Indemnify Study guides, Class notes & Summaries

What is meant by referring to an insurance policy as a unilateral contract? - Only one party makes a legally enforceable promise when must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? - At all time Any situation that presents that possibility of a loss is known as - a loss exposure Which of the following information is not required to be communicated in a Life insurance contract? - Personal judgement the direct distribution of insura...

WebCE Property & Casualty Prep Exam Questions and Answers 2023 Risk Chance of loss 5 Risk or Loss Factors 1. Risk 2. Loss 3. Exposure 4. Peril 5. Hazard Insurance allows: Individual or group to transfer over to insurance company the risk of financial loss from a destructive event Fundamental purpose of insurance is: To indemnify policyholder against covered losses or restore policyholder back to same financial position they were in before Insurance companies may ...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restoring th...

Chapter 1 - Intro - correct answer List the 5 functions of insurance: - correct answer1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - correct answer1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain ...

NJ Title Insurance Exam with Correct and Verified Solution A deed recorded in Maryland conveys Greenacre to Frank for life and at his death to Jane, her personal representative and assigns the interest vested in Frank and Jane by this deed are commonly referred to as A. Fee simple B. Life estate remainder C. Free hold and non-freehold D. Vested life estate and contingent remainder - CORRECT ANSWER-B. Life estate remainder What is MAHT? A. Maryland Administration Household Training...

52 HOUR CALIFORNIA LIFE, ACCIDENT AND HEALTH COURSE 2024 #8Question #121859 When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be: -Answer-Correct Answer: Insolvent Explanation: Insolvency means any impairment of required minimum paid-in capital or the inability of the insurer to meet its financial obligations when they are due. #9Question #121863 An appointment as an agent of an insurer becomes effective on the date it is: -Answ...

Main purpose of Insurance - Allow the spread of risk Definition of Insurance - -Payment's made only when a certain peril has damaged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no payment for losses that are deliberately caused by an insured. Five important points to the definition of insurance: - -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss Prevention and Loss Reduction -Source of Employm...

As used in this code the word "shall" is - ️️Mandatory (unless otherwise apparent) As used in this code the word "may" is - ️️permissive (unless otherwise apparent) "Oath" includes - ️️affirmation "Person" means - ️️person, association, organization, partnership, business trust, limited liability company, or corporation Definition of Insurance - ️️Insurance is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising...

Insurance: transfer of risk by contract to insurers who agree to indemnify insureds for losses Risk: chance of loss pure risk: only outcomes are loss or no loss personal risk: premature death, insufficient income, poor health, unemployment property risk: loss of real property or personal property (on the land not the land itself) Liability risk: something that results in loss to another (3rd party buyout) Controlling risk: risk management; minimal loss speculative risk: either profit or l...

Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers) Insurance - CORRECT ANSWER A contract that indemnifies another against loss, damage, or liability Indemnify - CORRECT ANSWER To make one whole by restoring them to the same financial position that existed before the loss Pure risk - CORRECT ANSWER There is only a chance of loss and there is no possibility for gain (insurable) Speculative risk - CORRECT ANSWER Uncertainty of loss or g...