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XCEL Cram Courses Questions and Answers 100% Correct
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Exam of 3 pages for the course Xcel solution at Xcel solution (XCEL Cram Courses)
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XCEL Cram CoursesAn insurer's claim settlement practices are regulated by the - answer State insurance
departments
The Do Not Call Registry offers exemptions for calls placed from all of the following
EXCEPT - answer insurance sales calls
Which of the following is NOT a benefit of insurance? - answer Losses due to fraud are
eliminated
Ken is a producer who has obtained Consumer Information Reports under false
pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may
be imposed on Ken? - answer$5,000
Karen is a producer who has obtained personal information about a client without
having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the
minimum penalty for this? - answer$10,000
A nonparticipating policy will - answer not pay dividends
A situation in which there is ONLY a chance of loss or no loss is a: - answerpure risk
Which of the following is NOT considered a definition of risk? - answerThe cause of a
loss
Which of the following describes the statement "The more times an event is repeated,
the more predictable the outcome becomes"? - answerLaw of large numbers
Which of the following is NOT an element of an insurable risk? - answerLoss must be
catastrophic
People with higher loss exposure have the tendency to purchase insurance more often
than those at average risk. This is called - answeradverse selection
Which of the following is considered to be a situation that has the potential for loss? -
answerLoss exposure
What is known as the immediate specific event causing loss and giving rise to risk? -
answerPeril
Which of the following is considered to be an event or condition that increases the
probability of an insured's loss? - answerHazard
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