Nebraska Crop Insurance Verified Questions And Answers With Verified Updates
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Course
Nebraska Crop Insurance
Institution
Nebraska Crop Insurance
Apparent Authority - Authority created when the producer exceeds the authority expressed in the
agency contract. Example: the producer's issuance of a binder when, in fact, the producer has not been
granted such authority.
Foreign Insurer - An insurer not organized under the laws of this state, ...
Nebraska Crop Insurance
Apparent Authority - Authority created when the producer exceeds the authority expressed in the
agency contract. Example: the producer's issuance of a binder when, in fact, the producer has not been
granted such authority.
Foreign Insurer - An insurer not organized under the laws of this state, but in one of the other
states or jurisdictions within the United States, whether or not it is admitted to do business in the state
or jurisdiction.
Mutual - A ________ insurance company is owned by its policyholders.
Reinsurance - If an insurance company wants to transfer all or part of the risk it has accepted, it
would buy which of the following types of insurance?
Domestic Insurer - An insurer organized under the laws of this state, whether or not it is admitted
to do business in this state.
Alien Insurer - An insurer organized under the laws of any jurisdiction outside of the United
States, whether or not it is admitted to do business in this state.
Underwriting - Which insurance company department accepts the insurance risk?
Producer - Which of the following individuals represents the insurance company when selling an
insurance policy?
Express Authority - Authority that is written into the producer's contract. Example: producer's
binding authority if written in the contract
Implied Authority - Authority the public assumes the producer has. Example: providing quotes,
completing applications and accepting premiums on behalf of the insurer.
, Moral Hazard - Type of Hazard -dishonest tendencies that increase the probability of a loss;
certain characteristics and behaviors of people. Most closely related to some form of lying, cheating, or
stealing.
Morale Hazard - An attitude of indifference toward the risk of loss that increases the probability of
of a loss occurring. i.e driving too fast for conditions, not wearing a seatbelt.
Large group with dissimilar members - Each of the following must be included in an insurable risk,
except:
1) Calculable chance of loss
2)Excluded catastrophic perils
3)Large group of dissimilar members
4)Accidental losses
Indemnity - Which principle of insurance restores the insured to the same economic condition
that existed before the loss?
1) Indemnity
2) Insurability
3) Adhesion
4) Underwriting
Indemnity - Each of the following is an element of a legal contract, except:
1) Consideration
2) Legal Purpose
3) Agreement
4) Indemnity
A statement that is guaranteed to be true - A warranty is defined as which of the following?
1) Intentional misrepresentations on the application
2) Statement in the application that is guaranteed to be true
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