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WV Life Insurance Law exam questions with 100- correct answers
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WV Life Insurance Law exam questions with 100- correct answers
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WV Life Insurance Lawexam questions with
100% correct answers
What's are Domestic, Foreign & Alien Insurance Companies: - answer
Domestic - Formed under WV Laws.
Foreign - Formed under another states laws.
Alien - Formed under another countries laws.
Difference between a Stock Insurance Company & a Mutual Insurance
Company: - answer Stock - owned by stockholders & profits are
distributed as dividends to stockholders.
Mutual - owned by policyholders & divisible surplus is shared in
dividends to policyholders.
Incorporated society that operates for the benefits of its members
within a ritualistic lodge system and benefits are only provided to it's
members. - answer Fraternal Benefit Society
, One insurer sales part of a policy to another insurer. (Original Insurer is
called the "Ceding Company" and buyer is "Assuming Company" -
answer Reinsurance
A person represents a company in the solicitation of insurance - answer
Agent
A person who represents their clients, and chooses products from
multiple companies - answer Broker
A person appointed & authorized by an agent to solicit applications for
insurance as a representative of that agent. - answer Solicitor
Oral or written statements that are false or malicious regarding another
insurer. This is illegal. - answer Defamation
2 people of equal risk receive different rates solely based on race,
religion, national origin or where they live. - answer Unfair
Discrimination
A contractual agreement where one person represents & acts for
another person/corporation. - answer Agency
Specific Authority given in writing to an agent in the contract of agency.
(Actual Authority). - answer Expressed Authority
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