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Insurance license practice XCEL solutions Exam -2 Legal Concepts Questions and Answers Graded A+
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Insurance license practice XCEL solutions Exam -2 Legal Concepts
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Insurance license practice XCELsolutions Exam #2 Legal Concepts
Question 1
Which of these is considered a statement that is assured to be true in every respect? -
answer Warranty
Question 2
If a contract of adhesion contains complicated language, to whom would the
interpretation be in favor of? - answer Insured
Question 3
Taking receipt of premiums and holding them for the insurance company is an example
of? - answer Fiduciary responsibility
Question 4
Q purchases a $500,000 life insurance policy and $900 in premiums over the first six
months. Q dies suddenly and the beneficiary is paid $500000. This exchange of
unequal values reflects which of the following insurance contract features? - answer
Aleatory
Question 5
Which of the following consists of an offer, acceptance, and consideration? -
answerContract
Question 6
The Consideration clause of an insurance contract includes? - answerThe schedule and
amount of premium pay
Question 7
When must insurable interest be present in order for a life insurance policy to be valid? -
answerWhen the application is made
Question 8
A policy of adhesion can only be modified by who - answerThe applicant
Question 9
The part of a life insurance policy guaranteed to be true is called a(n): - answerWarranty
Question 10
All of the following are considered to be typical characteristics describing the nature of
an insurance contract, EXCEPT? - answerBilateral
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