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MICHIGAN LIFE INSURANCE STATE EVALUATION FULL SOLUTION UPDATED STUDY GUIDE

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MICHIGAN LIFE INSURANCE STATE EVALUATION FULL SOLUTION UPDATED STUDY GUIDE

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MICHIGAN LIFE INSURANCE STATE
EVALUATION FULL SOLUTION UPDATED
STUDY GUIDE

⩥ Hazard.
Answer: A condition that increases the chance of loss


⩥ Physical Hazard.
Answer: A tangible condition (ex: icy steps)


⩥ Moral Hazard.
Answer: Dishonesty or fraud risk


⩥ Morale Hazard.
Answer: Carelessness or indifference to loss


⩥ Law of Large Numbers.
Answer: Predicts group losses, not individual losses


⩥ Indemnity.
Answer: Restores someone to their pre-loss condition

, ⩥ Unilateral Contract.
Answer: Only the insurer makes a legally enforceable promise


⩥ Aleatory Contract.
Answer: Unequal exchange of value


⩥ Adhesion Contract.
Answer: Insurer writes the contract; insured accepts or rejects


⩥ Consideration.
Answer: Exchange of value (premium for promise to pay)


⩥ Insurable Interest.
Answer: Must exist at time of application (life insurance)


⩥ Term Life.
Answer: Temporary coverage with no cash value


⩥ Whole Life.
Answer: Permanent coverage with guaranteed cash value

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