USAA Practice Test Questions with Correct Answers
USAA Practice Test Questions with Correct Answers What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer-treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Answer-risk retention group What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - Answer-Fair Credit Reporting Act The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Answer-reserves A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - Answer-fraternal benefit society If a contract of adhesion contains questionable language, to whom would the interpretation be in favor of? - Answer-insured What is a warranty? - Answer-is a statement guaranteed to be true A policy of adhesion can only be modified by whom? - Answer-insurance company Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the following contractual elements? - Answer-Legal Purpose (Insurable Interest)
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- Subido en
- 3 de abril de 2024
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- Escrito en
- 2023/2024
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