Life, Accident and Health Course
Terms in this set (23)
This type of risk involves only a chance of loss.
What kind of risk is insurable?
The tendency of a person with above average risk to aquire insurance at a greater extent than those with average or below average risk is defined as:
Insurance is a method of risk ____.
If you retain risk, you are:
This law is the basis for statistical prediction of loss upon which rates for insurance are calculated.
Law of Large Numbers
Mutual companies are owned by their ____.
This is a method of distributing insurance products to the public by using salaried employees rather than commissioned agents...
A policy that pays dividends is known as a ____ policy.
An insurance company that is licensed in the state in which it operates is called a/an _____ insurer.
A(n) _____ insurer is one that is incorporated and domiciled outside the United States.
These producers typically represent only one insurance company.
Captive (Exclusive) Agent
These insurers are organized for the benefit of a society's members and their family.
Fraternal Benefit Societies
Which of the following is not a rating company used by the insurance industry?
A) A.M. Best
B) Fitch Rating Service
(Other rating agencies; Standard & Poor's Insurance Rating Service, Weiss Research)
An applicant for life insurance cannot generally bargain for terms, rates, or benefits because the nature of the contract is:
Which of the following terms means that an insurance contract is dependent on chance or uncertain outcome?
35 y/o male, 1M term policy. If dies after 3 mo. beneficiaries get 1M. If lives past term, never collect on death benefits.
Statement which are guaranteed to be true are
Statement which are deemed to be untrue are ______.
Offer and acceptance, Legal purpose, Competent Parties and _____ are all essential requirements of a legal contract.
Consideration ( anything of value that can be converted to $)
The authority granted to a producer by contract to enable him or her to act as an agent is called _____.
Contracts wherein only one party is mandated to perform are called _____ contracts.
_____ is the term that describes the intentional giving up of a known right.
The primary source of insurance regulation is the:
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