Aleatory - Study guides, Class notes & Summaries

Adjuster Pro - Insurance adjuster test latest 2023 already passed What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Ind...

Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct Q: which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? A. Reciprocal B. Fraternal C. Stock D. Mutual Answer: C. Stock Only stock insurance companies are owned and controlled by stockholders Q: which of the following best describes the concept that the insured pays a small amount of prem...

California PSI Site - Life, Accident and Health Agent Examination (Life Agent) | Questions & Solutions (100% Correct) California PSI Site - Life, Accident and Health Agent Examination (Life Agent) | Questions & Solutions (100% Correct) Admitted Insurance Company vs. Non-Admitted Insurance Company - ANSWER - An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-...

KENTUCKY ADJUSTER EXAM PREP EXAM QUESTIONS WITH COMPLETE VERIFIED ANSWERS LATEST UPDATES Insurance Transfers risk of financial losses from one party to another Insured Individual or organization that pays premiums in exchange for protection Insurer Company, group, or government agency offering financial protection Insurance policy A legally binding contract in which the insurer agrees to take on specified risks in exchange for the insured's premium. Principle of indemnity Restoration ...

Texas Health and Life Insurance ExamFX What is the purpose of the buyer's guide? A.To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. - A.To Allow the consumer to compare the costs of different policies Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the ins...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsCA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsAdmitted Insurance Company vs. Non-Admitted Insurance Company - ANSWER-An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transa...

Admitted Insurance Company vs. Non-Admitted Insurance Company - An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - Pure risks are insurable but Speculative risks ar...

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by insurers to reflect an item's current market value right before being damaged ...

CONTRACTS - Aleatory Contract correct answers A contract in which the performance of either party's obligation depends on an uncertain event INSURANCE - Benchmark Rate(s) correct answers The rate set annually by the Commissioner of Insurance by line, relative to which the flexibility bands and statutory rate limitations apply. INSURANCE - Churning correct answers Can occur when an agent persuades a consumer to borrow against an existing life insurance policy to pay the premium on a new on...