California Life Accident and Health Exam Practice Already Passed

California Life Accident and Health Exam Practice Already Passed JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE A ABC INSURANCE A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED D ADMITTED WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROKER? A A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED C A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE OFFICE D 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: A CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID THE CONTRACT B THE INSURER HAS DRAWN UP THE CONTRACT 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 D THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE 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? A THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE LOSS, WITH NO INTENT OF LOSS OR GAIN B THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUSTING THE LOSS C THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS A THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE LOSS, WITH NO INTENT OF LOSS OR GAIN THE INSURED IS RESTORED TO A FINANCIAL CONDITION AS GOOD AS, OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS ___________ INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSURANCE IS NOT AVAILABLE FROM AN ADMITTED CARRIER. A FACULTATIVE B DOMESTIC C ALIEN D SURPLUS D SURPLUS WHICH OF THE FOLLOWING RISKS IS PROTECTED BY INSURANCE? A CERTAIN RISK B SPECULATIVE RISK C PURE RISK D INVOLUNTARY RISK C PURE RISK A GOOD EXAMPLE OF RISK REDUCTION MIGHT BE: A WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS B THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK C THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY D INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF THE INSURED A WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A PARTICULAR STATE IS SAID TO BE: A NON-ADMITTED B ADMITTED C DOMESTIC D FOREIGN B ADMITTED WHICH INSURER'S OWNER RECEIVES TAXABLE CORP