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The causes of loss insured against in an insurance policy are known as - Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? - Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. ...

To be considered an insurable risk, a loss may NOT be - catastrophic Which of the following persons would be required to hold a producer license? - a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ocean marine The contents cov...

#1 What is another name for an Administrative-Services Only Arrangement - Third-Party Administrator #3 Which of the following statements is True concerning the Accidental Death Rider ? - It will pay double or triple the face amount # 4 On a disability income policy that contains the "Own Occupa...

A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? A.) "Own occupation" - less restrictive than other definitions B.) "Any occupation" - less restrictive than other definitions C....

Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit - General Liability written with an aggregate limit The A...

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory: an aleatory contract means unequal amounts are exchanged between payments and benefits W...

which of the following would NOT be considered limited coverage policy? a. accident-only insurance b. travel policy c. major medical expense insurance d. special risk policy - c. major medical exoense insurance limited policies cover only expense incurred from specific diseases, or specific cau...

Which of the following best describes what the annuity period is? - The period of time during which accumulated money is converted into income payments The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had an income for life after the insured...

A business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the loan. Which provision makes this possible?...

What is the main purpose of the Seven-pay Test? - It determines if the insurance policy is an MEC. Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? - Third-party ownership Which of the fol...