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Exam (elaborations)

Fred Loya Insurance Test with with Questions Solved 100% with Correct Answers

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Fred Loya Insurance Test with with Questions Solved 100% with Correct Answers

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  • September 19, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Fred Loya Insurance
  • Fred Loya Insurance
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KenAli
Fred Loya Insurance Test with with
Questions Solved 100% with Correct
Answers

warranties are guarantees - ✔a guarantee statement the insured has made to the insurer
that the insurer relies on to be true



Representations - ✔a fact that the insured believes is true that he/she puts on the application



Misrepresentation - ✔a lie, a false statement or fact.



Estoppel - ✔this says the insurance company be "stopped" from not paying a loss if the
agent made the insured understand that they were covered



selling for one company only - ✔companies that want agents to represent just them



Direct writers - ✔the agents are employees and receive a salary. with contract or appointment



Exclusive agents - ✔where the agents are independent business people but may only sell
for the company exlusively. one company no contract or appointments. paid commission.



Dite t response - ✔this is mail order with flyers in the news paper. no agents



selling for many companies - ✔independent Agents- the represent many companies and
own. their book of business

, reinsurance - ✔is insurance for insurance companies


risk - ✔Uncertainty concerning the occurrence of a loss



Exposure - ✔what the insured is exposing to the insurer to



premium calculations - ✔the higher the risk is, the greater the premium



Speculative Risk - ✔a risk in which there is a chance of either loss or gain



pure risk - ✔is insurable. it is when you can only lose, not win.



ARRTS - ✔Avoid, Reduce, Retain, Transfer, share



Deductible - ✔An amount the insured must pay before benefits become payable by
the insurance company.



hazard - ✔risk, peril; to expose to danger or harm; to gamble



peril - ✔the cause of a possible loss



loss - ✔physical destruction or reduction in vale of an item



Direct loss - ✔damage to the item itself, like wrecking your car

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