1 - ExamFX Life and Health - General Insurance / Completing Application, Underwriting and Delivering The Policy | 50 Questions with 100% Correct Answers

What two elements are necessary to a life insurance contract to have a legal purpose? - 1. Insurable Interest 2. Consent Insurance is a contract that protects the insured from what? - Loss What Type of Risk is Insurable? - Pure What is the term for the causes of loss insured against in a insurance policy? - Peril What Law Protects Consumers from the circulation of inaccurate or obsolete information? - The Fair Credit Reporting Act What are the three types of hazards? - 1. Physical 2. Moral 3. Morale In forming an insurance contract, when does an acceptance usually occur? - When the insurer approves a prepaid application An insurance company domiciled in California and transacts insurance in Nevada. What is this insurer's classification in Nevada? -