Insurance - Chapter 1 Exam Questions With 100% Correct Answers 2024

Insurance - Chapter 1 Exam Questions With 100% Correct Answers 2024 an insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe? 1. aleatory 2. unilateral 3. conditional 4. contingent - answerconditional if consumer requests additional information concerning an investigative consumer report., how long does the insurer or reporting agency have to comply 1. 5 days 2. 7 days 3. 10 days 4. 3 days - answer5 days an underwriter may obtain information on applicant's hobbies, financial status, and habits by ordering a(n) 1. attending physician statement 2. inspection report 3. medical information bureau report 4. medical examination - answerinspection report if a policy includes a free-look period of at least 10 days, the buyer's guide must be delivered to the applicant 1. upon issuance 2. prior to accepting an initial premium 3. prior to filling out an application for insurance 4. with the policy - answerwith the policy when an insured makes truthful statements on the application for insurance and pays the required premium, it is know as which of the following 1. contract of adhesion 2. acceptance 3. consideration 4. legal purpose - answerconsideration which of the following is the basic source of information used by the company in the risk selection process 1. warranty 2. consumer report 3. application 4 agent's report - answerapplication the responsibility of making certain that an application for insurance is filled out completely, correctly, and to the best of his or her knowledge is the responsibility of whom 1. applicant 2. producer 3. beneficiary of the applicant 4. insurance company - answerproducer what describes the specific informat