exam fx ch 1 : general insurance questions with correct answers

applicant CORRECT ANSWER (proposed insured) 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 an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events insured CORRECT ANSWER the person covered by the insurance policy (may or may not be the policyowner) insurer CORRECT ANSWER (principal) the company who issues an insurance policy policyowner CORRECT ANSWER the person entitled to exercise the rights and privileges in the policy premium CORRECT ANSWER the money paid to the insurance company for the insurance policy