PERSONAL LINES INSURANCE EXAM (ACTUAL
EXAM) WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
Practice questions for this set
Learn 1 /7 Study with Learn
organized under laws of the resident state
Choose an answer
1 Aleatory Contract 2 Lapse Date
3 Application 4 Domestic insurer
Don't know?
Terms in this set (35)
, Aleatory Contract The exchange of value is unequal. Insured's
premium payment if less than the potential
benefit to be received in the event of a loss. The
insurer's payment in the event of a loss may be
much greater, or much less, than the insured's
premium payment.
Valued Contract A contract that pays a stated amount in the event
of a loss. Most policies are NOT valued contracts.
Indemnity Contract An agreement to pay on behalf of another party
under specified circumstances, such as when a
loss occurs.
Applicant The party submitting an application for insurance.
Application A document submitted by an applicant to an
insurer that provides information needed for the
insurer to underwrite a risk; becomes part of the
insurance contract. Most applications require
statements on the application to be true to the
best knowledge and belief of the applicant.
Endorsement A policy form that alters or adds to the provisions
of a property and casualty insurance contract.
EXAM) WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
Practice questions for this set
Learn 1 /7 Study with Learn
organized under laws of the resident state
Choose an answer
1 Aleatory Contract 2 Lapse Date
3 Application 4 Domestic insurer
Don't know?
Terms in this set (35)
, Aleatory Contract The exchange of value is unequal. Insured's
premium payment if less than the potential
benefit to be received in the event of a loss. The
insurer's payment in the event of a loss may be
much greater, or much less, than the insured's
premium payment.
Valued Contract A contract that pays a stated amount in the event
of a loss. Most policies are NOT valued contracts.
Indemnity Contract An agreement to pay on behalf of another party
under specified circumstances, such as when a
loss occurs.
Applicant The party submitting an application for insurance.
Application A document submitted by an applicant to an
insurer that provides information needed for the
insurer to underwrite a risk; becomes part of the
insurance contract. Most applications require
statements on the application to be true to the
best knowledge and belief of the applicant.
Endorsement A policy form that alters or adds to the provisions
of a property and casualty insurance contract.
