Oregon Life and Health exam questions and answers 2024
5 views 0 purchase
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CleanA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
