Oregon Life and Health exam questions and answers 2024
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Course
LIFE INSURANCE
Institution
LIFE INSURANCE
adverse selection - answer-insuring of risks more prone to loss than average risk
agent/producer - answer-a legal representative of an insurance company
applicant/proposed insured - answer-a person applying for insurance
hazard - answer-conditions that increase the probability of a loss; c...
Oregon Life and Health exam questions
and answers 2024
adverse selection - answer-✔insuring of risks more prone to loss than average risk
agent/producer - answer-✔a legal representative of an insurance company
applicant/proposed insured - answer-✔a person applying for insurance
hazard - answer-✔conditions that increase the probability of a loss; can be
physical, moral, or morale; for example leaving matches in front of a child
morale hazard - answer-✔indifference to loss
moral hazard - answer-✔tendency toward increased risk
physical hazard - answer-✔physical conditions, such as smoking
indemnity - answer-✔restoring the insured to the condition that existed before loss
insurance - answer-✔transfer of risk of loss from an individual to an insurer
insurance transaction - answer-✔solicitation, negotiations, or effectuation of a
contract
,insured - answer-✔the person covered by the insurance policy
insurer - answer-✔a company that issues an insurance policy
law of large numbers - answer-✔the larger the number of people with the same
exposure to loss, the more predictable the actual loss will be
peril - answer-✔the cause of loss; for example a fire
policyowner - answer-✔the person who has the rights and privileges in the policy
risk - answer-✔uncertainty or change of loss, only insure pure risk, can't insure
speculative risk
types of ownership for insurers - answer-✔stock
mutual: dividends to policy owners
Insurers authority to transact business - answer-✔1. admitted/authorized (have
certificate of authority)
2. non admitted/unauathorized
Domestic insurer - answer-✔this state
foreign insurer - answer-✔out of state
,alien insurer - answer-✔another country
insurance contract 4 required elements - answer-✔1. agreement: offer and
acceptance
2. consideration: exchange of something of value
3. competent parties: of legal age and mentally competent
4. legal purpose: must have insurable interest and consent
agreement - answer-✔offer and acceptance
consideration - answer-✔-exchange of something of value
-insurer: promise to pay a claim
-insured: premium paid and statements on application
competent parties - answer-✔of legal age and mentally competent
legal purpose - answer-✔must have insurable interest and consent
personal contract - answer-✔between an insurer and an individual
aleatory contract - answer-✔exchange of unequal values
unilateral contract - answer-✔only one party is legally bound to a contract, most
insurance contracts (the insurer is bound to promise)
, adhesion contract - answer-✔contracts are accepted by the applicants as is
conditional - answer-✔both parties must get certain conditions
representation - answer-✔a statement believed to be true to the best of one's
knowledge
misrepresentation - answer-✔an untrue statement on the insurance application
material misrepresentation - answer-✔a statement that if discovered can alter the
underwriting decision
warranty - answer-✔an absolutely true statement
concealment - answer-✔intentional withholding of material information
fraud - answer-✔intentional act with the purpose of deceiving another party
Ideally insurable risk - answer-✔1. due to chance
2. definite and measurable
3. statistically predictable
4. not catastrophic
5. randomly selected from a large pool
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