Conditional contract - Study guides, Class notes & Summaries

Adjuster Pro - Insurance adjuster test latest 2023 already passed What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Ind...

Texas Health and Life Insurance ExamFX What is the purpose of the buyer's guide? A.To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. - A.To Allow the consumer to compare the costs of different policies Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the ins...

California Life Accident and Health Exam Practice 2024 A ABC INSURANCE -Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED -Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED -Answer-WHICH OF THE FOLL...

In built up roofs, cant strips shall extend how many inches up the vertical surface? - 5" Air entertainment should always be specified for concrete exposed to what? - Freezing and thawing In a post tensioning environment, when a two-stroke pull is required, the final pull should be pre-calculated to use no more than what percentage of the full stroke of the jack on the final pull? - 60% Tack or spot welding can reduce the strength of a bar to what percent of its original capacity? - 35...

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - Free Look When will a policy pay on a UCR basis? - When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - long term care rider Which of the following is exempt...

What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? - multiple indemnity Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the time granted by the insurer, what is the maximum amount of time for reinstatement of the policy? - 30 days Which of the following statements regarding a pure life annuity payout option is correct? - This option provides the highest monthly income. Which o...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock (Ans- A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds are...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - Correct Answer -D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional in...

Indemnity - ANSWER-a payment for damages or loss Risk - ANSWER-Uncertainty or chance of loss occurring Pure Risk - ANSWER-Presents the chance of loss with no opportunity for gain Speculative Risk - ANSWER-Presents the chance of loss with an opportunity to gain (Like Gambling) Exposure - ANSWER-a unit of measurement used to determine rates charged for insurance coverages. Hazards - ANSWER-Conditions or situations that increase the probability of an insured loss occurring. Peril ...

What is insurance? (Ans- protection against financial loss what is a premium (Ans- a scheduled amount to be paid for an insurance policy. What are premiums used for (Ans- premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? (Ans- the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity (Ans- payment for...