100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
OR Life and Health Insurance: Flash Cards from Exam FX. Chapter: General Insurance; Completing the Application, Underwriting, and Delivering the Policy | 50 Questions with 100% Correct Answers $5.49   Add to cart

Exam (elaborations)

OR Life and Health Insurance: Flash Cards from Exam FX. Chapter: General Insurance; Completing the Application, Underwriting, and Delivering the Policy | 50 Questions with 100% Correct Answers

 4 views  0 purchase
  • Course
  • Institution

Insurers are classified to their domiciles. What are the three types of insurers? Correct Answer: 1) Domestic 2) Foreign 3) Alien An insurance policy paid a nontaxable dividend to the insured one year, and nothing the next. From what type of insurer did the insured purchase the policy?...

[Show more]

Preview 1 out of 4  pages

  • October 11, 2022
  • 4
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
avatar-seller
OR Life and Health Insurance: Flash Cards from Exam FX. Chapter:
General Insurance; Completing the Application, Underwriting, and
Delivering the Policy | 50 Questions with 100% Correct Answers

Insurers are classified to their domiciles.

What are the three types of insurers? Correct Answer: 1) Domestic
2) Foreign
3) Alien

An insurance policy paid a nontaxable dividend to the insured one year, and nothing the next.

From what type of insurer did the insured purchase the policy? Correct Answer: Mutual

Insurance is used to transfer what to the insurance company? Correct Answer: Financial
responsibility for loss.

What do individuals use to transfer their risk of loss to a larger group? Correct Answer:
Insurance

What document is required for an insurance company to transport insurance? Correct Answer:
Certificate of Authority

For the purpose of insurance, what is risk? Correct Answer: Uncertainty of loss

What are the five characteristics of an ideally insurable risk? Correct Answer: Loss must be due
to:
1) Due to chance
2) Definite and measurable
3) Statistically predictable
4) Not catastrophic
5) Coverage cannot be mandatory

What is the name of the process that insurance companies use to determine whether or not an
applicant is insurable? Correct Answer: Underwriting

What type of insurer is formed under the laws of another country? Correct Answer: Alien

What law is the foundation of the statistical prediction of loss upon which rates for insurance are
calculated? Correct Answer: Law of Large Numbers

Whom does an insurance agent represent? Correct Answer: The insurance company

The insurer organized to return a profit to the stockholders is what type of insurer? Correct
Answer: Stock company

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $5.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$5.49
  • (0)
  Add to cart