ACE HEALTH AND SICKNESS NC STATE EXAM: LATEST
QUESTIONS AND ANSWERS AND STEP BY STEP + TIPS.
c. A Warranty (correct)
In insurance, a guarantee that statements given by the applicant in the application for
insurance are absolute facts about a risk would be considered which of the following:
a. A Stated condition
b. A Conditional contract
c. A Warranty
d. A Waiver
c. Alien (correct)
Which of the following refer to an insurer incorporated or organized in another country,
but has operations in the state of North Carolina?
a. Domestic
b. Foreign
c. Alien
d. Reciprocal
c. Waiver (correct)
A voluntary relinquishment of a known legal right is a definition of:
a. Concealment
b. Warranty
c. Waiver
d. Estoppel
c. Unilateral (correct)
All personal insurance contracts (such as life or health) are referred to as ______
contracts because only one party writes the contract without input from the other party.
a. Bilateral
b. Specialized
c. Unilateral
d. Unique
d. What is not covered. (correct)
,The Declarations Page of the insurance policy identifies all of the following items
EXCEPT:
a. The amount of premium to be paid.
b. Who or what is insured.
c. The amount of insurance coverage
d. What is not covered.
a. Reinsurance (correct)
What type of insurance is used between insurers to provide insurance on the same
risk?
a. Reinsurance
b. Lloyd's of London
c. Reciprocal Exchanges
d. Multiple Employer Welfare Arrangements
b. Lloyd's of London (correct)
What type of insurance operation is used to insure unusual risks?
a. Reinsurance
b. Lloyd's of London
c. Reciprocal Exchanges
d. Multiple Employer Welfare Arrangements
a. Indemnity (correct)
A(n) __________ Contract is a contract type that promises to pay an amount equal to
the property covered under the policy if a loss occurs.
a. Indemnity
b. Reimbursement
c. Aleatory
d. Adhesion
d. Physical (correct)
9. Improper storage of flammable chemicals would be considered what type of hazard?
a. Moral
b. Legal
, c. Morale
d. Physical
a. Statements made by an applicant that are true to the applicant's best
knowledge (correct)
In insurance terms, which of the following would define a representation?
a. Statements made by an applicant that are true to the applicant's best knowledge
b. A warranty that statements are true and correct
c. Statements made by an applicant without any qualifications
d. Statements made by an applicant based solely on hearsay
b. Estoppel (correct)
A legal impediment to reasserting a known right after the fact is called:
a. Waiver
b. Estoppel
c. Fraud
d. Blocked
d. $15,000
In North Carolina an insurance producer may obtain an insurance Broker's license from
the North Carolina Department of Insurance (NCDOI). The applicant must post a Surety
Bond in the amount of _______ with the NCDOI.
a. $25,000
b. $10,000
c. $50,000
d. $15,000
c. Reciprocal Exchanges (correct)
13. What type of insurance covers members of a group with each member providing
benefits to each member if the member suffers a loss?
a. Reinsurance
b. Lloyd's of London
c. Reciprocal Exchanges
d. Multiple Employer Welfare Arrangements
QUESTIONS AND ANSWERS AND STEP BY STEP + TIPS.
c. A Warranty (correct)
In insurance, a guarantee that statements given by the applicant in the application for
insurance are absolute facts about a risk would be considered which of the following:
a. A Stated condition
b. A Conditional contract
c. A Warranty
d. A Waiver
c. Alien (correct)
Which of the following refer to an insurer incorporated or organized in another country,
but has operations in the state of North Carolina?
a. Domestic
b. Foreign
c. Alien
d. Reciprocal
c. Waiver (correct)
A voluntary relinquishment of a known legal right is a definition of:
a. Concealment
b. Warranty
c. Waiver
d. Estoppel
c. Unilateral (correct)
All personal insurance contracts (such as life or health) are referred to as ______
contracts because only one party writes the contract without input from the other party.
a. Bilateral
b. Specialized
c. Unilateral
d. Unique
d. What is not covered. (correct)
,The Declarations Page of the insurance policy identifies all of the following items
EXCEPT:
a. The amount of premium to be paid.
b. Who or what is insured.
c. The amount of insurance coverage
d. What is not covered.
a. Reinsurance (correct)
What type of insurance is used between insurers to provide insurance on the same
risk?
a. Reinsurance
b. Lloyd's of London
c. Reciprocal Exchanges
d. Multiple Employer Welfare Arrangements
b. Lloyd's of London (correct)
What type of insurance operation is used to insure unusual risks?
a. Reinsurance
b. Lloyd's of London
c. Reciprocal Exchanges
d. Multiple Employer Welfare Arrangements
a. Indemnity (correct)
A(n) __________ Contract is a contract type that promises to pay an amount equal to
the property covered under the policy if a loss occurs.
a. Indemnity
b. Reimbursement
c. Aleatory
d. Adhesion
d. Physical (correct)
9. Improper storage of flammable chemicals would be considered what type of hazard?
a. Moral
b. Legal
, c. Morale
d. Physical
a. Statements made by an applicant that are true to the applicant's best
knowledge (correct)
In insurance terms, which of the following would define a representation?
a. Statements made by an applicant that are true to the applicant's best knowledge
b. A warranty that statements are true and correct
c. Statements made by an applicant without any qualifications
d. Statements made by an applicant based solely on hearsay
b. Estoppel (correct)
A legal impediment to reasserting a known right after the fact is called:
a. Waiver
b. Estoppel
c. Fraud
d. Blocked
d. $15,000
In North Carolina an insurance producer may obtain an insurance Broker's license from
the North Carolina Department of Insurance (NCDOI). The applicant must post a Surety
Bond in the amount of _______ with the NCDOI.
a. $25,000
b. $10,000
c. $50,000
d. $15,000
c. Reciprocal Exchanges (correct)
13. What type of insurance covers members of a group with each member providing
benefits to each member if the member suffers a loss?
a. Reinsurance
b. Lloyd's of London
c. Reciprocal Exchanges
d. Multiple Employer Welfare Arrangements
