Exam FX Questions Variable Michigan Questions and
Answers
Save
Terms in this set (212)
In insurance trasnactions, a Handling insurer funds in a trust capacity
fiduciary responsability
means?
If a court ordered payment Reasonable expectations
for a loss that was not
covered in the policy even if
it was clearly worded, it
would be an example of
which legal concept?
Events in which a person has Speculative risk (not insurable)
both the chance of winning
or losing are classified as
Which of the following is an The trust that a clent has when
example of a producer's
fiduciary duty?
A situation in which a person Pure risk
can only lose or have no
change represents
A material misrepresentation is a statement that, if
What is a material
discovered, would alter the underwriting decision of the
misrepresetation?
insurance company.
Which of the following is Admitted
another term for an
authorized insurer?
, The risk of loss may be Pure risk and speculative risk
classified as
An insurer that holds a Authorized Insurer
Certificate of Authority in the
state in which it transacts
business is considered a/an
An individual applies for a life The policy will not be affected.
policy. Two years ago he
suffered a head injury from
an accident, so he cannot
remember parts of his past,
but is otherwise competent.
He has also been
hospitalized for drug abuse,
but does not remember this
when applying for insurance.
The insurer issues the policy
and learns of his history one
year later. What will probably
happen?
In what way can an agent Putting the clients best intrests before their own
demonstrate a high standard
of ethics?
ABC insurance company Estoppel
receives an incomplete
application and issues the
policy anyway. Six months
later ABC realizes the missing
information. What term is
used that prevents ABC from
forcing the policyowner to
answer further questions?
Which services are Rating the financial strength of insurance companies
associated with Standard &
Poor's and AM Best?
Answers
Save
Terms in this set (212)
In insurance trasnactions, a Handling insurer funds in a trust capacity
fiduciary responsability
means?
If a court ordered payment Reasonable expectations
for a loss that was not
covered in the policy even if
it was clearly worded, it
would be an example of
which legal concept?
Events in which a person has Speculative risk (not insurable)
both the chance of winning
or losing are classified as
Which of the following is an The trust that a clent has when
example of a producer's
fiduciary duty?
A situation in which a person Pure risk
can only lose or have no
change represents
A material misrepresentation is a statement that, if
What is a material
discovered, would alter the underwriting decision of the
misrepresetation?
insurance company.
Which of the following is Admitted
another term for an
authorized insurer?
, The risk of loss may be Pure risk and speculative risk
classified as
An insurer that holds a Authorized Insurer
Certificate of Authority in the
state in which it transacts
business is considered a/an
An individual applies for a life The policy will not be affected.
policy. Two years ago he
suffered a head injury from
an accident, so he cannot
remember parts of his past,
but is otherwise competent.
He has also been
hospitalized for drug abuse,
but does not remember this
when applying for insurance.
The insurer issues the policy
and learns of his history one
year later. What will probably
happen?
In what way can an agent Putting the clients best intrests before their own
demonstrate a high standard
of ethics?
ABC insurance company Estoppel
receives an incomplete
application and issues the
policy anyway. Six months
later ABC realizes the missing
information. What term is
used that prevents ABC from
forcing the policyowner to
answer further questions?
Which services are Rating the financial strength of insurance companies
associated with Standard &
Poor's and AM Best?
