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Exam (elaborations)

XCEL CHAPTER 3 EXAM 2025 QUESTIONS AND ANSWERS

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Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - ANS Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - ANS Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. Only the insured can change the provisions C. Only the insurer is l

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  • xcel chapter 3 exam 2025 questions and answers

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XCEL CHAPTER 3 EXAM 2025
QUESTIONS AND ANSWERS


Which contract element is insurable interest a component of?
A. Competent parties
B. Offer and acceptance
C. Consideration

D. Legal purpose - ANS Legal purpose


In an insurance contract, the element that shows each party is giving something of value is
called?
A. offer
B. acceptance
C. consideration

D. purpose - ANS Consideration


What makes an insurance policy a unilateral contract?
A. Only the insured pays the premium
B. Only the insured can change the provisions
C. Only the insurer is legally bound

D. Only the insured is legally bound - ANS Only the insurer is legally bound


The authority granted to a licensed producer is provided via the?
A. producer's apparent authority
B. written contract

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