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Rhode Island insurance exam Questions and Answers (100% pass)
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Rhode Island insurance exam Questions and Answers (100% pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Rhode Island insurance exam Questions and
Answers (100% pass)
the role of insurance is to - ✔️✔️transfer the risk of financial loss from an individual or
business to an insurance company
organized and incorporated under state law owned by stockholders who get a paid
share of the company's profit through dividends. also referred to as a nonparticipating or
non-par bc policy holder do not participate in paid dividends - ✔️✔️stock insurance
company
organized and incorporated under state law. but they have no stockholders. instead, the
policyholders own the company. owners get paid a share of the companies profits
through dividends. participating or par companies bc policy owners do not participate in
paid dividends - ✔️✔️mutual insurer companies
process of a stock company being converted into a mutual company - ✔️✔️mutualization
process of a mutual company being converted into a stock company -
✔️✔️demutualization
an association formed to underwrite and issue insurance like coverage on certain items
and areas that might otherwise be uninsurable - ✔️✔️Lloyds of London
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
are a specialized branch of the insurance industry that insurers other insurance
company's risk. *is an arrangement by which an insurance company transfers or sells a
portion of the risk to a reinsurance company - ✔️✔️reinsurers
the insurance company transferring the risk - ✔️✔️ceding company
industrial insurance sold by home service or debit insurance companies - ✔️✔️home
service insurers
when 3rd party ownership is involved, applicants who also happen to be the stated
primary beneficiary are required to have - ✔️✔️insurable interest in the proposed insured
which is considered a statement that is assured to be true in every respect -
✔️✔️warranty
which best describes a warranty - ✔️✔️statement guaranteed to be true
which of these is not considered to be an element of an insurance contract -
✔️✔️negotiating
a life insurance policy would be considered contract without? - ✔️✔️insurable interest
all of the following (bilateral unilateral aleatory adhesion) are considered to be typical
characteristics describing the nature of an insurance contract except - ✔️✔️bilateral
in an insurance contract the insurer is the only party who makes a legally enforceable
promise what kind of contract is this - ✔️✔️unilateral
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Taking receipt of premiums and holding them for the insurance company is an example
of - ✔️✔️fiduciary responsibility
a policy of adhesion can only be modified by whom - ✔️✔️the insurance company
In regards to representations or warranties, which of these statements is TRUE? - ✔️✔️if
material to the risk, false representation will void a policy
Statements made on an insurance application that are believed to be true to the best of
the applicant's knowledge are called - ✔️✔️representations
life and health insurance policies are - ✔️✔️unilateral contracts
which of the following consists of an offer, acceptance, and consideration? - ✔️✔️contract
when must insurable interests exist for a life insurance contract to be valid -
✔️✔️inception of the contract
The part of a life insurance policy guaranteed to be true is called a(n) - ✔️✔️warranty
K is shopping for a permanent life insurance policy that will offer her the most protection
per $. of annual premium. which of these policies best fits her needs? - ✔️✔️straight life
What type of life policy has a death benefit that adjusts periodically and is written for a
specific period of time? - ✔️✔️decreasing term
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