Insurers consideration - Study guides, Class notes & Summaries

What is good faith? What is bad faith? correct answers Good faith: requires the insurer to give consideration to the insured's interests that is at least equal to the consideration it gives to it's own interests. Bad Faith: breach of the duty of good faith and fair dealing How do good faith insurers look to pay claims? Bad faith insurers? correct answers Good: Good faith insurers look for and find ways to accept and pay claims properly and promptly Bad faith: insurers unlawfu...

Pure correct answers Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. Pure Risk correct answers The chance of loss without any chance of gain is called ___________ Speculative Risk correct answers has the possibility for gain or loss and is not insurable. Risk correct answers is defined as the chance of loss. Exposure correct answers A condition that could result in a loss is known as Hazard correct answers is som...

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Treaty The ...

Missouri Life and Health InsuranceInsurance transaction includes: - correct answer By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - correct answer -Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application - correct answer - Applicant When does acceptance take place - correct answer -...

Insurance transaction includes: - ANSWER By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - ANSWER -Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application - ANSWER - Applicant When does acceptance take place - ANSWER - An insurers underwriter approves the application and issues a pol...

ARIZONA LIFE AND HEALTH FINAL EXAM 2024 WITH 100% CORRECT ANSWERS Which of these is true regarding the exchange of consideration among parties involved in an insurance contract? - correct answer Can be unequal The premiums paid by an employer for his employee's group life insurance are usually considered to be? - correct answer Tax-deductible to the employer Kevin has an existing life insurance policy and assigns it to another insurer for a new contract. How would this transaction be...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

AU62 Course Exam Practice Questions & Answers, 100% Accurate. Verified. An organization may incur losses from legal liabilities in a number of different ways. Which one of the following actions would best be described as an intentional tort? - -A newspaper mistakenly identifies the driver in an alcohol-related hit and run accident as John Doe, a prominent local attorney. Martin, a 15-year-old boy, carelessly tossed a glass bottle over the heads of several people toward a recycling bin 15...

NEVADA LIFE AND HEALTH LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS What are the four required elements of an insurance contract? - correct answer Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - correct answer General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insurable interest exist in life insuranc...

Missouri Life and Health Insurance Questions and Answers 100% Solved Insurance transaction includes: ️️By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract ️️-Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application ️️- Applicant When does acceptance take place ️️- An insurers...