Ohio Life, Accident & Health Insurance
Exam (Series 11-35), General Insurance
Correct 100%
The requirement that agents must account for and properly remit all insurance funds
collected is known as what type of agency? - ANSWER Fiduciary
What document is required for an insurance company to transact insurance? -
ANSWER Certificate of Authority
In forming an insurance contract, when does acceptance usually occur? - ANSWER
When the insurer approves a prepaid application
If an insurer meets all the state's financial requirements and is approved to transact
business in the state, it is considered what kind of insurer? - ANSWER
Authorized/Admitted
When would a misrepresentation on an insurance application be considered fraud? -
ANSWER When it is intentional and material
When does an insurance policy go into effect? - ANSWER When the policy is delivered
and the premium is paid
What are the four elements of an insurance contract? - ANSWER Agreement (offer and
acceptance), consideration, competent parties, legal purpose
What entities make up the Medical Information Bureau? - ANSWER Insurers
What are the three types of agent authority? - ANSWER Express, implied, apparent
According to the Law of Agency, a principal is represented by whom? - ANSWER An
agent/producer
If an agent fails to obtain the applicant's signature on the insurance application, what
must the insurer do? - ANSWER Send the application back to the applicant for a
signature
The type of insurance company organized to return any surplus money to its
policyholders is known as what? - ANSWER Mutual company
The reduction, decrease, or disappearance of value of the person or property insured in
a policy is known as what? - ANSWER Loss
Exam (Series 11-35), General Insurance
Correct 100%
The requirement that agents must account for and properly remit all insurance funds
collected is known as what type of agency? - ANSWER Fiduciary
What document is required for an insurance company to transact insurance? -
ANSWER Certificate of Authority
In forming an insurance contract, when does acceptance usually occur? - ANSWER
When the insurer approves a prepaid application
If an insurer meets all the state's financial requirements and is approved to transact
business in the state, it is considered what kind of insurer? - ANSWER
Authorized/Admitted
When would a misrepresentation on an insurance application be considered fraud? -
ANSWER When it is intentional and material
When does an insurance policy go into effect? - ANSWER When the policy is delivered
and the premium is paid
What are the four elements of an insurance contract? - ANSWER Agreement (offer and
acceptance), consideration, competent parties, legal purpose
What entities make up the Medical Information Bureau? - ANSWER Insurers
What are the three types of agent authority? - ANSWER Express, implied, apparent
According to the Law of Agency, a principal is represented by whom? - ANSWER An
agent/producer
If an agent fails to obtain the applicant's signature on the insurance application, what
must the insurer do? - ANSWER Send the application back to the applicant for a
signature
The type of insurance company organized to return any surplus money to its
policyholders is known as what? - ANSWER Mutual company
The reduction, decrease, or disappearance of value of the person or property insured in
a policy is known as what? - ANSWER Loss
