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Exam Fx: Personal Lines Insurance: General Insurance Questions And Answers With Verified Solutions 100% Correct!!! $12.99   Add to cart
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Exam Fx: Personal Lines Insurance: General Insurance Questions And Answers With Verified Solutions 100% Correct!!!
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Exam Fx: Personal Lines Insurance: General Insurance Questions And Answers With Verified Solutions 100% Correct!!!

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  • October 1, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Personal lines
  • Personal lines

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Exam Fx: Personal Lines Insurance:
General Insurance Questions And
Answers With Verified Solutions 100%
Correct!!!
Agent/ Producer - ANSWER✔✔a legal representative of an insurance company;
the classification of a producer usually included agents and brokers; agents are the
agents of the insurer


Applicant or proposed insured - ANSWER✔✔a person applying for insurance


Broker - ANSWER✔✔an insurance producer not appointed by an insurer and is
deemed to represent the client


Insurance policy - ANSWER✔✔a contract between a policyowner (and/or insured)
and an insurance company which agrees to pat the insured or the beneficiary for
loss caused by specific events


Insured - ANSWER✔✔the person covered by the insurance policy. This person
may or may not be the policyowner


Insurer (principal) - ANSWER✔✔the company who issues an insurance policy.
An entity that indemnifies against losses, provide benefits or renders services


Policyowner - ANSWER✔✔the person entitles to exercise the rights and privileges
in the policy. this person may or may not be insured

, Premium - ANSWER✔✔the money paid to the insurance company for the
insurance policy. It's a periodic payment to the insurance company to keep the
policy in force


Reciprocity/Reciprocal - ANSWER✔✔a mutual interchange of rights and
privileges


Insurance - ANSWER✔✔the transfer of the possibility of a loss (risk) to an
insurance company, which in turn spreads the cost of unexpected losses to many
individuals


Risk - ANSWER✔✔is the uncertainty or chance of a loss occurring. The two types
of risks are pure and speculative, only one of which is insurable


Pure Risk - ANSWER✔✔refers to situations that can only result in a loss or no
change. There is no opportunity for financial gain. It is the only type of risk that
insurance companies are willing to accept


Speculative Risk - ANSWER✔✔involves the opportunity for either loss or gain.
An example of speculative risk is gambling. These types of risk are NOT insurable


Transacting Insurance - ANSWER✔✔includes any of the following:
S- Sale (effectuation of a contract of insurance)
A- Advising (concerning converge or claims)
N- Negotiating (insurance or annuities)
S- Soliciting (insurance or annuities on behalf of another person)

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