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XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ $5.99   Add to cart

Exam (elaborations)

XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+

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XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ Ambiguities in an insurance policy are always resolved in favor of the insured The authority granted to a licensed producer is provided via the law of agency ______ is NOT an element of a valid contract. countersignature In...

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  • May 13, 2024
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  • 2023/2024
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XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT

ANSWERS GRADED A+

Ambiguities in an insurance policy are always resolved in favor of the

insured

The authority granted to a licensed producer is provided via the

law of agency

______ is NOT an element of a valid contract.

countersignature

Insurable interest does NOT occur in which of the following relationships?

business ower and business client

What is implied authority defined as?

Authority that is not specifically given to an agent in the agency contract, but that an

agent can reasonably assume to carry out his/her duties

The power given to an individual producer that is not specifically addressed in

his/her contract is considered what type of authority?

implied

In an insurance contract, the insurer is the only party legally obligated to perform.

Because of this, an insurance contract is considered

unilateral

All of the following are elements of an insurance policy EXCEPT

claim forms

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