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Arizona Life Insurance Exam - General Insurance Questions Fully Answered. $9.99   Add to cart

Exam (elaborations)

Arizona Life Insurance Exam - General Insurance Questions Fully Answered.

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  • Course
  • Arizona Life and Health Insurance
  • Institution
  • Arizona Life And Health Insurance

Agent/Producer - Answer Legal representative of an insurance company (classification of producer usually includes agents and brokers, agents are the agents of the insurer) Applicant (proposed insured) - Answer Person applying for insurance Broker - Answer Insurance producer not appointe...

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  • September 26, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Arizona Life and Health Insurance
  • Arizona Life and Health Insurance
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Arizona Life Insurance Exam - General
Insurance Questions Fully Answered.
Agent/Producer - Answer Legal representative of an insurance company (classification of producer
usually includes agents and brokers, agents are the agents of the insurer)



Applicant (proposed insured) - Answer Person applying for insurance



Broker - Answer Insurance producer not appointed by an insurer and is deemed to represent the client



Insurance Policy - Answer Contract between a policyowner (and/or insured) and an insurance company
which agrees to pay the insured or the beneficiary for loss caused by specific events



Insured - Answer Person covered by the insurance policy (this person may or may not the policy owner)



Insurer (principal) - Answer Company who issues an insurance policy



Policyowner - Answer Person entitled to exercise the rights and privileges in the policy



Premium - Answer Money paid to the insurance company for the insurance policy



Reciprocity/Reciprocal - Answer Mutual interchange of rights and privileges



Insurance - Answer Transfers the risk of loss from an individual or business entity to an insurance
company, which in turn spreads the costs of unexpected losses to many individuals



Risk - Answer Uncertainty or chance of loss occuring



Pure Risk - Answer Situations that can only result in a loss or no change (no opportunity for financial
gain) (insurable)

, Speculative Risk - Answer Situations with opportunity for either loss or gain (noninsurable)



Exposure - Answer Unit of measure used to determine rates charged for insurance coverage



Factors of Exposure - Answer 1. Age of Insured

2. Medical History

3. Occupation

4. Sex



Homogenous - Answer A large number of units having the same or similar exposure to loss



Hazard - Answer Condition or situation that increases the probability of an insured loss occuring



Physical Hazard - Answer Individual characteristics that increase the chances of the cause of loss



Moral Hazard - Answer Tendencies toward increased risk (applicants who lie on an application for
insurance or have committed fraud)



Morale Hazard - Answer Hazards that arise from a state of mind that causes indifference to loss, such as
carelessness



Peril - Answer Cause of loss insured against in an insurance policy



Loss - Answer The reduction, decrease, or disappearance of value of the person or property insured in a
policy, caused by a named peril



Life Insurance - Answer Insures against the financial loss caused by the premature death of the insured



Avoidance - Answer Eliminating exposure to a loss

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