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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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PA LIFE, ACCIDENT, & HEALTHINSURANCE 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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