XCEL Chapter 3 Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
In an insurance contract, the d. unilateral
insurer
is the only party legally obligated
to
perform. Because of this, an
insurance contract is considered
a. voidable
b. conditional
c. aleatory
d. unilateral
When the principal gives the agent a. express authority
authority in writing, it's referred to
as
a. express authority
b. implied authority
c. apparent authority
d. imposed authority
, Which type of clause describes the b. Consideration Clause
following statement: "We have
issued
the policy in consideration of the
representations in your
applications
and payment of the first - term
premium".
a. Premium clause
b. Consideration clause
c. Adhesion clause
d. Contestability clause
Legal purpose is a term used in c. there must be legal reasons for entering
contract law meaning into the
a. there must be an offer and contract
acceptance
b. the contract must be aleatory c.
there must be legal reasons for
entering into the contract
d. the contract must be a contract
of
adhesion
The deeds and actions of a b. Apparent
producer
indicate what kind of authority?
a. Express
b. Apparent
c. Implied
d. Conditional
Answers with Verified Solutions | Latest
Updated 2026
In an insurance contract, the d. unilateral
insurer
is the only party legally obligated
to
perform. Because of this, an
insurance contract is considered
a. voidable
b. conditional
c. aleatory
d. unilateral
When the principal gives the agent a. express authority
authority in writing, it's referred to
as
a. express authority
b. implied authority
c. apparent authority
d. imposed authority
, Which type of clause describes the b. Consideration Clause
following statement: "We have
issued
the policy in consideration of the
representations in your
applications
and payment of the first - term
premium".
a. Premium clause
b. Consideration clause
c. Adhesion clause
d. Contestability clause
Legal purpose is a term used in c. there must be legal reasons for entering
contract law meaning into the
a. there must be an offer and contract
acceptance
b. the contract must be aleatory c.
there must be legal reasons for
entering into the contract
d. the contract must be a contract
of
adhesion
The deeds and actions of a b. Apparent
producer
indicate what kind of authority?
a. Express
b. Apparent
c. Implied
d. Conditional
