilateral
Taking receipt of premiums and holding them for the insurance company is an example
of - ANSWER fiduciary responsibility
a policy of adhesion can only be modified by whom - ANSWER the insurance company
In regards to representations or warranties, which of these statements is TRUE? -
ANSWER if material to the risk, false representation will void a policy
Statements made on an insurance application that are believed to be true to the best of
the applicant's knowledge are called - ANSWER representations
life and health insurance policies are - ANSWER unilateral contracts
which of the following consists of an offer, acceptance, and consideration? - ANSWER
contract
when must insurable interests exist for a life insurance contract to be valid - ANSWER
inception of the contract
The part of a life insurance policy guaranteed to be true is called a(n) - ANSWER
warranty
K is shopping for a permanent life insurance policy that will offer her the most protection
per $. of annual premium. which of these policies best fits her needs? - ANSWER
straight life
What type of life policy has a death benefit that adjusts periodically and is written for a
specific period of time? - ANSWER decreasing term
