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Arizona Life Insurance - General Insurance exam with answers
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Arizona Life Insurance - General Insurance exam with answersAgent/Producer |- |correct |answer |-Legal |representative |of |an |insurance |company |(classification |of
|producer |usually |includes |agents |and |brokers, |agents |are |the |agents |of |the |insurer)
Applicant |(proposed |insured) |- |correct |answer |-Person |applying |for |insurance
Broker |- |correct |answer |-Insurance |producer |not |appointed |by |an |insurer |and |is |deemed |to
|represent |the |client
Insurance |Policy |- |correct |answer |-Contract |between |a |policyowner |(and/or |insured) |and |an
|insurance |company |which |agrees |to |pay |the |insured |or |the |beneficiary |for |loss |caused |by |specific
|events
Insured |- |correct |answer |-Person |covered |by |the |insurance |policy |(this |person |may |or |may |not |the
|policy |owner)
Insurer |(principal) |- |correct |answer |-Company |who |issues |an |insurance |policy
Policyowner |- |correct |answer |-Person |entitled |to |exercise |the |rights |and |privileges |in |the |policy
Premium |- |correct |answer |-Money |paid |to |the |insurance |company |for |the |insurance |policy
Reciprocity/Reciprocal |- |correct |answer |-Mutual |interchange |of |rights |and |privileges
Insurance |- |correct |answer |-Transfers |the |risk |of |loss |from |an |individual |or |business |entity |to |an
|insurance |company, |which |in |turn |spreads |the |costs |of |unexpected |losses |to |many |individuals
Risk |- |correct |answer |-Uncertainty |or |chance |of |loss |occuring
Pure |Risk |- |correct |answer |-Situations |that |can |only |result |in |a |loss |or |no |change |(no |opportunity
|for |financial |gain) |(insurable)
, Speculative |Risk |- |correct |answer |-Situations |with |opportunity |for |either |loss |or |gain |(noninsurable)
Exposure |- |correct |answer |-Unit |of |measure |used |to |determine |rates |charged |for |insurance
|coverage
Factors |of |Exposure |- |correct |answer |-1. |Age |of |Insured
2. |Medical |History
3. |Occupation
4. |Sex
Homogenous |- |correct |answer |-A |large |number |of |units |having |the |same |or |similar |exposure |to |loss
Hazard |- |correct |answer |-Condition |or |situation |that |increases |the |probability |of |an |insured |loss
|occuring
Physical |Hazard |- |correct |answer |-Individual |characteristics |that |increase |the |chances |of |the |cause
|of |loss
Moral |Hazard |- |correct |answer |-Tendencies |toward |increased |risk |(applicants |who |lie |on |an
|application |for |insurance |or |have |committed |fraud)
Morale |Hazard |- |correct |answer |-Hazards |that |arise |from |a |state |of |mind |that |causes |indifference
|to |loss, |such |as |carelessness
Peril |- |correct |answer |-Cause |of |loss |insured |against |in |an |insurance |policy
Loss |- |correct |answer |-The |reduction, |decrease, |or |disappearance |of |value |of |the |person |or
|property |insured |in |a |policy, |caused |by |a |named |peril
Life |Insurance |- |correct |answer |-Insures |against |the |financial |loss |caused |by |the |premature |death |of
|the |insured
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