1 - ExamFX Life and Health - General Insurance Exam | 93 Questions with 100% Correct Answers |GRADED W
What two elements are necessary to a life insurance contract to have a legal purpose? - CORRECT ANSWER 1. Insurable Interest 2. Consent Insurance is a contract that protects the insured from what? - CORRECT ANSWER Loss What Type of Risk is Insurable? - CORRECT ANSWER Pure What is the term for the causes of loss insured against in a insurance policy? - CORRECT ANSWER Peril What Law Protects Consumers from the circulation of inaccurate or obsolete information? - CORRECT ANSWER The Fair Credit Reporting Act What are the three types of hazards? - CORRECT ANSWER 1. Physical 2. Moral 3. Morale In forming an insurance contract, when does an acceptance usually occur? - CORRECT ANSWER When the insurer approves a prepaid application An insurance company domiciled in California and transacts insurance in Nevada. What is this insurer's classification in Nevada? - CORRECT ANSWER Foreign A state-issued document empowering an insurance company to become an admitted insurer is called what? - CORRECT ANSWER Certificate of Authority What entities make up the Medical Information Bureau? - CORRECT ANSWER Insurers What type of insurer is a voluntarily formed organization that provides insurance benefits for members of an affiliated lodge or religious organization with representative form of governtment? - CORRECT ANSWER Fraternal Insurers When would a misrepresentation on an insurance applications be considered fraud? - CORRECT ANSWER When it is intentional and material
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