COLORADO LIFE INSURANCE FINAL EXAM
COMPREHENSIVE EXAMINATION TEST 250
PLUS SOLVED QUESTIONS AND ANSWERS
GRADED A+
⩥ implied Authority.
Answer: Authority that is not expressed or written into the
contract, but which the agent is assumed to have in order to
transact the business of insurance for the principal.
⩥ indemnify.
Answer: to restore the insured to the same condition as prior to
loss with no intent of loss or gain
⩥ insolvent organization.
Answer: A member organization which is unable to pay its
contractual obligations and is placed under a final order of
liquidation or rehabilitation by a court of competent jurisdiction.
⩥ Insurability.
,Answer: The acceptability of an applicant who meets an
insurance company's underwriting requirements for insurance.
⩥ insurable interest.
Answer: a financial interest in the life of another person; a
possibility of losing something of value if the insured should
die. In Life Insurance, insurable interest must exist at the time of
policy application or policy issue.
⩥ insurance.
Answer: a contract whereby one-party (insurer) agrees to
indemnify or guarantee another party (insured) against loss by a
specific future contingency or peril in return for payment of a
premium
⩥ Insured.
Answer: the person or organization that is protected by
Insurance; the party is to be indemnified
⩥ Insurer.
Answer: an entity that indemnifies against losses, provides
benefits, or renders services (also known as "company" or
"Insurance Company").
, ⩥ Insuring Clause.
Answer: A general statement that identifies the basic agreement
between the insurance company and the insured, usually located
on the first page of the policy.
⩥ intentional injury.
Answer: An act that is intended to cause injury. Self-inflicted
injuries are not covered under accident insurance; intentional
injuries inflicted on the insured by another are covered.
⩥ investigative Consumer Reports.
Answer: A report similar to consumer report, but one that also
provides information on the consumer's character, reputation and
habits.
⩥ Issue Age.
Answer: The individual's age when a policy is issued.
⩥ joint life.
Answer: A single policy that is designed to insure two or more
lives.
COMPREHENSIVE EXAMINATION TEST 250
PLUS SOLVED QUESTIONS AND ANSWERS
GRADED A+
⩥ implied Authority.
Answer: Authority that is not expressed or written into the
contract, but which the agent is assumed to have in order to
transact the business of insurance for the principal.
⩥ indemnify.
Answer: to restore the insured to the same condition as prior to
loss with no intent of loss or gain
⩥ insolvent organization.
Answer: A member organization which is unable to pay its
contractual obligations and is placed under a final order of
liquidation or rehabilitation by a court of competent jurisdiction.
⩥ Insurability.
,Answer: The acceptability of an applicant who meets an
insurance company's underwriting requirements for insurance.
⩥ insurable interest.
Answer: a financial interest in the life of another person; a
possibility of losing something of value if the insured should
die. In Life Insurance, insurable interest must exist at the time of
policy application or policy issue.
⩥ insurance.
Answer: a contract whereby one-party (insurer) agrees to
indemnify or guarantee another party (insured) against loss by a
specific future contingency or peril in return for payment of a
premium
⩥ Insured.
Answer: the person or organization that is protected by
Insurance; the party is to be indemnified
⩥ Insurer.
Answer: an entity that indemnifies against losses, provides
benefits, or renders services (also known as "company" or
"Insurance Company").
, ⩥ Insuring Clause.
Answer: A general statement that identifies the basic agreement
between the insurance company and the insured, usually located
on the first page of the policy.
⩥ intentional injury.
Answer: An act that is intended to cause injury. Self-inflicted
injuries are not covered under accident insurance; intentional
injuries inflicted on the insured by another are covered.
⩥ investigative Consumer Reports.
Answer: A report similar to consumer report, but one that also
provides information on the consumer's character, reputation and
habits.
⩥ Issue Age.
Answer: The individual's age when a policy is issued.
⩥ joint life.
Answer: A single policy that is designed to insure two or more
lives.
