Xcel chapter 3 exam - Study guides, Class notes & Summaries

Xcel chapter 3 Exam Questions and Answers All Correct Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency ______ is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer-business ower and business client What is implied authority defined as? - Answer-Authority that is n...

XCEL CHAPTER 3 EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. Only t...

XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ Ambiguities in an insurance policy are always resolved in favor of the insured The authority granted to a licensed producer is provided via the law of agency ______ is NOT an element of a valid contract. countersignature Insurable interest does NOT occur in which of the following relationships? business ower and business client What is implied authority defined as? Authority that is not specifically given to an agent ...

XCEL Chapter 3 Exam Questions & Answers. Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - CORRECT ANSWER Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - CORRECT ANSWER Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the pre...

Xcel chapter 3 Exam Questions and Answers All Correct (1) Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client What is implied authority defined as? - Answer-Authority that is not...

XCEL Chapter 3 Exam Review Questions & Answers 2023/2024 Errors and omissions - ANSWER-A professional liability for which producers can be sued for mistakes of putting a policy into effect Concealment - ANSWER-Intentional withholding of material facts that would affect an insurance policy's validity Considerations - ANSWER-Statements made in the application and the premium Indemnity contract - ANSWER-One that restores an injured party to the condition that was present before the los...

XCEL SOLUTIONS CHAPTER 3 - POLICY PROVISIONS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? Correct Answer: 20-pay life accumulates cash value faster than straight life D owns a whole life policy that was purchased 10 years ago. If the premium paym...

Xcel chapter 3 Exam Questions and Answers All Correct Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client What is implied authority defined as? - Answer-Authority that is not sp...