Exam (elaborations)
California Life Accident and Health Exam Practice 2024/2025 already graded A+
- Course
- Institution
California Life Accident and Health Exam Practice 2024/2025 already graded A+
[Show more]
Content preview
California Life Accident and Health ExamPractice
A
ABC INSURANCE - ANSJOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE
INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP?
A
ABC INSURANCE
B
JOHN
C
JANE
D
NONE
D
ADMITTED - ANSA(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE
POLICIES IN A PARTICULAR STATE.
A
DOMESTIC
B
NON-ADMITTED
C
FOREIGN
D
ADMITTED
B
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED -
ANSWHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROKER?
A
A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE
B
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED
C
A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE OFFICE
D
AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER EMPLOYER
C
,EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OTHER
THAT THERE IS NOTHING CONCEALED OR DISHONEST - ANSTHE INSURANCE
CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH, BECAUSE:
A
CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID THE
CONTRACT
B
THE INSURER HAS DRAWN UP THE CONTRACT AND, THEREFORE, THERE IS NO
INTENT TO DECEIVE
C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE OTHER
THAT THERE IS NOTHING CONCEALED OR DISHONEST
D
THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE
A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE
LOSS, WITH NO INTENT OF LOSS OR GAIN - ANSWHICH OF THE FOLLOWING BEST
DESCRIBES A CONTRACT OF INDEMNITY UNDER INSURANCE?
A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO THE
LOSS, WITH NO INTENT OF LOSS OR GAIN
B
THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUSTING THE
LOSS
C
THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS
D
SURPLUS - ANSTHE INSURED IS RESTORED TO A FINANCIAL CONDITION AS GOOD AS,
OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS
___________ INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSURANCE IS NOT
AVAILABLE FROM AN ADMITTED CARRIER.
A
FACULTATIVE
B
DOMESTIC
C
ALIEN
D
SURPLUS
C
PURE RISK - ANSWHICH OF THE FOLLOWING RISKS IS PROTECTED BY INSURANCE?
,A
CERTAIN RISK
B
SPECULATIVE RISK
C
PURE RISK
D
INVOLUNTARY RISK
A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS - ANSA
GOOD EXAMPLE OF RISK REDUCTION MIGHT BE:
A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS
B
THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK
C
THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY
D
INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF THE
INSURED
B
ADMITTED - ANSAN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A PARTICULAR
STATE IS SAID TO BE:
A
NON-ADMITTED
B
ADMITTED
C
DOMESTIC
D
FOREIGN
C
STOCK - ANSWHICH INSURER'S OWNER RECEIVES TAXABLE CORPORATE DIVIDENDS
AS A RETURN OF PROFIT?
A
MUTUAL
B
RECIPROCAL
C
STOCK
D
, FRATERNAL
B
ACCORDING TO THE LAW OF LARGE NUMBERS - ANSIN INSURANCE, WHEN THE
NUMBER OF SIMILAR UNITS INCREASE, THE PREDICTABILITY OF THE LOSS IMPROVES:
A
BECAUSE OF THE SIMILARITY OF UNITS IN LARGE QUANTITIES
B
ACCORDING TO THE LAW OF LARGE NUMBERS
C
BECAUSE OF ACCUMULATED EXPERIENCE
D
ACCORDING TO THE LAW OF AVERAGES
A
A UNILATERAL CONTRACT - ANSA CONTRACT WHEREBY ONLY ONE PARTY IS BOUND
TO FUTURE PERFORMANCE, IS SAID TO BE:
A
A UNILATERAL CONTRACT
B
A BILATERAL CONTRACT
C
A CONDITIONAL CONTRACT
D
AN ALEATORY CONTRACT
A
CAL-GLBA - ANSTHE CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT IS
SOMETIMES KNOWN AS:
A
CAL-GLBA
B
CA-FIPA
C
CA-HIPAA
D
CA-FCRA
B
INSURER - ANSIN CALIFORNIA, ANY PERSON THAT MANUFACTURES AND SELLS
INSURANCE COVERAGE BY WAY OF INSURANCE POLICIES OR CONTRACTS MAY BE
AN:
A
INSURED
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 Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now