California Life Insurance Exam | Questions with 100% correct answers | verified

What is meant by referring to an insurance policy as a unilateral contract? - Only one party makes a legally enforceable promise. When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? - At all times. Any situation that presents the possibility of a loss is known as - a loss exposure Which of the following information is not required to be communicated in a Life insurance contract? - Personal judgment. The direct distribution of insurance utilizes all of the following to promote the sale of insurance EXCEPT - telephone call from an agent. A contract in which one party promises to indemnify another against loss that arises from an unknown event is - an insurance policy. All of the occurrences listed below are examples of an insurable event as defined by the California Insurance Code EXCEPT - an insured suffers a financial loss in the state lottery All of the following statements about aleatory contracts are true EXCEPT - the insured and insurer contribute equally to the contract. All of the following would be considered unfair trade practices EXCEPT - committing any act of discrimination whether it be deemed fair or unfair. As authorized by the California Insurance Code, the Insurance Commissioner has provided standards for names used by life insurance agents. Under these standards which, if any, of the following are automatically acceptable for Mary Brown, a holder of the CLU designation? - Mary Brown Insurance Services