Kansas Life Insurance Exam 2023 with 100% correct answers

Insurance correct answers- Transfers the risk of loss from an individual to an insurer - Based on the principle of indemnity - Based on the spreading of risk (risk pooling ) and the law of large Insurable Interest correct answers- Must exist at the time of application - Insuring one's own life, family member, or a business partner Elements of a Legal Contract correct answers- Agreement: offer and acceptance - Consideration: premiums and representations on the part of the insured; payment of claims on the part of the insurer - Competent parties: of legal age, sound mental capacity, and not under the influence of drugs or alcohol - Legal purpose: not against public policy Contract Characteristics correct answers- Adhesion: one party prepares the contract; the other party must accept it as is - Aleatory: exchange of unequal amounts - Conditional: certain conditions must be met - Unilateral: only one of the parties to the contract is legally bound to do anything