Exam (elaborations)
2024 INDIANA LIFE AND HEALTH INSURANCE EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 INDIANA LIFE AND HEALTH INSURANCE EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 INDIANA LIFE AND HEALTHINSURANCE EXAM WITH CORRECT
ANSWERS
Suitability Considerations - CORRECT ANSWERS-An agent has a responsibility
to make purchase recommendations that are appropriate, or suitable, in light
of a client's particular needs, objectives, and circumstances
5 Elements of a Legal Contract - CORRECT ANSWERS-Consideration, legal
purpose, offer, acceptance, and competent parties
Acceptance - CORRECT ANSWERS-Acceptance of an offer must be
unconditional and unqualified
Fraud - CORRECT ANSWERS-Intentional act designed to deceive and induce
another party to part with something of value
Waiver - CORRECT ANSWERS-The intentional relinquishment of a known right
Estoppel - CORRECT ANSWERS-Legal doctrine that prevents a party from
denying an action if it had been accepted previously
Insurance - CORRECT ANSWERS-A contract that transfers the risk of financial
loss from an individual or business to an insurer
Risk - CORRECT ANSWERS-Uncertainty about whether a loss will occur
Speculative Risk - CORRECT ANSWERS-Possibility of a loss or gain. Not
insured.
Pure Risk - CORRECT ANSWERS-Possibility of experiencing loss. Covered by
insurance.
Loss - CORRECT ANSWERS-The reduction in the value of an asset
, Adhesion - CORRECT ANSWERS-Provisions of an insurance contract are
written by only one party to the contract, and the other party is required to
adhere
Aleatory - CORRECT ANSWERS-The value received from the insurance
contract by each party may be unequal
Utmost Good Faith - CORRECT ANSWERS-An obligation to act in complete
honesty and to disclose all relevant facts
Unilateral - CORRECT ANSWERS-Insurance contracts are unilateral, one
sided, contracts because only one party is legally bound to perform under
the contract - insurer
Personal Contract - CORRECT ANSWERS-Made to one person and no one else
- property-casualty
Impersonal Contract - CORRECT ANSWERS-Life and health are not personal
contracts - wife (policyowner) could insure husband (insured)
Conditional - CORRECT ANSWERS-insured must pay the premium for
coverage and file a claim if a loss occurs
Indemnification - CORRECT ANSWERS-Putting the policyholder back in the
same financial condition he or she was in before a loss occurred
Representation - CORRECT ANSWERS-A statement believed to be true to the
best of one's knowledge
Warranty - CORRECT ANSWERS-Statement guranteed to be true
Concealment - CORRECT ANSWERS-Intentional failure to disclose facts
Exposure - CORRECT ANSWERS-Risk assumed by an insurer and the amount
that the insurer is responsible to pay out at any given time. Expressed in
units
Peril - CORRECT ANSWERS-Cause of loss
Hazard - CORRECT ANSWERS-Anything that increases the chance that loss
will occur
Physical Hazard - CORRECT ANSWERS-A physically identifiable hazard
Moral Hazard - CORRECT ANSWERS-Hazard that arises from someone's
character
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now