Primerica insurance exam - Study guides, Class notes & Summaries

Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct Q: which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? A. Reciprocal B. Fraternal C. Stock D. Mutual Answer: C. Stock Only stock insurance companies are owned and controlled by stockholders Q: which of the following best describes the concept that the insured pays a small amount of prem...

Primerica Pre-licensing Course Solved Exam |Question and Answers| 100% Correct agent *Ans* legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured *Ans* the person covered by the insurance policy; this person may or may not be the policyowner broker *Ans* an insurance agent not appointed by an insurer and is deemed to represent the client insurance policy *Ans* a contract between ...

Primerica Insurance Exam: General Insurance Questions and Answers 2024/2025 /Updated Insurance - CORRECT ANSWER-A contract in which one party agrees to indemnify the insured party against loss, damage or liability from an unknown event. Insurance transfers - CORRECT ANSWER-The reduction, decrease, or disappearance of value of the person or property insured in a policy, caused by a named peril. Risk - CORRECT ANSWER-The uncertainty or chance of a loss occurring. Pure risk - CORRECT AN...

Insurance A contract in which one party agrees to indemnify the insured party against loss, damage or liability from an unknown event. Insurance transfers The reduction, decrease, or disappearance of value of the person or property insured in a policy, caused by a named peril. Risk The uncertainty or chance of a loss occurring. Pure risk Situations that can only result in a loss or no change Speculative risk The opportunity for either loss loss or gain. Hazards Conditions or situations th...

Acceptance - When an insurer's underwriter approves the application and issues a policy Adverse selection - The insuring of risks that are more prone to losses than the average risk. Aleatory - An exchange of unequal amounts or values. "Ypu are not going to pay what you collect." Alien - Insurance company that is incorporated outside the United States Apparent authority - The appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circu...

Primerica Insurance Exam General Insurance

PRIMERICA LIFE INSURANCE EXAM ALL 450 LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS ALREADY GRADED A

Insurance A contract in which one party agrees to indemnify the insured party against loss, damage or liability from an unknown event. Insurance transfers The reduction, decrease, or disappearance of value of the person or property insured in a policy, caused by a named peril. Risk The uncertainty or chance of a loss occurring. Pure risk Situations that can only result in a loss or no change Speculative risk The opportunity for either loss loss or gain