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2024 Minnesota Life, Accident And Health Insurance Exam Questions And Answers Latest Update
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2024 Minnesota Life, Accident And Health Insurance Exam Questions And Answers Latest Update
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2024 Minnesota Life, Accident And HealthInsurance Exam Questions And Answers
Latest Update
Elements of Insurable Risk Answer: (CANHAM)
Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable
Direct Response Answer: No Agent/Producer Involved; Direct mail, magazines, television, internet,
and radio advertisements
Agency Answer: The agent acts on behalf of the insurer, represents on behalf of the principle
3 types of Agent Authority Answer: express, implied, apparent
Express Authority Answer: The authority granted to an agent by means of the agent's written
contract.
Implied Authority Answer: Authority that is not expressed or written into the contract, but which
the agent is assumed to have in order to transact the business of insurance for the principal. (Business
cars/cell phone)
Apparent Authority Answer: Authority others presume you have, its "apparent" you have the
authority you do
Elements of a legal contract Answer: CLOAC
Consideration (Money, exchange of value)
Legal Purpose (Risk can't break the law)
, Offer
Acceptance
Competent Parties (Legal Age, sober, mentally sane)
Contract of Adhesion Answer: the insured must accept the entire contract with all of its terms and
conditions (Cannot be changed)
Aleatory Contract Answer: The exchange of value is unequal. (premium vs benefit)
Utmost Good Faith Answer: Trust, other party will do there part
Unilateral Contract Answer: Only one party has a legally enforceable promise (If the client doesnt
pay premiums, Insurance company CANNOT sue. If the insurance company does not pay the benefit, the
client CAN sue)
indemnity Answer: Returns you to where you once were (Can't get rich from Insurance)
Representation Answer: Statement believed to be entirely true
Material misrepresentation Answer: info that was misstated that would have changed the
underwriting outcome
Warranty Answer: Statement guaranteed to be true (Almost always by Insuring company)
Concealment Answer: Not telling/hiding/leaving out information on an application (If
intentional/material, it could void the contract)
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