Exam (elaborations)
Insurance license practice XCEL solutions Exam -2 Legal Concepts Questions and Answers Graded A+
- Course
- Institution
Insurance license practice XCEL solutions Exam -2 Legal Concepts
[Show more]
Content preview
Insurance license practice XCELsolutions Exam #2 Legal Concepts
Question 1
Which of these is considered a statement that is assured to be true in every respect? -
answer Warranty
Question 2
If a contract of adhesion contains complicated language, to whom would the
interpretation be in favor of? - answer Insured
Question 3
Taking receipt of premiums and holding them for the insurance company is an example
of? - answer Fiduciary responsibility
Question 4
Q purchases a $500,000 life insurance policy and $900 in premiums over the first six
months. Q dies suddenly and the beneficiary is paid $500000. This exchange of
unequal values reflects which of the following insurance contract features? - answer
Aleatory
Question 5
Which of the following consists of an offer, acceptance, and consideration? -
answerContract
Question 6
The Consideration clause of an insurance contract includes? - answerThe schedule and
amount of premium pay
Question 7
When must insurable interest be present in order for a life insurance policy to be valid? -
answerWhen the application is made
Question 8
A policy of adhesion can only be modified by who - answerThe applicant
Question 9
The part of a life insurance policy guaranteed to be true is called a(n): - answerWarranty
Question 10
All of the following are considered to be typical characteristics describing the nature of
an insurance contract, EXCEPT? - answerBilateral
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 Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
