Delaware Life Insurance Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
Agent/Producer - Correct answers✔a legal representative of an insurance company; the
classification of producer usually includes agents and brokers; agents are the agents of the
insurer
Applicant or proposed insured - Correct answers✔a person applying for insurance
Consent - Correct answers✔permission to do something
Insurable interest - Correct answers✔the policyowner facing the possibility of losing something
of value in the event of loss
Insurance policy - Correct answers✔a contract between a policyowner (and/or insured) and an
insurance company which agrees to pay the insured or the beneficiary for loss caused by specific
events
Insured - Correct answers✔person covered by the insurance policy; may or may not be the
policyowner
Insurer (principal) - Correct answers✔the company who issues an insurance policy
Policyowner - Correct answers✔the person entitled to exercise the rights and privileges in the
policy
QUESTIONS AND CORRECT ANSWERS
Agent/Producer - Correct answers✔a legal representative of an insurance company; the
classification of producer usually includes agents and brokers; agents are the agents of the
insurer
Applicant or proposed insured - Correct answers✔a person applying for insurance
Consent - Correct answers✔permission to do something
Insurable interest - Correct answers✔the policyowner facing the possibility of losing something
of value in the event of loss
Insurance policy - Correct answers✔a contract between a policyowner (and/or insured) and an
insurance company which agrees to pay the insured or the beneficiary for loss caused by specific
events
Insured - Correct answers✔person covered by the insurance policy; may or may not be the
policyowner
Insurer (principal) - Correct answers✔the company who issues an insurance policy
Policyowner - Correct answers✔the person entitled to exercise the rights and privileges in the
policy
