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Terms in this set (25)
What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as?
Warranty
Guarantee
Representation
Collateral
representation
What makes an insurance policy a unilateral contract ?
Only the insured pays the premium
Only the insured can change the provisions
Only the insurer is legally bound
Only the insured is legally bound
Only the insurer is legally bound
Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's
Express authority
Implied authority
Apparent authority
Evident authority
"Implied authority".
Implied authority is the unwritten authority that is not expressly granted, but which the agent is assumed to
have in order to transact the business of the insurer.
The power given to an individual producer that is not specifically addressed in his / h * er contract is considered what type of authority?
discreet
apparent
implied
express
Implied
Which course of action is the insurer entitled to when deliberate concealment is committed by the insured?
Rescinding the contract
Charge a higher premium
Charge a penalty
Nothing
Rescinding the contract
In an insurance contract, the applicant's "consideration" is the
offer and acceptance
premium only
statements made in the application and the premium
statements made in the application only
statements made in the application and the premium
In an insurance contract, the element that shows each party is giving something of value is called
offer
acceptance
consideration
purpose
consideration
Which of the following is present when an applicant stands to lose value if the insured dies?
insurability
Offer and acceptance
Insurable interest
Consideration
insurable interest
Which contract element is insurable interest a component of?
Competent parties Offer and acceptance Consideration Legal purpose
...
Which contract element is insurable interest a component of?
Competent parties
Offer and acceptance
Consideration
Legal purpose
legal purpose
The importance of a representation is demonstrated in what rule?
Insurable interest
Law of adhesion
Materiality of concealment
Consideration clause
Materiality of concealment
The materiality of concealment is used to determine the importance of a representation.
Ambiguities in an insurance policy are always resolved in favor of the
Insured
Producer
Insurer
Underwriter
insured
All of the following are elements of an insurance policy EXCEPT
Definition
Other insurance
Claim forms
Conditions
Claim forms
Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium "
Premium clause
Consideration clause
Adhesion clause
Contestability clause
Consideration clause
Under a contract of adhesion,
there is the potential for an unequal exchange of value
the insurer's obligations are dependent upon certain acts of the insured individual
the terms must be adepted or rejected in full
only one party makes any kind of enforceable promise
the terms must be accepted or rejected in full
Insurable interest does NOT occur in which of the following relationships Sister and brother Parent and children Business partners Business owner and business client
Business owner and business client
According to life insurance contract law , insurable interest exists when any business relationship exists at the time of application at the time of death only when determined by a judge
At the time of application
an insurance contract , the insurer is the only party legally obligated to perform. Because of this, an insurance contract is considered voidable conditional aleatory unilateral
unilateral
The deeds and actions of a producer indicate what kind of authority ? Express Apparent Implied Conditional
apparent
In order for a contract to be valid, it must be filed with the state be signed and witnessed by an attorney be in writing contain an offer and acceptance
contain an offer and acceptance
Which of the following is an example of the insured's consideration? Insurer's promise to pay benefits A paid premium Legal purpose Intent
A paid premium
Who is responsible for assembling the policy forms for insureds? State Insurance Departments NAIC Insurance carriers Insurance producers
Insurance carriers
Legal purpose is a term used in contract law meaning there must be an offer and acceptance the contract must be aleatory there must be legal reasons for entering into the contract the contract must be a contract of adhesion
there must be legal reasons for entering into the contract
The authority granted to a licensed producer is provided via
the producer's apparent authority
written contract
Law of Agency
Principal Capacity
Law of Agency
According to the principle of Utmost Good Faith , the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's underwriting issuance of the policy promises made legal reserve
promises made
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