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CA Life & Health Insurance Exam (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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CA Life & Health Insurance Exam (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • Chemistry 141
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  • Chemistry 141

CA Life & Health Insurance Exam (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ca life health insurance exam 1

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  • Chemistry 141
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CA Life & Health Insurance Exam
Domestic, Foreign, and Alien - ANS-Insurers are classified according to their domicile. What are
the three types of insurers?

Agreement (offer and acceptance), consideration, competent parties, and legal purpose -
ANS-What are the four elements of an insurance contract?

hazards - ANS-Conditions that increase the chance of a loss are known as what?

Send the application back to the applicant for signature - ANS-If an agent fails to obtain the
applicant's signature on the insurance application, what must the insurer do?

Insurer - ANS-In the agent/insurer relationship, who is considered the principal?

Insurable interest and consent - ANS-What two elements are necessary for a life insurance
contract to have a legal purpose?

authorized or admitted - ANS-If an insurer meets the state's financial requirements and is
approved to transact business in the state, it is considered what type of insurer?

Insurer - ANS-When agents act within the scope of their contract, their actions will be assumed
to be the acts of whom?

express, implied, apparent - ANS-What are the three types of agent authority?

Fiduciary - ANS-The requirement that agents must account for an promptly remit all insurance
funds collected is known as what type of agent responsibility?

foreign - ANS-An insurance company that is formed under the laws of another state is known as
what type of insurer?

Restriction of coverage, refusal to accept a risk, and accepting a risk at a higher rate -
ANS-What are the strategies used by underwriters to prevent adverse selection?

mutual company - ANS-The type of insurance company organized to return any surplus money
to its policyholders is known as what?

stock company - ANS-The insurer organized to retunr a profit to the stockholders is what type of
insurer?

uncertainty of loss - ANS-For the purpose of insurance, what is risk?

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