20-44 License Exam Questions and Answers 100% Pass

20-44 License Exam Questions and Answers 100% Pass Risk - Correct Answer ️️ -Change of a financial loss/uncertainty of a loss to happen/uncertainty of future outcome Assumed Risk - Correct Answer ️️ -Amount of risk the insured is willing to absorb Pure Risk - Correct Answer ️️ -A situation that present the opportunity for loss, but for no gain; Insurable risk Speculative Risk - Correct Answer ️️ -Uncertainty about an event under consideration that could produce either a profit or loss/Business venture/Non-insurable risk Insurance - Correct Answer ️️ -Contract where one indemnifies or pays another a specific amount Law of Large Numbers - Correct Answer ️️ -Statistical theory stating the larger the number of similar exposure united the more predictable and accurate the estimate of expected loss Policy - Correct Answer ️️ -Written contract/agreement for or effecting insurance including clauses, riders and endorsement Declaration Page - Correct Answer ️️ -Includes Named Insured and Address, policy period, premium, limits and loss payee/mortgagee Insuring Agreement - Correct Answer ️️ -Portion of the insurance policy in which the Insurer(Insurance Company) promises to make payment for covered perils to or on behalf of the insured Conditional Contract - Correct Answer ️️ -Obligation of the insurer (Insurance Company) may be based on insured satisfying certain conditions Exclusions - Correct Answer ️️ -Section of policy which lists property, perils, losses, persons or situations which are not covered Endorsement - Correct Answer ️️ -Written form attached to an insurance policy that alters the policy's coverage, terms, or conditions Binders - Correct Answer ️️ -Temporary insurance/ Can be written or oral Certificate of Insurance - Correct Answer ️️ -Document providing evidence that certain types of insurance coverages and limits have been purchased by the insured Contract of Adhesion - Correct Answer ️️ -Contract created by insurance company - insured cannot negotiate terms Unilateral Contract - Correct Answer ️️ -Contract where only one party makes an enforceable promise Personal Contract - Correct Answer ️️ -Covers the financial loss suffered by a person - not the property or operations Definition of Insured - Correct Answer ️️ -Any person/organization specifically designated by name as an insured in an insurance policy, as well as others, that although unnamed, fall within policy definition Insurable Interest - Correct Answer ️️ -One who has an economic interest Limits of Liability - Correct Answer ️️ -Maximum amount of insurance the company will pay for a particular loss Casualty Insurance - Correct Answer ️️ -All insurance other than Life & Health Property Insurance - Correct Answer ️️ -Carrier pays directly to the insured/First