Indemnify means - Study guides, Class notes & Summaries
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52 HOUR CALIFORNIA LIFE, ACCIDENT AND HEALTH COURSE 2024
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52 HOUR CALIFORNIA LIFE, ACCIDENT AND HEALTH COURSE 2024 
#8Question #121859 
When an insurer can no longer meet its financial obligations when they are due, the 
insurer is considered to be: -Answer-Correct Answer: 
Insolvent 
Explanation: 
Insolvency means any impairment of required minimum paid-in capital or the inability of 
the insurer to meet its financial obligations when they are due. 
#9Question #121863 
An appointment as an agent of an insurer becomes effective on the date it is: -Answ...
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CA Insurance License 147 Questions with 100% Correct Answers | Verified | Latest Update
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As used in this code the word "shall" is - ️️Mandatory (unless otherwise apparent) 
 
As used in this code the word "may" is - ️️permissive (unless otherwise apparent) 
 
"Oath" includes - ️️affirmation 
 
"Person" means - ️️person, association, organization, partnership, business trust, limited liability company, or corporation 
 
Definition of Insurance - ️️Insurance is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising...
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CA Insurance License 147 Questions with 100% Correct Answers | Verified | Latest Update
- Exam (elaborations) • 25 pages • 2024
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As used in this code the word "shall" is - ️️Mandatory (unless otherwise apparent) 
 
As used in this code the word "may" is - ️️permissive (unless otherwise apparent) 
 
"Oath" includes - ️️affirmation 
 
"Person" means - ️️person, association, organization, partnership, business trust, limited liability company, or corporation 
 
Definition of Insurance - ️️Insurance is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising...
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Fundamentals of Insurance - Practice Exam Questions And Correct answers.
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Fundamentals of Insurance - Practice Exam Questions And Correct answers. 
 
The major function of insurance is: 
 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system 
b. To share the losses of the few among the many 
A peril if best defined as: 
 
a. The chance of a loss 
b. The occurrence of a loss 
c. The cause of a loss 
d. The result of a loss 
c. The cause of a lo...
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Fundamentals of Insurance - Practice Exam Questions with Verified Solutions
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Fundamentals of Insurance - Practice 
Exam Questions with Verified Solutions 
 
The major function of insurance is: 
 
a. To reduce the cost of the losses 
 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system b. To share the losses of the few among the 
many 
 
A peril if best defined as: 
 
a. The chance of a loss 
b. The occurrence of a loss 
c. The cause of a loss 
 
d. The result of a loss c. The caus...
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CA Insurance License Exam Questions and Answers 100% Correct
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CA Insurance License Exam Questions and 
Answers 100% Correct 
As used in this code the word "shall" is - Correct Answer ️️ -Mandatory (unless 
otherwise apparent) 
As used in this code the word "may" is - Correct Answer ️️ -permissive (unless 
otherwise apparent) 
"Oath" includes - Correct Answer ️️ -affirmation 
"Person" means - Correct Answer ️️ -person, association, organization, partnership, 
business trust, limited liability company, or corporation 
Definition of In...
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Fundamentals to Insurance exam 2023 with 100% correct answers
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Chapter 1 - Intro - correct answer 
 
List the 5 functions of insurance: - correct answer1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - correct answer1) insurance provides a means of shifting ones financial responsibility from a loss to another party 
ii) payment will be made only in the event of the happening of a certain ...
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Fundamentals of Insurance - Practice Exam Questions and Answers 100% Correct
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The major function of insurance is: 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system - b. To share the losses of the few 
among the many 
A peril if best defined as: 
a. The chance of a loss 
b. The occurrence of a loss 
c. The cause of a loss 
d. The result of a loss - c. The cause of a loss 
Indemnify means: 
a. Returning the premium of the insured 
b. Restoring t...
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Fundamentals of Insurance Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified
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The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restoring the insured's...
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Fundamentals of Insurance Practice Exam Questions with 100% Correct Answers | Verified | Latest Update 2024
- Exam (elaborations) • 68 pages • 2024
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1.	The major function of insurance is 
a.	To reduce the cost of the losses 
b.	To share the losses of the few among the many 
c.	The safeguard the interest of mortgages 
d.	To serve as a basis of existing credit system 
ANS b. To share the losses of the few among the many 
2.	A peril if best defined as 
 
a.	The chance of a loss 
b.	The occurrence of a loss 
c.	The cause of a loss 
d.	The result of a loss 
ANS c. The cause of a loss 
3.	Indemnify means 
 
 
a.	Returning the premium of the insure...
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