Nebraska Life & Health - Chapter
Flashcards Questions and Answers
Foreign - correct answers✅✅An insurance company that is
formed under the laws of another state is known as what type of
insurer?
Send the application back to the applicant for signature - correct
answers✅✅If an agent fails to obtain the applicant's signature
on the insurance application, what must the insurer do?
Inspection report - correct answers✅✅What type of report
provides information about the applicant's hobbies, habits, and
financial status?
Agent or producer - correct answers✅✅According to the Law
of Agency, a principal is represented by whom?
Loss must be 1) due to chance, 2) definite and measurable, 3)
statistically predictable, 4) not catastrophic, and 5) coverage
cannot be mandatory - correct answers✅✅What are the five
characteristics of an ideally insurable risk?
When the policy is delivered and the premium is paid - correct
answers✅✅When does an insurance policy go into effect?
Insurer - correct answers✅✅When agents act within the scope
of their contract, their actions will be assumed to be the acts of
whom?
,Nebraska Life & Health - Chapter
Flashcards Questions and Answers
Morale - correct answers✅✅A person who does not lock the
doors to his or her house shows an indifferent attitude. This
person presents what type of hazard?
Insurance - correct answers✅✅What do individuals use to
transfer their risk of loss to a larger group?
Certificate of Authority - correct answers✅✅What document is
required for an insurance company to transact insurance?
When it is intentional and material - correct answers✅✅When
would a misrepresentation on an insurance application be
considered fraud?
Loss - correct answers✅✅Insurance is a contract that protects
the insured from what?
Mutual company - correct answers✅✅The type of insurance
company organized to return any surplus money to its
policyholders is known as what?
Insurance company - correct answers✅✅Whom does an
insurance company represent?
Insurers - correct answers✅✅What entities make up the
Medical Information Bureau?
,Nebraska Life & Health - Chapter
Flashcards Questions and Answers
Hazards - correct answers✅✅Conditions that increase the
chance of a loss are known as what?
Pure risk - correct answers✅✅A situation in which a person
can only experience a loss and no gain presents what type of risk?
Agreement (offer and acceptance), consideration, competent
parties, and legal purpose - correct answers✅✅What are the
four elements of an insurance contract?
The agent - correct answers✅✅If an applicant does not
receive his or her insurance policy, who would be held
responsible?
Fiduciary - correct answers✅✅The requirement that agents
must account for and promptly remit all insurance funds collected
is known as what type of agent responsibility?
Uncertainty of loss - correct answers✅✅For the purpose of
insurance, what is risk?
Peril - correct answers✅✅What is the term for the causes of
loss insured against in an insurance policy?
Insurable interest and consent - correct answers✅✅What two
elements are necessary for a life insurance contract to have a
legal purpose?
, Nebraska Life & Health - Chapter
Flashcards Questions and Answers
When the insurance application is submitted - correct
answers✅✅In insurance, when is the offer usually made on a
contract?
Express, implied, and apparent - correct answers✅✅What are
the three types of agent authority?
Adverse selection - correct answers✅✅When risks with higher
probability of loss are seeking insurance more often than other
risks, this is known as what?
Physical, moral, morale - correct answers✅✅What are the
three types of hazards?
When the insurer approves a prepaid application - correct
answers✅✅In forming an insurance contract, when does an
acceptance usually occur?
Authorized or admitted - correct answers✅✅If an insurer
meets the state's financial requirements and is approved to
transact business in the state, it is considered what type of
insurer?
Speculative - correct answers✅✅Wagering on a sporting event
is known as what type of risk?
Flashcards Questions and Answers
Foreign - correct answers✅✅An insurance company that is
formed under the laws of another state is known as what type of
insurer?
Send the application back to the applicant for signature - correct
answers✅✅If an agent fails to obtain the applicant's signature
on the insurance application, what must the insurer do?
Inspection report - correct answers✅✅What type of report
provides information about the applicant's hobbies, habits, and
financial status?
Agent or producer - correct answers✅✅According to the Law
of Agency, a principal is represented by whom?
Loss must be 1) due to chance, 2) definite and measurable, 3)
statistically predictable, 4) not catastrophic, and 5) coverage
cannot be mandatory - correct answers✅✅What are the five
characteristics of an ideally insurable risk?
When the policy is delivered and the premium is paid - correct
answers✅✅When does an insurance policy go into effect?
Insurer - correct answers✅✅When agents act within the scope
of their contract, their actions will be assumed to be the acts of
whom?
,Nebraska Life & Health - Chapter
Flashcards Questions and Answers
Morale - correct answers✅✅A person who does not lock the
doors to his or her house shows an indifferent attitude. This
person presents what type of hazard?
Insurance - correct answers✅✅What do individuals use to
transfer their risk of loss to a larger group?
Certificate of Authority - correct answers✅✅What document is
required for an insurance company to transact insurance?
When it is intentional and material - correct answers✅✅When
would a misrepresentation on an insurance application be
considered fraud?
Loss - correct answers✅✅Insurance is a contract that protects
the insured from what?
Mutual company - correct answers✅✅The type of insurance
company organized to return any surplus money to its
policyholders is known as what?
Insurance company - correct answers✅✅Whom does an
insurance company represent?
Insurers - correct answers✅✅What entities make up the
Medical Information Bureau?
,Nebraska Life & Health - Chapter
Flashcards Questions and Answers
Hazards - correct answers✅✅Conditions that increase the
chance of a loss are known as what?
Pure risk - correct answers✅✅A situation in which a person
can only experience a loss and no gain presents what type of risk?
Agreement (offer and acceptance), consideration, competent
parties, and legal purpose - correct answers✅✅What are the
four elements of an insurance contract?
The agent - correct answers✅✅If an applicant does not
receive his or her insurance policy, who would be held
responsible?
Fiduciary - correct answers✅✅The requirement that agents
must account for and promptly remit all insurance funds collected
is known as what type of agent responsibility?
Uncertainty of loss - correct answers✅✅For the purpose of
insurance, what is risk?
Peril - correct answers✅✅What is the term for the causes of
loss insured against in an insurance policy?
Insurable interest and consent - correct answers✅✅What two
elements are necessary for a life insurance contract to have a
legal purpose?
, Nebraska Life & Health - Chapter
Flashcards Questions and Answers
When the insurance application is submitted - correct
answers✅✅In insurance, when is the offer usually made on a
contract?
Express, implied, and apparent - correct answers✅✅What are
the three types of agent authority?
Adverse selection - correct answers✅✅When risks with higher
probability of loss are seeking insurance more often than other
risks, this is known as what?
Physical, moral, morale - correct answers✅✅What are the
three types of hazards?
When the insurer approves a prepaid application - correct
answers✅✅In forming an insurance contract, when does an
acceptance usually occur?
Authorized or admitted - correct answers✅✅If an insurer
meets the state's financial requirements and is approved to
transact business in the state, it is considered what type of
insurer?
Speculative - correct answers✅✅Wagering on a sporting event
is known as what type of risk?
