Once lic - Study guides, Class notes & Summaries

Insurance is defined as... - the transfer of PURE risk to the insurance company in consideration for a premium Pure risk is... - the chance of loss without any possibility for gain Speculative risk is... - the possibility for gain or loss and is not insurable Risk is defined as... - the chance for loss An exposure is... - a condition that could result in a loss A hazard is... - something that increase the chance of loss The presence of a physical hazard... - increases the chance of a loss...

Florida 2-15 Health & Life License - Section #1 (Insurance Concepts) Exam with Complete Solutions When a party is forbidden by legal action from exercising a right it is known as a. Estoppel b. Waiver c. Exclusion d. Forbearance {Correct Ans: - Estoppel - occurs when a company is not allowed to exercise a right. If you waive a right, you are "estopped" from exercising that right. Example: Some insurance contracts have a policyholder waive their right of recovery against someone who inju...

INSURANCE LICENSE TEXAS EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024

XCEL INSURANCE LICENSING EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024

Florida 2-15 Health & Life License - Section #1 (Insurance Concepts) When a party is forbidden by legal action from exercising a right it is known as a. Estoppel b. Waiver c. Exclusion d. Forbearance (Answer: - Estoppel - occurs when a company is not allowed to exercise a right. If you waive a right, you are "estopped" from exercising that right. Example: Some insurance contracts have a policyholder waive their right of recovery against someone who injures the insured. That allows the ins...

FLORIDA 2-15 HEALTH & LIFE LICENSE - SECTION #1 (INSURANCE CONCEPTS

Insurance correct answer: transfers the risk of loss from an individual or business entity to an insurance company Person (in the law) correct answer: a legal entity which acts on behalf of itself, accepting legal & civil responsibility for the actions it performs and contracts in its own name Persons (include) correct answer: human beings, associations, organizations, corporations, partnerships, and trusts Insurance defined by CIC22 correct answer: is a contract whereby one underta...

FLORIDA 2-15 HEALTH & LIFE LICENSE SECTION 1 INSURANCE CONCEPTS QUESTIONS AND CORRECT ANSWERS

FLORIDA 2-15 HEALTH & LIFE LICENSE - SECTION #1 (INSURANCE CONCEPTS

Florida 2-15 Health & Life License - Section #1 (Insurance Concepts) Questions and Answers When a party is forbidden by legal action from exercising a right it is known as a. Estoppel b. Waiver c. Exclusion d. Forbearance (Answer: - Estoppel - occurs when a company is not allowed to exercise a right. If you waive a right, you are "estopped" from exercising that right. Example: Some insurance contracts have a policyholder waive their right of recovery against someone who injures the insure...