NYS Insurance Licensing Exam Latest 2023 Graded A

NYS Insurance Licensing Exam Latest 2023 Graded A insurance transfers ANS-the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals agency contract ANS-a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the principal, any agent in violation of the agency contract may be held personally liable to the insurer agent ANS-legal representative of a an insurance company that acts for another person or entity known as the principal with regard to contractual arrangements beneficiary ANS-receives benefits from the insurance death benefit ANS-the amount paid when a claim is issued against policy of insurance insurance policy ANS-a contact b/w insured and insurance company that agrees to pay the insured in the event of unforseen events caused by specific events risk ANS-is the uncertainty or chance of loss occurring only two types of risks exist which are speculative and pure and only one is insurable pure risk ANS-is the the certainty that loss or no change will occur with no financial gain to be sought only this type of risk is insurable speculative ANS-the type that may either lead to loss or gain. example gambling. these are NOT insurable exposure ANS-the unit of measure used to determine the premiums for insurance coverage hazards ANS-broken into 2 subtypes (physical, moral, morale); conditions that increase the probability of the insured to experience a loss physical hazar