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NYS Life Insurance License Exam Questions and Complete Solutions Graded A+.
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NYS Life Insurance License Exam Questions and Complete Solutions Graded A+.
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NYS Life InsuranceLicense Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Insurance - Answer: A contract whereby one party (insurer) agrees to indemnify or guarantee another
party (insured) against a loss by a specified future contingency or peril in return for payment of a
premium.
Risk - Answer: Uncertainty as to the outcome of an event whentwo or more possibilities exist
Three types of hazards - Answer: Physical, Moral, Morale
peril - Answer: the cause of a possible loss
Elements of insurable risk - Answer: Loss must be (1) due to chance, (2) definite and measurable, (3)
statistically predictable, (4) not catastrophic, (5) with large loss exposure, and (6) insurance cannot be
mandatory
The difference between an authorized/admitted and unauthorized/non-admitted insurer - Answer: And
admitted or authorizing insurer is qualified and receives a certificate of authority from the Department
of insurance to transact insurance in the state. A nonadmitted or an authorized insurer is an insurance
company that has not applied for or has been denied a certificate of authority and may not transact
insurance
The difference between domestic, foreign and alien insurance companies - Answer: Domestic insurer is
incorporated in this state. A foreign insurer is incorporated in another state. A alien insurer is
incorporated outside of the United States
Three types of agent authority - Answer: Express, a parent, and implied
Four elements of an insurance contract - Answer: Agreement - offer and acceptance, consideration,
competent parties, and legal purpose
indemnify - Answer: To "restore" an insured to the same financial status as before the loss
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