Colorado Health Insurance Questions & Answers Correct 100%(SCORED A+)
Agent -ANSWER Agents are the agents of the insurer Producer -ANSWER Usually includes agents and brokers Applicant or proposed insured -ANSWER A person applying for insurance Consent -ANSWER permission to do something Insurable Interest -ANSWER The policy owner must face the possibility of losing money or something of value in the event of loss insurance policy -ANSWER 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 -ANSWER Person covered by the insurance policy, may or may not be the policy holder. Insurer (principal) -ANSWER the company who issues an insurance policy Policyowner -ANSWER the person entitled to exercise the rights and privileges in the policy Premium -ANSWER the money paid to the insurance company for the insurance policy Contracts to be legally binding: -ANSWER Agreement- Offer and acceptance Consideration Competent parties Legal Purpose Offer -ANSWER needs to be by one party and the other party accepts offer in exact terms. Applicant -AN
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