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PA LIFE, ACCIDENT, & HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE ANSWERS $15.49
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PA LIFE, ACCIDENT, & HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE ANSWERS

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PA LIFE, ACCIDENT, & HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE ANSWERS

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  • 29 augustus 2024
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PA LIFE, ACCIDENT, & HEALTH
INSURANCE EXAM QUESTIONS WITH
COMPLETE ANSWERS
Insurance - Answer-defined as the transfer of PURE risk to the insurance company in
consideration for a premium.

The chance of loss without any chance of gain is called - Answer-pure risk

Speculative risk - Answer-has the possibility for gain or loss and is not insurable.

Risk is defined as the - Answer-chance of loss.

A condition that could result in a loss is known as an - Answer-exposure

A hazard is something that increases - Answer-the chance of loss.

The presence of a physical hazard - Answer-increases the chance of a loss occurring.

A peril is - Answer-defined as a cause of loss, such as fire.

To be insurable, - Answer-losses must be calculable.

The law of large numbers - Answer-allows insurers to predict claims more accurately.

The law of large numbers applies to - Answer-groups of people, not to individuals.

The more people in the group, - Answer-the more accurate the predictions are.

Most insurers buy reinsurance - Answer-to protect themselves in the event of a
catastrophic loss.

Insurance laws are not required - Answer-to be uniform from one state to another.

A stock insurer - Answer-may pay dividends to its shareholders (stockholders), but they
may not be guaranteed.

A reciprocal insurance company is managed by an - Answer-attorney-in-fact.

An unincorporated association of individuals who insure each other is known as -
Answer-a reciprocal insurer.

, The government offers insurance primarily based upon - Answer-social needs, such as
flood insurance and workers compensation, but does not offer insurance for the purpose
of preventing fraud.

A foreign company - Answer-has their home office in another state.

An insurer incorporated outside of the U.S. who sells in the U.S. is - Answer-an alien
company.

A producer may be personally liable when - Answer-violating the producer's contract.

Producers represent - Answer-the insurance company, not the insured.

Independent producers - Answer-own their own accounts and are not insurance
company employees.

Producers have - Answer-express, implied and apparent authority.

The authority a producer - Answer-has that is written in his or her contract is known as
express authority.

A producer's binding authority (if any) - Answer-is expressed (written down) in the
producer's contract with the insurer the producer represents.

The authority not expressly (written) granted, - Answer-but is actual authority the
producer has to transact normal business activities, is known as implied authority.

The elements of a legal contract may be remembered - Answer-by the acronym C-O-A-
L (consideration, offer, acceptance, legal purpose and legal capacity).

A requirement for a valid contract - Answer-is offer and acceptance, or mutual
agreement.

Advertising the availability of insurance is not - Answer-considered to be an offer.

A specific and definite proposal to enter into a contract is known as - Answer-an offer.

The consideration on a policy need - Answer-not be equal.

A policy may not be voided - Answer-due to unequal consideration.

Under the consideration clause, - Answer-something of value must be exchanged.

Because insurance contracts are contracts of adhesion, - Answer-policy ambiguities
always favor the insured.

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