California Life Accident and Health Exam Practice
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A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN IN
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SURED: WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROK
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R?
A
A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE B
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A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN IN
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URED
C
A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE OF
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ICE
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AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER EM
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LOYER
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EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE
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, California Life Accident and Health Exam Practice
p p p p p p
Studyponlinepatphttps://quizlet.com/_4byx4m
OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST: THE INSUR-
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pANCE CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH, BEC
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AUSE:
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CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID p p p p p p p p p p p
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THE INSURER HAS DRAWN UP THE CONTRACT AND, THEREFORE, THERE IS NO
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C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OT
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ER THAT THERE IS NOTHING CONCEALED OR DISHONEST
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THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE
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THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRI-
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pOR TO THE LOSS, WITH NO INTENT OF LOSS OR GAIN: WHICH OF THE FOLLO
p p p p p p p p p p p p p p
WING BEST DESCRIBES A CONTRACT OF INDEMNITY UNDER INSUR- ANCE?
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A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO
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THE LOSS, WITH NO INTENT OF LOSS OR GAIN
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B
THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUST-
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THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS
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SURPLUS: THE INSURED IS RESTORED TO A FINANCIAL CONDITION AS GOOD
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AS, OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS
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INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSUR- p p p p p p p
pANCE IS NOT AVAILABLE FROM AN ADMITTED CARRIER.
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DOMESTIC
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ALIEN
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, California Life Accident and Health Exam Practice
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Studyponlinepatphttps://quizlet.com/_4byx4m
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7. C p
PURE RISK: WHICH OF THE FOLLOWING RISKS IS PROTECTED BY INSUR-
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pANCE?
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CERTAIN RISK p p
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SPECULATIVE RISK p
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INVOLUNTARY RISK p
8. A p
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOS
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: A GOOD EXAMPLE OF RISK REDUCTION MIGHT BE:
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A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS
p p p p p p p p p p p
B
THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK C
p p p p p p p p p
THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY D
p p p p p p p p p
INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF
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pTHE INSURED p
9. B p
ADMITTED: AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A PAR-
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pTICULAR STATE IS SAID TO BE: p p p p p
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NON-
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10. C p
STOCK: WHICH INSURER'S OWNER RECEIVES TAXABLE CORPORATE DIVI-
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, California Life Accident and Health Exam Practice
p p p p p p
Studyponlinepatphttps://quizlet.com/_4byx4m
DENDS AS A RETURN OF PROFIT?
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A
MUTUAL
B
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RECIPROCAL
C
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STOCK
D
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FRATERNAL
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ACCORDING TO THE LAW OF LARGE NUMBERS: IN INSURANCE, WHEN THE N
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UMBER OF SIMILAR UNITS INCREASE, THE PREDICTABILITY OF THE LOSS IM
p p p p p p p p p p
PROVES:
A
BECAUSE OF THE SIMILARITY OF UNITS IN LARGE QUANTITIES B
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ACCORDING TO THE LAW OF LARGE NUMBERS C p p p p p p p
BECAUSE OF ACCUMULATED EXPERIENCE D
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A UNILATERAL CONTRACT: A CONTRACT WHEREBY ONLY ONE PARTY IS BOU
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ND TO FUTURE PERFORMANCE, IS SAID TO BE:
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A
A UNILATERAL CONTRACT
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B
A BILATERAL CONTRACT
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C
A CONDITIONAL CONTRACT
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D
AN ALEATORY CONTRACT
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13. A p
CAL-
GLBA: THE CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT IS SOMETIM
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A
CAL-
GLBA B p
CA-FIPA
4p/p118
p p p p p p
Studyponlinepatphttps://quizlet.com/_4byx4m
1. A p
ABC INSURANCE: JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS TH
p p p p p p p p p p p p
INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP?
p p p p p p p p
A
ABC INSURANCEp p
B
JOHN p
C JAN
p
EDN
p p
ONE
2. D p
ADMITTED: A(N) p p
INSURER IS AUTHORIZED TO WRITE INSURANCE p p p p p p
POLICIES IN A PARTICULAR STATE.
p p p p
A DOMESTI
p
CB
p
NON-
ADMITTED C p
FOREIGN p
D ADMITT
p
ED
3. B p
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN IN
p p p p p p p p p p
SURED: WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROK
p p p p p p p p p p
R?
A
A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE B
p p p p p p p p p
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN IN
p p p p p p p p p p
URED
C
A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE OF
p p p p p p p p p p p p p
ICE
D
AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER EM
p p p p p p p p
LOYER
4. C p
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE
p p p p p p p p p p
1p/p118
, California Life Accident and Health Exam Practice
p p p p p p
Studyponlinepatphttps://quizlet.com/_4byx4m
OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST: THE INSUR-
p p p p p p p p p
pANCE CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH, BEC
p p p p p p p p p p p p
AUSE:
A
CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID p p p p p p p p p p p
pTHE CONTRACT p
B
THE INSURER HAS DRAWN UP THE CONTRACT AND, THEREFORE, THERE IS NO
p p p p p p p p p p p
INTENT TO DECEIVE p p
C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OT
p p p p p p p p p p p
ER THAT THERE IS NOTHING CONCEALED OR DISHONEST
p p p p p p p
D
THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE
p p p p p p p p
5. A p
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRI-
p p p p p p p p p p
pOR TO THE LOSS, WITH NO INTENT OF LOSS OR GAIN: WHICH OF THE FOLLO
p p p p p p p p p p p p p p
WING BEST DESCRIBES A CONTRACT OF INDEMNITY UNDER INSUR- ANCE?
p p p p p p p p p
A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO
p p p p p p p p p p p
THE LOSS, WITH NO INTENT OF LOSS OR GAIN
p p p p p p p p
B
THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUST-
p p p p p p p p p
pING THE LOSS p p
C
THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS
p p p p p p p p p p
6. D p
SURPLUS: THE INSURED IS RESTORED TO A FINANCIAL CONDITION AS GOOD
p p p p p p p p p p
AS, OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS
p p p p p p p p p
INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSUR- p p p p p p p
pANCE IS NOT AVAILABLE FROM AN ADMITTED CARRIER.
p p p p p p p
A FACULTATIV
p
EB p
DOMESTIC
pC
ALIEN
2p/p118
, California Life Accident and Health Exam Practice
p p p p p p
Studyponlinepatphttps://quizlet.com/_4byx4m
D SURPL p
US
7. C p
PURE RISK: WHICH OF THE FOLLOWING RISKS IS PROTECTED BY INSUR-
p p p p p p p p p p
pANCE?
A
CERTAIN RISK p p
B
SPECULATIVE RISK p
pC
PURE RISK p p
D
INVOLUNTARY RISK p
8. A p
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOS
p p p p p p p p p p p
: A GOOD EXAMPLE OF RISK REDUCTION MIGHT BE:
p p p p p p p p
A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS
p p p p p p p p p p p
B
THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK C
p p p p p p p p p
THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY D
p p p p p p p p p
INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF
p p p p p p p p p
pTHE INSURED p
9. B p
ADMITTED: AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A PAR-
p p p p p p p p p p p
pTICULAR STATE IS SAID TO BE: p p p p p
A
NON-
ADMITTED B p
ADMITTED p
C DOMESTp
IC D FOREI p p
GN
10. C p
STOCK: WHICH INSURER'S OWNER RECEIVES TAXABLE CORPORATE DIVI-
p p p p p p p
3p/p118
, California Life Accident and Health Exam Practice
p p p p p p
Studyponlinepatphttps://quizlet.com/_4byx4m
DENDS AS A RETURN OF PROFIT?
p p p p p p
A
MUTUAL
B
p
RECIPROCAL
C
p
STOCK
D
p
FRATERNAL
11. B p
ACCORDING TO THE LAW OF LARGE NUMBERS: IN INSURANCE, WHEN THE N
p p p p p p p p p p p
UMBER OF SIMILAR UNITS INCREASE, THE PREDICTABILITY OF THE LOSS IM
p p p p p p p p p p
PROVES:
A
BECAUSE OF THE SIMILARITY OF UNITS IN LARGE QUANTITIES B
p p p p p p p p p
ACCORDING TO THE LAW OF LARGE NUMBERS C p p p p p p p
BECAUSE OF ACCUMULATED EXPERIENCE D
p p p p
ACCORDING TO THE LAW OF AVERAGES p p p p p
12. A p
A UNILATERAL CONTRACT: A CONTRACT WHEREBY ONLY ONE PARTY IS BOU
p p p p p p p p p p
ND TO FUTURE PERFORMANCE, IS SAID TO BE:
p p p p p p p
A
A UNILATERAL CONTRACT
p p p
B
A BILATERAL CONTRACT
p p p
C
A CONDITIONAL CONTRACT
p p p
D
AN ALEATORY CONTRACT
p p
13. A p
CAL-
GLBA: THE CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT IS SOMETIM
p p p p p p p p
S KNOWN AS:p p
A
CAL-
GLBA B p
CA-FIPA
4p/p118
