Insurance|upd - Study guides, Class notes & Summaries

Which part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? Conditions The limits of liability are found in which of the following sections of a casualty policy? Declarations The _____ page in an insurance contract contains information about the risk, the effective date of coverage, deductible, premium amounts, coinsurance percentage, and location of the insured property. Declarations The...

risk avoidance occurs when individuals evade risk entirely risk reduction occurs when chances of risk are lessened risk retention is being aware of the risks involved and taking precautions for financial protection. risk transference is the act of shifting the responsibility of risk to another in the form of an insurance contract. physical A bodily disease of endangerment, such as cancer, presents a _____ hazard. morale A mental trait, such as road rage, ...

risk avoidance occurs when individuals evade risk entirely risk reduction occurs when chances of risk are lessened risk retention is being aware of the risks involved and taking precautions for financial protection. risk transference is the act of shifting the responsibility of risk to another in the form of an insurance contract. physical A bodily disease of endangerment, such as cancer, presents a _____ hazard. morale A mental trait, such as road rage, ...

A company attempting a life policy replacement must notify the existing company within... 5 working days The commissioner must be notified within ____ 10 days of any change of address/name Free look provision allow how many days to examine the policy? 10 days starting withe the day the policy is delivered Notice of hearing must be sent at least... 10 days prior to the scheduled hearing dates A company must respond to the request for the reason why an adverse decis...

A condition or situation that presents a possibility of loss is a (an): exposure The purpose of insurance is to: transfer risk Which hazard can be described as a careless attitude or general indifference on the part of the insured toward the occurrence of loss? morale Which risk is insurable? pure With regard to insurance, risk can be defined as: uncertainty regarding loss Treating risk by purchasing insurance is an example of what type of risk management?...

Implied ______________ authority is established through verbalization and occurs when appropriate actions are taken to carry out the authority granted to fulfill the principal's goals. Apparant The appearance of power on behalf of the insurer through the actions or use of identifying materials by the agent, such as company advertising material, is called _____________ authority. Express ____________ authority spells out in contract form the activities that the agent has the pow...

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