Primerica contract law - Study guides, Class notes & Summaries

Primerica Insurance Exam: General Insurance Already Passed Insurance A contract in which one party agrees to indemnify the insured party against loss, damage or liability from an unknown event. Insurance transfers The reduction, decrease, or disappearance of value of the person or property insured in a policy, caused by a named peril. Risk The uncertainty or chance of a loss occurring. Pure risk Situations that can only result in a loss or no change Speculative risk The opportunity for eithe...

Primerica Life Insurance Exam: Questions & Answers (with explanations) GRADED A An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock A. mutual funds not paid out after paying claims and other operating costs...

Primerica Life Insurance License Questions and verified Answers Which law is the foundation of statistical prediction of loss upon which rates for insurance are calculated? A producer who fails to segregate premium monies from his own personal funds is guilty of: In insurance, an offer is usually made when: . An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a c...

Primerica (flash cards ) Question with complete solution 2023Pure Risk a risk that presents the chance of loss ( Insurable) Speculative Risk A chance of loss or gain. ( not insurable) ex: gambling Hazards Events or conditions that increase the chances of an insured loss Physical Hazard Blindness or deafness Moral Hazard A lie Morale Hazard Doing really unsafe things peril cause of loss ( fire accidents / floods) insurance A contract where...

Primerica-Life Insurance Questions and Answers Already Graded A Stranger-oriented life insurance policies are in direct opposition to the principle of a. law of large numbers b. good faith c. indemnity d. insurable interest d. insurable interest-STOLI purchaser doesn't know the insured, or have any interest in the insured's longevity, so it violates the principle of insurable interest Which is generally true regarding insureds who have earned preferred status? a. they keep a higher perce...

Life Insurance Primerica Questions and Answers 2023 401 k plan A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit Policy provision that allows full or partial payment o...

Primerica-Life Insurance questions and answers with correct solutions. Stranger-oriented life insurance policies are in direct opposition to the principle of a. law of large numbers b. good faith c. indemnity d. insurable interest - correct answer.d. insurable interest-STOLI purchaser doesn't know the insured, or have any interest in the insured's longevity, so it violates the principle of insurable interest Which is generally true regarding insu...

Primerica-Life Insurance Question and answer already solved 2023Stranger-oriented life insurance policies are in direct opposition to the principle of a. law of large numbers b. good faith c. indemnity d. insurable interest d. insurable interest-STOLI purchaser doesn't know the insured, or have any interest in the insured's longevity, so it violates the principle of insurable interest Which is generally true regarding insureds who have earned preferred status? a. they keep a highe...

Primerica-Life Insurance, All questions and answers well illustrated. Stranger-oriented life insurance policies are in direct opposition to the principle of a. law of large numbers b. good faith c. indemnity d. insurable interest - correct answers.d. insurable interest-STOLI purchaser doesn't know the insured, or have any interest in the insured's longevity, so it violates the principle of insurable interest Which is generally true regarding insureds who have earned...

Primerica Practice Test Questions and Answers 100% Pass The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) conditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called representations An annuity is considered fixed when it does all of the following EXCEPT provides the annuitant with an interest rate that is the lesser of the gua...