Xcel chapter 3 exam - Study guides, Class notes & Summaries
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Xcel chapter 3 Exam Questions and Answers All Correct
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Xcel chapter 3 Exam Questions and Answers All Correct 
Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured 
 
The authority granted to a licensed producer is provided via the - Answer-law of agency 
 
______ is NOT an element of a valid contract. - Answer-countersignature 
 
Insurable interest does NOT occur in which of the following relationships? - Answer-business ower and business client 
 
What is implied authority defined as? - Answer-Authority that is n...
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XCEL CHAPTER 3 EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED
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XCEL CHAPTER 3 EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED 
 
Which contract element is insurable interest a component of? 
A. Competent parties 
B. Offer and acceptance 
C. Consideration 
D. Legal purpose 
Legal purpose 
In an insurance contract, the element that shows each party is giving something of value is called? 
A. offer 
B. acceptance 
C. consideration 
D. purpose 
Consideration 
What makes an insurance policy a unilateral contract? 
A. Only the insured pays the premium 
B. Only t...
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XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+
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XCEL CHAPTER 3 EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ 
Ambiguities in an insurance policy are always resolved in favor of the 
insured 
The authority granted to a licensed producer is provided via the 
law of agency 
______ is NOT an element of a valid contract. 
countersignature 
Insurable interest does NOT occur in which of the following relationships? 
business ower and business client 
What is implied authority defined as? 
Authority that is not specifically given to an agent ...
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XCEL Chapter 3 Exam Questions & Answers.
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XCEL Chapter 3 Exam Questions & Answers. 
 
 
Which contract element is insurable interest a component of? 
A. Competent parties 
B. Offer and acceptance 
C. Consideration 
D. Legal purpose - CORRECT ANSWER Legal purpose 
 
In an insurance contract, the element that shows each party is giving something of value is called? 
A. offer 
B. acceptance 
C. consideration 
D. purpose - CORRECT ANSWER Consideration 
 
What makes an insurance policy a unilateral contract? 
A. Only the insured pays the pre...
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Xcel chapter 3 Exam Questions and Answers All Correct (1)
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Xcel chapter 3 Exam Questions and Answers All Correct (1) 
 
Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured 
The authority granted to a licensed producer is provided via the - Answer-law of agency 
 
	is NOT an element of a valid contract. - Answer-countersignature 
 
Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client 
 
What is implied authority defined as? - Answer-Authority that is not...
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XCEL Chapter 3 Exam Review Questions & Answers 2023/2024
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XCEL Chapter 3 Exam Review Questions & Answers 2023/2024 
 
Errors and omissions - ANSWER-A professional liability for which producers can be sued for mistakes of putting a policy into effect 
 
Concealment - ANSWER-Intentional withholding of material facts that would affect an insurance policy's validity 
 
Considerations - ANSWER-Statements made in the application and the premium 
 
Indemnity contract - ANSWER-One that restores an injured party to the condition that was present before the los...
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Idaho Insurance Exam Bundle
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Exam (elaborations)
XCEL Chapter 12 Idaho Laws and Rules Exam with correct Answers 2024

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Life Insurance Exam questions IDAHO with correct answers

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Insurance exam Idaho questions and answers

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Idaho statutes, rules, and regulations common to all lines exam questions and answers

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Idaho Life Health Insurance/Idaho Property Exam Bundle
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Exam (elaborations)
XCEL Chapter 12 Idaho Laws and Rules Exam Answers 2024

2
Exam (elaborations)
Life Insurance Exam questions IDAHO with correct answers

3
Exam (elaborations)
Insurance exam Idaho questions and answers 2024

4
Exam (elaborations)
Idaho statutes, rules, and regulations common to all lines exam 2024

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Idaho S
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XCEL SOLUTIONS CHAPTER 3 - POLICY PROVISIONS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
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XCEL SOLUTIONS CHAPTER 3 - POLICY 
PROVISIONS EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
A potential client, age 40, would like to purchase a whole life policy that will accumulate 
cash value at a faster rate in the early years of the policy. Which of these statements 
made by the producer would be correct? 
Correct Answer: 20-pay life accumulates cash value faster than straight life 
D owns a whole life policy that was purchased 10 years ago. If the premium paym...
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Xcel chapter 3 Exam Questions and Answers All Correct
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Xcel chapter 3 Exam Questions and Answers All Correct 
Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured 
 
The authority granted to a licensed producer is provided via the - Answer-law of agency 
 
 	is NOT an element of a valid contract. - Answer-countersignature 
 
Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client 
 
What is implied authority defined as? - Answer-Authority that is not sp...
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