NJ DMV > ANSWERS AND COMMENTARIES > NJ Accident and Health Producer insurance Exam Chapter #1 (All)

NJ Accident and Health Producer insurance Exam Chapter #1

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The Agent/ Producer is - correct answer-The legal representative of an insurance company The Applicant/ Proposed insured is - correct answer-a person applying for the insurance The insurable interes... t is - correct answer-the policy owner facing the possibility of losing something of value in the event of loss What does Consent mean? - correct answer-permission to do something What is an Insurance Policy? - correct answer-a contract between a policy owner and insurance company which agrees to pay for loss caused by specific event the "insured" is - correct answer-The person covered by the insurance policy; may or may not be the policy owner The "insurer" is - correct answer-the principal or company who issues an insurance policy What is the "Policyowner"? - correct answer-the person entitled to excercise the right and privileges in the policy What is "Premium" - correct answer-The money paid to the insurance company for the insurance policy What are the elements of a legal contract? - correct answer-Agreement (offer & accepted), Consideration, Competent Parties and Legal purpose Insurable Interest is proven by - correct answer-love and affection, economic or financial loss. In life and health insurance, it is required at the time of policy issuance. When a contract is "conditional" it... - correct answer-requires that certain conditions must be met by the policyowner and the com [Show More]

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