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1 – Exam FX Life and Health - General Insurance / Completing Application, Underwriting and Delivering the Policy

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1 – Exam FX Life and Health - General Insurance / Completing Application, Underwriting and Delivering the Policy What two elements are necessary to a life insurance contract to have a legal purpo... se? ✔✔1. Insurable Interest 2. Consent Insurance is a contract that protects the insured from what? ✔✔Loss What Type of Risk is Insurable? ✔✔Pure What is the term for the causes of loss insured against in a insurance policy? ✔✔Peril What Law Protects Consumers from the circulation of inaccurate or obsolete information? ✔✔The Fair Credit Reporting Act What are the three types of hazards? ✔✔1. Physical 2. Moral 3. Morale In forming an insurance contract, when does an acceptance usually occur? ✔✔When the insurer approves a prepaid application An insurance company domiciled in California and transacts insurance in Nevada. What is this insurer's classification in Nevada? ✔✔Foreign A state-issued document empowering an insurance company to become an admitted insurer is called what? ✔✔Certificate of Authority What entities make up the Medical Information Bureau? ✔✔Insurers What type of insurer is a voluntarily formed organization that provides insurance benefits for members of an affiliated lodge or religious organization with representative form of governtment? ✔✔Fraternal Insurers When would a misrepresentation on an insurance applications be considered fraud? ✔✔When it is intentional and material [Show More]

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