Xcel chapter 3 - Study guides, Class notes & Summaries

XCEL Chapter 3 2024 UPDATE TEST PRACTICE MOST TESTED TEST PRACTICE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS GRADE A+ GET IT RIGHT

Xcel Chapter 3 Exam with correct Answers

XCEL Chapter 3 Test Questions with Correct Answers Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - Answer-Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - Answer-Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B...

Xcel chapter 3 Exam Questions and Answers All Correct Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency ______ is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer-business ower and business client What is implied authority defined as? - Answer-Authority that is n...

XCEL CHAPTER 3 EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. Only t...

XCEL Chapter 3 Test Questions with Correct Answers (1) Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - Answer-Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - Answer-Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. O...

Xcel chapter 3 Exam Questions and Answers All Correct (1) Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client What is implied authority defined as? - Answer-Authority that is not...

XCEL Chapter 3 Exam Questions & Answers. Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - CORRECT ANSWER Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - CORRECT ANSWER Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the pre...

XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ Ambiguities in an insurance policy are always resolved in favor of the insured The authority granted to a licensed producer is provided via the law of agency ______ is NOT an element of a valid contract. countersignature Insurable interest does NOT occur in which of the following relationships? business ower and business client What is implied authority defined as? Authority that is not specifically given to an agent ...

Which of the following statements correctly describes a contract of indemnity? One party is restored to the same financial position the party was in before the loss occurred The unequal exchange of value or consideration for both parties One party (the insurance company) prepares the contract with no negotiation between the applicant and insurer Only one party (the insurer) makes any kind of enforceable promise - One party is restored to the same financial position the party was in before ...