NC Accident & Health
Licensing 2026 |
Questions, Answers &
Rationales Study Guide e
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Representation information believed to be true to the best of one's knowledge
Agents Representatives of the INSURER - represents single insurer
Brokers Representatives of the INSURED - represents multiple firms
Unilateral Contract Type of contract that is an exchange of an act for a promise - i.e. - the INSURED
may discontinue coverage at any time and the INSURER can not enforce the
continuation of the policy
Adhesion Contract Type of contract that is take it or leave it - i.e. - The insurer writes the insurance
contract and the insured is "stuck" with that wording.
Aleatory Contract Type of contract that features an unequal exchange of value between the parties
- i.e. - a policy owner may have submitted only one premium payment with the
insured dies and the policy's full amount would be payable.
Insuring Agreement The heart of the contract that states the perils (accidents or sickness) that are
covered by the policy and establishes the insurer's commitment to pay the death
benefit.
Conditions Provisions and stipulations of the policy
Exclusions / Waivers States what perils or losses are NOT covered
Riders (Endorsements) Modify the basic contract and are considered added benefits.
Twisting Misrepresentation of a policy's terms and values to induce the lapse or
replacement of an existing contract of insurance.
Licensing 2026 |
Questions, Answers &
Rationales Study Guide e
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Representation information believed to be true to the best of one's knowledge
Agents Representatives of the INSURER - represents single insurer
Brokers Representatives of the INSURED - represents multiple firms
Unilateral Contract Type of contract that is an exchange of an act for a promise - i.e. - the INSURED
may discontinue coverage at any time and the INSURER can not enforce the
continuation of the policy
Adhesion Contract Type of contract that is take it or leave it - i.e. - The insurer writes the insurance
contract and the insured is "stuck" with that wording.
Aleatory Contract Type of contract that features an unequal exchange of value between the parties
- i.e. - a policy owner may have submitted only one premium payment with the
insured dies and the policy's full amount would be payable.
Insuring Agreement The heart of the contract that states the perils (accidents or sickness) that are
covered by the policy and establishes the insurer's commitment to pay the death
benefit.
Conditions Provisions and stipulations of the policy
Exclusions / Waivers States what perils or losses are NOT covered
Riders (Endorsements) Modify the basic contract and are considered added benefits.
Twisting Misrepresentation of a policy's terms and values to induce the lapse or
replacement of an existing contract of insurance.
