52 Hour California Life, Accident and Health Insurance Exam Course 100% Solved

52 Hour California Life, Accident and Health Insurance Exam Course 100% Solved #8Question #121859 When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be: - Correct Answer: Insolvent Explanation: Insolvency means any impairment of required minimum paid-in capital or the inability of the insurer to meet its financial obligations when they are due. #9Question #121863 An appointment as an agent of an insurer becomes effective on the date it is: - Correct Answer: Signed by the insurer Explanation: The authority to transact insurance given to a licensee by an insurer by appointment shall be effective as of the date the notice of appointment is signed by the insurer. #10Question #121855 Under the California Insurance Code (CIC), neither party to a contract of insurance is bound to communicate any of the following EXCEPT: - Correct Answer: Information known to be material Explanation: Each party of a contract of insurance shall communicate to the other, in good faith, all facts within their knowledge which are or which they believe to be material to the contract. #12Question #121857 A representation that fails to correspond with its assertions or stipulations is: - Correct Answer: False Explanation: A representation is false when the facts fail to correspond with its assertions or stipulations. #20Question #121853 A cause of loss is also known as a(n): Correct Answer: Peril Explanation: Risk is defined as the chance of loss. A hazard is something that increases the risk. A peril is a cause of loss, such as accident or sickness. An exposure is a condition that could result in a loss. #23Question #121852