Chapter 20: California Laws and Ethics Pertinent to Insurance TOP EXAM QUESTIONS &ANSWERS 2024

Anyone employed in California to assist an insurance agent in transacting insurance is called an insurance - solicitor a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty of? - Theft According to the California Insurance Code, what is "insurance"? - A contract A person who asserts a right of recovery under an insurance policy is called - claimant According to the California Insurance Code, what term is used to describe a fact so important it could affect the policy premium? - Materiality Materiality is relevant information that would probably influence an insurer's assessment of a proposed contract. Why is a life insurance policy's delivery date important? - The free-look period begins on the policy delivery date The California Insurance Code gives an individual between 10 and 30 days to return a life policy for cancellation. This free-look period begins on the policy delivery date. What does the term "indemnity" mean as it pertains to insurance? - To make whole