California Life, Accident, and Health Insurance 2023
Questions and Answers
1.Insurance is defined as?✔✔✔ A contract whereby one undertakes to
indemnify another against loss, damage, or liability arising from a
contingent or unknown event.
2.A written instrument in which a contract of insurance is set forth is the?
An agreement between the insurer and the insured, the person who is
covered by the insurance, is established in a legal document referred to as
a contract of insurance✔✔✔ policy
3. Loss is?✔✔✔ defined as reduction in the value of an asset
4.To be paid for a loss the insured must notify the insurer by?✔✔✔
making a claim
5. What is an insurable interest?
It must be based on?✔✔✔ An interest in the life of an individual by which
there will be a loss if the insured dies.
Either a family relationship or on economic factors Must exist at the tie
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,of applica- tion, not necessarily at the time of loss. If you would benefit if
a person continues to live, you have an insurable interest in that person.
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,6.To "rescind" a policy means to?✔✔✔ void or cancel the policy flat
by returning all premiums to the insured. It is as if the policy never
existed and no coverage applies
7.What is fraud?✔✔✔ An intentional and fraudulent omission on the
part of an insured that allows the insurer to rescind the contract
8. What is perjury?✔✔✔ A false representation on a signed claim form
9.Concealment is?✔✔✔ the neglect to communicate that which
a party knows and ought to communicate
10.Does concealment, whether intentional or unintentional, entitle the in-
jured party to rescind the insurance?✔✔✔ Yes
11.What is an express warranty? ✔✔✔ A statement in a policy of a
matter relating to the person or thing insured, or to the risk, as a
fact
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, 12.A warranty may relate to the past, the present, or the future? True or
False✔✔✔ True
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Questions and Answers
1.Insurance is defined as?✔✔✔ A contract whereby one undertakes to
indemnify another against loss, damage, or liability arising from a
contingent or unknown event.
2.A written instrument in which a contract of insurance is set forth is the?
An agreement between the insurer and the insured, the person who is
covered by the insurance, is established in a legal document referred to as
a contract of insurance✔✔✔ policy
3. Loss is?✔✔✔ defined as reduction in the value of an asset
4.To be paid for a loss the insured must notify the insurer by?✔✔✔
making a claim
5. What is an insurable interest?
It must be based on?✔✔✔ An interest in the life of an individual by which
there will be a loss if the insured dies.
Either a family relationship or on economic factors Must exist at the tie
1|Page
atm4success@stuvia
,of applica- tion, not necessarily at the time of loss. If you would benefit if
a person continues to live, you have an insurable interest in that person.
2|Page
atm4success@stuvia
,6.To "rescind" a policy means to?✔✔✔ void or cancel the policy flat
by returning all premiums to the insured. It is as if the policy never
existed and no coverage applies
7.What is fraud?✔✔✔ An intentional and fraudulent omission on the
part of an insured that allows the insurer to rescind the contract
8. What is perjury?✔✔✔ A false representation on a signed claim form
9.Concealment is?✔✔✔ the neglect to communicate that which
a party knows and ought to communicate
10.Does concealment, whether intentional or unintentional, entitle the in-
jured party to rescind the insurance?✔✔✔ Yes
11.What is an express warranty? ✔✔✔ A statement in a policy of a
matter relating to the person or thing insured, or to the risk, as a
fact
3|Page
atm4success@stuvia
, 12.A warranty may relate to the past, the present, or the future? True or
False✔✔✔ True
4|Page
atm4success@stuvia
