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NJ Accident and Health Producer insurance Exam Chapter #1.
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NJ Accident and Health Producer insurance Exam Chapter #1.
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NJ Accident and Health Producerinsurance Exam Chapter #1
The Agent/ Producer is - correct answer-The legal representative of an insurance company
The Applicant/ Proposed insured is - correct answer-a person applying for the insurance
The insurable interest is - correct answer-the policy owner facing the possibility of losing
something of value in the event of loss
What does Consent mean? - correct answer-permission to do something
What is an Insurance Policy? - correct answer-a contract between a policy owner and
insurance company which agrees to pay for loss caused by specific event
the "insured" is - correct answer-The person covered by the insurance policy; may or may
not be the policy owner
The "insurer" is - correct answer-the principal or company who issues an insurance policy
What is the "Policyowner"? - correct answer-the person entitled to excercise the right and
privileges in the policy
What is "Premium" - correct answer-The money paid to the insurance company for the
insurance policy
What are the elements of a legal contract? - correct answer-Agreement (offer & accepted),
Consideration, Competent Parties and Legal purpose
Insurable Interest is proven by - correct answer-love and affection, economic or financial
loss. In life and health insurance, it is required at the time of policy issuance.
When a contract is "conditional" it... - correct answer-requires that certain conditions must be
met by the policyowner and the company in order for the contract to be excecuted
A unilateral contract mean - correct answer-only one of the parties to the contract is legally
bound to do anything. The insured makes no legally binding promises. However, insurer is
legally binding to pay losses covered by a policy in force
A contract of adhesion is - correct answer-a contract prepared by the insurer and accepted
or rejected by the insured. it's on a take-it or leave-it bases and any ambiguities in the
contract will be settled in favor of the insured.
What is a Warranty - correct answer-an absolutely true statement upon which the validity of
the insurance policy depends.
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