Kentucky Property and Casualty
Insurance Licesnse Exam|44 Questions
and answers
In which of the following would you have an insurable interest? - -a car in
which you are still paying on, a home yiu have rented to a tenant
- Transferring risk - -Insurance is a means of
- An Inusrable Risk - -Hail damage to a car
- Peril - -the cause of loss EXAMPLE Fire, flood, volcanoe.
- Morale Hazard - -Arises Through an individuals carelessness or
irresponsible actions. EXAMPLE, leaving a lit cigarette in your ashtray and
leaving the house
- Parts of an insusrance contract - -DDICE
Declarations, Definition, Insuring agreements, Conditions, Exclusions
- The insusrance contract is considered a contract of indemnity - -Becauze
an insured may collect no more than the amount required to restore him or
her to the same financial condition that existed prior to the loss
- Parts of a Legal Contract - -CLOC
Competent parties, Legal purpose, offer and acceptance, Consideration
- Consideration - -Thing of value exchanged for the performance promised
in the contract.
- An inusrace Policy is considered a unilateral contract because - -The
insurace company is not the only party obligated to perform under the
inusrance contract.
- What constitutes an agreement to enter a valid contract? - -A specific offer
by one party and acceptance by the other.
- Nonexclusive agent - -Represents more than one insurance company
- Prior approval states - -The rates and policy forms inusrance companies
use must be approved by the insurance department of the state where they
will be used.
- Mutual Insurance Company - -Owned by its policy holders. (MUTUAL)
Insurance Licesnse Exam|44 Questions
and answers
In which of the following would you have an insurable interest? - -a car in
which you are still paying on, a home yiu have rented to a tenant
- Transferring risk - -Insurance is a means of
- An Inusrable Risk - -Hail damage to a car
- Peril - -the cause of loss EXAMPLE Fire, flood, volcanoe.
- Morale Hazard - -Arises Through an individuals carelessness or
irresponsible actions. EXAMPLE, leaving a lit cigarette in your ashtray and
leaving the house
- Parts of an insusrance contract - -DDICE
Declarations, Definition, Insuring agreements, Conditions, Exclusions
- The insusrance contract is considered a contract of indemnity - -Becauze
an insured may collect no more than the amount required to restore him or
her to the same financial condition that existed prior to the loss
- Parts of a Legal Contract - -CLOC
Competent parties, Legal purpose, offer and acceptance, Consideration
- Consideration - -Thing of value exchanged for the performance promised
in the contract.
- An inusrace Policy is considered a unilateral contract because - -The
insurace company is not the only party obligated to perform under the
inusrance contract.
- What constitutes an agreement to enter a valid contract? - -A specific offer
by one party and acceptance by the other.
- Nonexclusive agent - -Represents more than one insurance company
- Prior approval states - -The rates and policy forms inusrance companies
use must be approved by the insurance department of the state where they
will be used.
- Mutual Insurance Company - -Owned by its policy holders. (MUTUAL)
