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Oregon Life and Health exam questions and answers 2024 $13.99   Add to cart

Exam (elaborations)

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...

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  • September 18, 2024
  • 73
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • LIFE INSURANCE
  • LIFE INSURANCE
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CleanA
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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