Xcel Solutions Legal concepts UPDATED Exam Questions and CORRECT Answers

Xcel Solutions Legal concepts UPDATED
Exam Questions and CORRECT
Answers
The power given to an individual producer that is not specifically addressed in his/her contract is
considered what type of authority?


A. Implied
B. Apparent
C. Express

D. Discreet - CORRECT ANSWER - A. Implied


All of the following are elements of an insurance policy EXCEPT


A. Claim forms
B. Conditions
C. Other insurance

D. Definitions - CORRECT ANSWER - A. Claim forms


Which of the following is present when an applicant stands to lose value if the insured dies?


A. Offer and acceptance
B. Insurable interest
C. Insurability

D. Consideration - CORRECT ANSWER - B. Insurable interest


Who is responsible for assembling the policy forms for insureds?

, A. NAIC (National Association of Insurance Commissioners)
B. State insurance carriers
C. Insurance Carriers

D. Insurance Producers - CORRECT ANSWER - C. Insurance Carriers


What makes an insurance policy a unilateral contract?


A. Only the insured is legally bound
B. Only the insured pays the premium
C. Only the insurer is legally bound

D. Only the insured can change the provisions - CORRECT ANSWER - C. Only the
insurer is legally bound


Insurable interest does NOT occur in which of the following relationships?


A. Parent and Child
B. Business owner and business client
C. Sister and brother

D. Business partners - CORRECT ANSWER - B. Business owner and business client


Which of the following is an example of the insured's consideration?


A. Insurer's promise to pay benefits
B. Legal purpose
C. A paid premium

D. Intent - CORRECT ANSWER - C. A paid premium