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XCEL CHAPTER 3 EXAM 2025 QUESTIONS AND ANSWERS

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Ambiguities in an insurance policy are always resolved in favor of the - ANS insured The authority granted to a licensed producer is provided via the - ANS law of agency ______ is NOT an element of a valid contract. - ANS countersignature Insurable interest does NOT occur in which of the following relationships? - ANS business ower and business client What is implied authority defined as? - ANS Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? - ANS implied In an insurance contract, the insurer is the only party legally obligated to perform. Because of this, an insurance contract is considered - ANS unilateral All of the following are elements of an insurance policy EXCEPT - ANS claim forms Legal purpose is a term used in contract law meaning - ANS there must be legal reasons for entering into the contract XCEL CHAPTER 3 EXAM 2025 QUESTIONS AND ANSWERS

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Uploaded on: August 9, 2025
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xcel chapter 3 exam 2025 questions and answers

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XCEL CHAPTER 3 EXAM 2025
QUESTIONS AND ANSWERS

Ambiguities in an insurance policy are always resolved in favor of the - ANS insured

The authority granted to a licensed producer is provided via the - ANS law of agency

______ is NOT an element of a valid contract. - ANS countersignature

Insurable interest does NOT occur in which of the following relationships? - ANS business
ower and business client

What is implied authority defined as? - ANS Authority that is not specifically given to an
agent in the agency contract, but that an agent can reasonably assume to carry out his/her
duties

The power given to an individual producer that is not specifically addressed in his/her contract
is considered what type of authority? - ANS implied

In an insurance contract, the insurer is the only party legally obligated to perform. Because of
this, an insurance contract is considered - ANS unilateral

All of the following are elements of an insurance policy EXCEPT - ANS claim forms

Legal purpose is a term used in contract law meaning - ANS there must be legal reasons for
entering into the contract

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XCEL CHAPTER 3 EXAM 2025 QUESTIONS AND ANSWERS

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