CALIFORNIA LIFE ACCIDENT AND HEALTH EXAM PRATICE QUESTIONS AND ANSWERS (LATEST ) RATED A+

CALIFORNIA LIFE ACCIDENT AND HEALTH EXAM PRATICE QUESTIONS AND ANSWERS (LATEST ) RATED A+ JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? ABC INSURANCE JOHN c JANE NONE - CORRECT ANSWER: A ABC INSURANCE INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. DOMESTIC NON-ADMITTED c FOREIGN D ADMITTED - CORRECT ANSWER: D ADMITTED WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROKER? A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE OFFICE AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER EMPLOYER - B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED THE INSURANCE CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH, BECAUSE: CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID THE CONTRACT THE INSURER HAS DRAWN UP THE CONTRACr AND, THEREFORE, THERE IS NO INTENT TO DECEIVE c EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE - CORRECT ANSWER: C EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST WHICH OF THE FOLLOWING BEST DESCRIBES A CONTRACT OF INDEMNITY UNDER INSURANCE? THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE Loss, WITH NO INTENT OF LOSS OR GAIN THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUSTING THE LOSS c THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS - CORRECT ANSWER: A THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE Loss, WITH NO INTENT OF LOSS OR GAIN