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Xcel Solutions Legal concepts Questions with Correct Answers
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Xcel Solutions Legal concepts
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Xcel Solutions Legal conceptsThe power given to an individual producer that is not specifically addressed in his/her
contract is considered what type of authority?
A. Implied
B. Apparent
C. Express
D. Discreet - answer A. Implied
All of the following are elements of an insurance policy EXCEPT
A. Claim forms
B. Conditions
C. Other insurance
D. Definitions - answer A. Claim forms
Which of the following is present when an applicant stands to lose value if the insured
dies?
A. Offer and acceptance
B. Insurable interest
C. Insurability
D. Consideration - answerB. Insurable interest
Who is responsible for assembling the policy forms for insureds?
A. NAIC (National Association of Insurance Commissioners)
B. State insurance carriers
C. Insurance Carriers
D. Insurance Producers - answerC. Insurance Carriers
What makes an insurance policy a unilateral contract?
A. Only the insured is legally bound
B. Only the insured pays the premium
C. Only the insurer is legally bound
D. Only the insured can change the provisions - answerC. Only the insurer is legally
bound
Insurable interest does NOT occur in which of the following relationships?
A. Parent and Child
, B. Business owner and business client
C. Sister and brother
D. Business partners - answerB. Business owner and business client
Which of the following is an example of the insured's consideration?
A. Insurer's promise to pay benefits
B. Legal purpose
C. A paid premium
D. Intent - answerC. A paid premium
Intentional withholding of material facts that would affect an insurance policy's validity is
called a(n)
A. Adhesion
B. Estoppel
C. Concealment
D. Misrepresentation - answerC. Concealment
In an insurance contract, the insurer is the only party legally obligated to preform.
Because of this, an insurance contract is considered
A. Voidable
B. Aleatory
C. Unilateral
D. Conditional - answerC. Unilateral
Under contract of adhesion,
A. Only one party makes any kind of enforceable promise
B. There is the potential for an unequal exchange of value
C. The insurer's obligations are dependent upon certain acts of the insured individual
D. The terms must be accepted or rejected in full - answerD. The terms must be
accepted or rejected in full
Which contract element is insurable interest a component of?
A. Offer and acceptance
B. Consideration
C. Competent parties
D. Legal purpose - answerD. Legal purpose
Which of the following BEST describes a conditional insurance contract?
A. A contract where only one party makes any kind of enforceable contract
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