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TEXAS LICENSING INSURANCE EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024 $25.99
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TEXAS LICENSING INSURANCE EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
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TEXAS LICENSING INSURANCE
Institution
TEXAS LICENSING INSURANCE
TEXAS LICENSING INSURANCE EXAM LATEST 2024
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED
TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST
EDITION 2024
TEXAS LICENSING INSURANCE EXAM LATEST 2024
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED
TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST
EDITION 2024
Speculative Risks - ANSWER-this involves the possibility of both gain and loss.
Traditional insurance policies cannot be used to cover these.
Ex: stocks, bonds, gambling.
Pure Risks - ANSWER-this involves the possibility of loss, gain is not possible.
Ex: flooding, injuries, fires.
To transfer risk, peace of mind, required by law, required by vendor - ANSWER-
Why do people purchase insurance? (4)
Domestic Insurance - ANSWER-a company that is incorporated and is formed
under the laws of the state in which it is located.
,Foreign Insurance - ANSWER-a company located and organized under the laws
of another sate, but licensed to do business elsewhere.
Ex: Headquarters are in California, but business is done in Kansas.
Alien Insurance - ANSWER-a company formed under the laws of another
country, other than the United States.
Insurance - ANSWER-a device for the transfer of risk from an individual to a
large group
Insurer - ANSWER-the company that sells the insurance and as a party to the
contract agrees to indemnify an insured.
Insured - ANSWER-is the individual or entity that purchases insurance.
the Law of Numbers - ANSWER-this states that the larger the number of similar
risks, the more accurate and reliable a prediction of loss will be.
Offer, Acceptance, Consideration, Competent Parties, Legal Purpose, Insurable
Interest. - ANSWER-What are the Essential Elements of a Contract? (Calico)
Consideration - ANSWER-the insurance contract or policy is not a legally
binding instrument unless supported by some form of legal consideration, or
possibly goods and services of tangible values.
The promise to pay is this.
, Contract of Adhesion - ANSWER-This contract is drafted by the insurer with the
insured having no involvement in the preparation. They either take it or leave
it.
Aleatory - ANSWER-this is based on the exchange of unequal amounts or
uncertain events.
Personal Contract - ANSWER-the identities of the parties involved in the
insurance contract are very important to the insurer.
Ex: the insurer has the right to select the customers it wishes to insure.
Indemnity - ANSWER-the process of restoring the customer to the same
financial condition that they were prior to the loss.
Good Faith - ANSWER-the courts require that the insurer operate in this
manner because the insurance contract revolves around an intangible object.
This is expected from both the customer and the insurer.
Representation - ANSWER-A written or verbal statement that applicant makes
that is true to the best of their knowledge.
Peril - ANSWER-The actual cause of the loss.
Ex: tornado, fire, tree falling.
Direct Loss - ANSWER-the direct actual physical loss, damage to the property
that is insured.
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