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Prometric Arizona License Exam - Terms Questions with Explanations of Answers | latest upate 2024
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Prometric Arizona License Exam - Terms Questions with Explanations of Answers | latest upate 2024
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Prometric Arizona License Exam - TermsAdverse Selection - ANS-insuring of risks more prone to losses than the average risk.
Agent/ Producer - ANS-a legal representative of an insurance company; the
classification of PRODUCER usually includes agents & brokers; AGENTS are the
agents of the insurer.
Applicant (or proposed insured) - ANS-a person applying for insurance
Avoidance - ANS-eliminating exposure to a loss
Broker - ANS-an insurer producer not appointed by an insurer and is deemed to
represent the client.
Casualty Insurance - ANS-insures against the loss and/or damage of property and
resulting liabilities
Definite and measurable - ANS-A loss that is specific as to the cause, time, place and
amount. An insurer must be able to determine how much the benefit will be and when it
becomes payable.
Due to chance - ANS-a loss that is outside the insured's control
Exposure - ANS-A unit of measurement used to determine rates charged for insurance
coverage. a large # of units having the same or similar exposure to loss are referred to
as HOMOGENOUS. The basis of insurance is sharing risk between a large
homogenous group with similar exposure to loss.
Insurance - ANS-Transfers the risk of loss from an individual or business entity to an
insurance company, which in turns spreads the costs of unexpected losses to many
individuals.
Insurance Policy - ANS-a contract between a policyowner (&/or insured) and an
insurance company which agrees to pay the insured or the beneficiary for loss caused
by specific events.
Insured - ANS-the person covered by the insurance policy. This person may or may not
be the policy owner.
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