Oregon Life and Health exam questions and answers 2024
6 keer bekeken 0 keer verkocht
Vak
LIFE INSURANCE
Instelling
LIFE INSURANCE
adverse selection - answer-insuring of risks more prone to loss than average risk
agent/producer - answer-a legal representative of an insurance company
applicant/proposed insured - answer-a person applying for insurance
hazard - answer-conditions that increase the probability of a loss; c...
Oregon Life and Health exam questions
and answers 2024
adverse selection - answer-✔insuring of risks more prone to loss than average risk
agent/producer - answer-✔a legal representative of an insurance company
applicant/proposed insured - answer-✔a person applying for insurance
hazard - answer-✔conditions that increase the probability of a loss; can be
physical, moral, or morale; for example leaving matches in front of a child
morale hazard - answer-✔indifference to loss
moral hazard - answer-✔tendency toward increased risk
physical hazard - answer-✔physical conditions, such as smoking
indemnity - answer-✔restoring the insured to the condition that existed before loss
insurance - answer-✔transfer of risk of loss from an individual to an insurer
insurance transaction - answer-✔solicitation, negotiations, or effectuation of a
contract
,insured - answer-✔the person covered by the insurance policy
insurer - answer-✔a company that issues an insurance policy
law of large numbers - answer-✔the larger the number of people with the same
exposure to loss, the more predictable the actual loss will be
peril - answer-✔the cause of loss; for example a fire
policyowner - answer-✔the person who has the rights and privileges in the policy
risk - answer-✔uncertainty or change of loss, only insure pure risk, can't insure
speculative risk
types of ownership for insurers - answer-✔stock
mutual: dividends to policy owners
Insurers authority to transact business - answer-✔1. admitted/authorized (have
certificate of authority)
2. non admitted/unauathorized
Domestic insurer - answer-✔this state
foreign insurer - answer-✔out of state
,alien insurer - answer-✔another country
insurance contract 4 required elements - answer-✔1. agreement: offer and
acceptance
2. consideration: exchange of something of value
3. competent parties: of legal age and mentally competent
4. legal purpose: must have insurable interest and consent
agreement - answer-✔offer and acceptance
consideration - answer-✔-exchange of something of value
-insurer: promise to pay a claim
-insured: premium paid and statements on application
competent parties - answer-✔of legal age and mentally competent
legal purpose - answer-✔must have insurable interest and consent
personal contract - answer-✔between an insurer and an individual
aleatory contract - answer-✔exchange of unequal values
unilateral contract - answer-✔only one party is legally bound to a contract, most
insurance contracts (the insurer is bound to promise)
, adhesion contract - answer-✔contracts are accepted by the applicants as is
conditional - answer-✔both parties must get certain conditions
representation - answer-✔a statement believed to be true to the best of one's
knowledge
misrepresentation - answer-✔an untrue statement on the insurance application
material misrepresentation - answer-✔a statement that if discovered can alter the
underwriting decision
warranty - answer-✔an absolutely true statement
concealment - answer-✔intentional withholding of material information
fraud - answer-✔intentional act with the purpose of deceiving another party
Ideally insurable risk - answer-✔1. due to chance
2. definite and measurable
3. statistically predictable
4. not catastrophic
5. randomly selected from a large pool
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper CleanA. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €13,83. Je zit daarna nergens aan vast.
