Life Insurance Exam Primerica

stock company - Answer- The insurer organized to return a profit to the stockholders is what type of insurer? Insurer - Answer- When agents act within the scope of their contract, their actions will he assumed to be the acts of whom? Mutual Company - Answer- The type of insurance company organized to return any surplus money to its policyholders is known as what? The Agent - Answer- If an applicant does not receive his or her insurance policy, who would be held responsible? Moral Hazard - Answer- An applicant conceals relevant health information on the application. The applicant presents what type of hazard? Agreement (offer and acceptance), consideration, competent parties, and legal purpose - Answer- What are the four elements of an insurance contract? Send application back to applicant for signature - Answer- If an agent fails to obtain the applicants signature on the insurance application, what must the insurer do? The Fair Credit Reporting Act - Answer- What law protects consumers from the circulation of inaccurate or obsolete information? speculative - Answer- Wagering on a sporting event is known as what type of risk? Contract Law - Answer- Law that refers to agreements between individuals and entities that are binding Insurance - Answer- A product that transfers risk from an individual to an insurance company or organization beneficiary - Answer- person entitled to benefits or proceeds of an insurance policy or will offer and acceptance - Answer- Required for a valid contract; an offer by one party that is accepted by the other. consideration - Answer- something of legal value given in exchange for a promise Competent Parties - Answer- Those entering into the contract must be of legal age and must be mentally competent Legal P