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
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 KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.