UPGRADED LIFE INSURANCE FINAL EXAM

UPGRADED LIFE INSURANCE FINAL EXAM What is meant by referring to an insurance policy as a unilateral contract? - CORRECT ANSWER -Only one party makes a legally enforceable promise. When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? - CORRECT ANSWER -At all times. Any situation that presents the possibility of a loss is known as - CORRECT ANSWER -a loss exposure Which of the following information is not required to be communicated in a Life insurance contract? - CORRECT ANSWER -Personal judgment. The direct distribution of insurance utilizes all of the following to promote the sale of insurance EXCEPT - CORRECT ANSWER -telephone call from an agent. A contract in which one party promises to indemnify another against loss that arises from an unknown event is - CORRECT ANSWER -an insurance policy. All of the occurrences listed below are examples of an insurable event as defined by the California Insurance Code EXCEPT - CORRECT ANSWER -an insured suffers a financial loss in the state lottery All of the following statements about aleatory contracts are true EXCEPT - CORRECT ANSWER -the insured and insurer contribute equally to the contract.