Exam Fx Life and Health Tip Sheet Exam Questions and Answers.
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Course
Fx Life and Health
Institution
Fx Life And Health
ExamFxLifeandHealthTipSheetExamQuestionsand
Answers.
Perils - Correct Answer the cause of loss
Policy Owner - Correct Answer the person who has the rights and privileges in the policy
Risk - Correct Answer Uncertainty or chance of loss
-Pure Risk(Insurable)
-Speculative(Uninsurable)
Insured ...
Authority to Transact Business
-Admitted/Authorized (have a certificate of Authority)
-Nonadmitted/Unauthorized
, Location
-Domestic(this state)
-Foreign (another state or province)
Allien (another country)
Insurance Contract - Correct Answer 4 Required Elements:
-Agreement (offer and acceptance)
-Consideration (exchange of something of value)
-Competent parties (of legal age and mentally competent)
-Legal purpose (must have Insurable interest and consent)
Contract Characteristics - Correct Answer -Personal (between an insurer and individual )
-Aleatory (exchange of unequal values)
-Unilateral (only one party is legally bound to a contract)
-Adhesion (contracts are accepted bu the applicants as is)
-Conditional (both parties must meet certain conditions)
Legal Terms - Correct Answer -Representation (a Statement believed to be true to the best
of ones's knowledge)
Misrepresentation (an untrue statement on the insurance application)
-Material misrepresentation (a statement that, if discovered, can alter the underwriting
decision)
-Warranty (An absolutely true statement)
Concealment (Intentional withholding of material information)
-Fraud (intentional act with the purpose of deceiving)
Ideally Insurable Risk - Correct Answer -Due to chance
-Definite and measurable
-Statistically predictable
-Not catastrophic
-Randomly selected from a large pool
Law of Agency - Correct Answer acts of the agents within the scope of their authority are
deemed to be the acts of the insurer. Agents have 3 types of authority.
3 Types of authority - Correct Answer -Express (written in the contract)
-Implied (assumed necessary to conduct business
-Apparent (based on agents words and actions)
Insurable interest - Correct Answer financial interest in the life of another person or in a
piece of property
Solicitation of Insurance - Correct Answer Attempt to persuade a person to buy a policy
Underwriting - Correct Answer Risk selection and classification
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