COLORADO PROPERTY & CASUALTY - FROM PRACTICE EXAM 2024 WITH 100% CORRECT ANSWERS

The term insurance transaction includes: - correct answer 1) Solicitation; 2) Negotiation; 3) Sales; 4) Advertising Adverse Selection (insurance def) - correct answer Insuring the risks that are more prone to losses than the average risk Agent/Producer - correct answer a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicant or proposed insured - correct answer a person applying for insurance Beneficiary - correct answer A person who receives the benefits of an insurance policy Death Benefit - correct answer the amount paid upon the death of the insured in a life insurance policy insurance policy - correct 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 - correct answer person covered by the insurance policy; may or may not be the policy o