Aleatory contract a - Study guides, Class notes & Summaries
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KENTUCKY ADJUSTER EXAM PREP EXAM QUESTIONS WITH COMPLETE VERIFIED ANSWERS LATEST UPDATES
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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 ...
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Adjuster Pro - Insurance adjuster test latest 2023 already passed
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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...
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Ohio Property and Casualty Exam Questions & Answers 2023-24
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Ohio Property and Casualty Exam Questions & Answers 2023-24 
 
 
What do individuals use to transfer their risk of loss to a larger group? - ANSWER-Insurance 
 
What are the four elements of an insurance contract? - ANSWER-Agreement (Offer and Acceptance), Consideration, Competent parties, and legal purpose. 
 
In the agent/insurer relationship, who is considered the principal? - ANSWER-Insurer 
 
Insurance contracts are aleatory in nature. What does that mean? - ANSWER-Unequal values are exchan...
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Texas Property & Casualty Insurance, Insurance (100% accurate answers)
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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...
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Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct
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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...
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions with 100 % correct Answers | Verified
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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...
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete Solutions
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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...
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Texas Health and Life Insurance ExamFX
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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...
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California Life Accident and Health Exam Practice 2024
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California Life Accident and Health Exam Practice 2024 
A 
ABC INSURANCE -Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE 
IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? 
A 
ABC INSURANCE 
B 
JOHN 
C 
JANE 
D 
NONE 
D 
ADMITTED -Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE 
INSURANCE POLICIES IN A PARTICULAR STATE. 
A 
DOMESTIC 
B 
NON-ADMITTED 
C 
FOREIGN 
D 
ADMITTED 
B 
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN 
INSURED -Answer-WHICH OF THE FOLL...
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Florida Health 240 Insurance with 100% correct answers
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Rules of Construction 
Help to identify and establish the intent of the parties to the contract 
 
 
 
Utmost good faith 
Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. 
 
 
 
Aleatory Contract 
A contract under which one party's performance is contingent on an uncertain event. 
 
 
 
property and casualty agent 
has the power to bind the insurer...
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