Michigan credit - Study guides, Class notes & Summaries

Credit Life Insurance ️ Insurance that is issued on the life of the debtor pursuant to or in connection with a specific loan or other credit transaction Credit accident and health insurance ️ insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. Creditor ️ the lender of money or vendor of lessor goods Debtor ️ A borrower of money or a purchaser or Lessee of goods for...

Michigan Credit Insurance Producer Exam Questions and Answers

______ can be defined as the spreading of financial risk over a large group of people in order to minimize the potential economic loss to any one individual ️ Insurance Which of the following would be true concerning risk? ️ An insurable pure risk only involves the possibility of loss Which of the following would NOT be a method of handling (copying with) risk? ️ Risk Reliance Which of the following would not be classified as an insurable pure risk? ️ The loss must be catastrophi...

Adhesion - contract prepared by one and accepted or rejected by the other Adverse Selection - an instance in which those in high risk situations try to buy more insurance than those w/ avg or below avg risk Agent - someone who acts on behalf of another agent - someone who acts on behalf on another Aleatory - the outcome is affected by chance and the number of dollars given up by the contracting parties will be unequal Alien company - under laws of another country apparent - powers not gi...

licensing (insurance regulation) - Answer a license or charter authorizes an insurer the right to conduct business as an admitted insurer and specifies the lines of insurance which the insurer is authorized to transact Producer Licenses( types of licenses) - Answer a licensed person who as the authority to transact insurance business sell solicit or negotiate insurance contracts resident license( types of licenses) - Answer issued to a resident who satisfies the states requirements ...

MICHIGAN CREDIT INSURANCE STUDY GUIDE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+MICHIGAN CREDIT INSURANCE STUDY GUIDE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Michigan Credit Insurance Test

Definition of Insurance ️ "A social device for transferring risk through an accumulation of funds" Policy ️ A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium ️ A set amount that must be paid for a Policy. Concept of Risk ️ Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, which result in financial or economic loss. Life insur...

MICHIGAN CREDIT INSURANCE STUDY GUIDE QUESTIONS AND ANSWERS 2024

Michigan Credit Insurance Study Guide