CA PSI Site — Life, Accident And Health Agent Examination (Life Agent)Questions With Complete Solution

CA PSI Site — Life, Accident And Health Agent Examination (Life Agent)Questions With Complete Solution Admitted Insurance Company vs. Non-Admitted Insurance Company — ANSWER: An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CD!) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - ANSWER: Pure risks are insurable but Speculative risks are not Pure Risks - ANSWER: A possibility of loss, no loss, or gain Pure Risk - ANSWER: A possibility of loss or no loss; there is no possibility for gain Contract of Adhesion - ANSWER: One party writes the contract without inout from the other party on a "take-it-or-leave-it" basis Aleatory Contract - ANSWER: The exchange of value is unequal. Insured 's premium payment is less than the potential benefit to be received in the event of a