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MISSISSIPPI LIFE PRODUCER EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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MISSISSIPPI LIFE PRODUCER EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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MISSISSIPPI LIFE PRODUCER EXAM2024/2025 WITH 100% ACCURATE
SOLUTIONS
Which of the following is an insurance company that is organized under
the laws of a different state within the United States? - Precise Answer
✔✔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 - Precise Answer ✔✔Fair Credit Reporting
Act
To indemnify means - Precise Answer ✔✔to compensate for a loss or to
make whole
Principle of Indemnity - Precise Answer ✔✔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 -
Precise Answer ✔✔insurable interest must exist at the time of the
application, not the time of the loss
, Consideration - Precise Answer ✔✔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? - Precise Answer ✔✔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: - Precise
Answer ✔✔indemnity
A contract of adhesion - Precise Answer ✔✔the insured must accept the
entire contract with all of its terms and conditions(take it or leave it
basis)
Aleatory contract - Precise Answer ✔✔a contract where the values
exchanged may not be equal but depend on an uncertain event
unilateral contract - Precise Answer ✔✔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.
Conditional contract - Precise Answer ✔✔Both parties must perform
certain duties and follow rules of conduct to make the contract
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