NYS Insurance Licensing Exam Latest 2024 Graded A

NYS Insurance Licensing Exam Latest 2024 Graded A insurance transfers - Answer️️ - the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals agency contract - Answer️️ - a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the principal, any agent in violation of the agency contract may be held personally liable to the insurer agent - Answer️️ - legal representative of a an insurance company that acts for another person or entity known as the principal with regard to contractual arrangements beneficiary - Answer️️ - receives benefits from the insurance death benefit - Answer️️ - the amount paid when a claim is issued against policy of insurance insurance policy - Answer️️ - a contact b/w insured and insurance company that agrees to pay the insured in the event of unforseen events caused by specific events risk - Answer️️ - is the uncertainty or chance of loss occurring only two types of risks exist which are speculative and pure and only one is insurable pure risk - Answer️️ - is the the certainty that loss or no change will occur with no financial gain to be sought only this type of risk is insurable speculative - Answer️️ - the type that may either lead to loss or gain. example gambling. these are NOT insurable exposure - Answer️️ - the unit of measure used to determine the premiums for insurance coverage hazards - Answer️️ - broken into 2 subtypes (physical, moral, morale); conditions that increase the probability of the insured to experience a loss physical hazard - Answer️️ - hazards arising from material, structural, and operational features moral hazard - Answer️️ - hazards to applicants that may lie or provide fraudulent information to insurance companies morale - Answer️️ - hazard derived from complacent (If broken the insurance will fix it ) state of mind perils - Answer️️ - are CAUSES of the loss that are covered in insurance policies