Mississippi life producer exam Already Passed!!

Which of the following is an insurance company that is organized under the laws of a different state within the United States? - Foreign protects the consumer's right to the privacy of credit and financial information, ensuring that all collected data is confidential, accurate, relevant and properly used - Fair Credit Reporting Act To indemnify means - to compensate for a loss or to make whole Principle of Indemnity - insurance is designed to restore an insured to the same physical or financial condition which existed prior to the loss, without a profit or gain In the case of life and health insurance, contract law requires that - insurable interest must exist at the time of the application, not the time of the loss Consideration - the exchange of value that makes a contract binding. The insured's consideration is the payment of premium, along with an agreement to abide by the conditions of the contract. What is the insurers consideration? - The insurer's promise to indemnify in the event of a loss is its consideration, as is specified in the insuring clause of the policy Each of the following is an element of a legal contract, except: - indemnity A contract of adhesion - the insured must accept the entire contract with all of its terms and conditions(take it or leave it basis) Aleatory contract - a contract where the values exchanged may not be equal but depend on an uncertain eventunilateral contract - Only one party is legally bound to the contractual obligations after the premium is paid to the insurer. Only the insurer makes a promise of future performance, and only the insurer can be charged with breach of contract.