Fx insurance Study guides, Class notes & Summaries

Exam FX Insurance _ Chapter 1 : Introduction to Insurance questions with correct answers

Exam FX Insurance Practice Exam Questions with 100% Correct Answers | Latest Update 2024 | Verified

What is insurance correct answer: the legal agreement ,or contract, whereby the two parties involved agree to the limits of the indemnification, the circumstances under which it will occur and what things of value( consideration) will be exchanged by the parties to the contract. What is the definition of a "person" in insurance correct answer: In the law, a person is a legal entity which acts on behalf of itself, accepting legal and civil responsibility for the actions it performs and mak...

Exam FX Insurance Practice Exam Questions and Answers | RATED A+

Health Insurance (Exam FX) Agent/Producer - A legal representative of an insurance company Broker - An insurance producer not appointed by an insurer and whom represents the client Insured - A person covered by an insurance policy Insurance policy - A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Principal - Insurer, company who issues insurance policies Policyowner...

The causes of loss insured against in an insurance policy are known as : Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? : Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two bedrooms, so the insu...

The causes of loss insured against in an insurance policy are known as correct answer: Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? correct answer: Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has t...

Health Insurance (Exam FX)-with 100% verified solutions-2023-2024

Agent/Producer CORRECT ANSWER a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicants (or proposed insured) CORRECT ANSWER a person applying for insurance Broker CORRECT ANSWER an insurance producer not appointed by an insurer and is deemed to represent the client Insurance Policy CORRECT ANSWER a contract between a policyowner (and/or insured) and an insurance company which agree...