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What is Insurance?
A contract in wish one party (the insurance company) agrees to indemnify (make Whole) the insured party against loss, damage or liability arising from an unknown event.
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What is Consideration refers to in an insurance contract?
Exchange of something of value by both parties.
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What is not a risk retention
Premiums
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What is Risk in insurance terminology refers to
the uncertainty of financial loss
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What is an insurance company formed under the laws of another state is know as?
Foreign insurer
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Which method of dealing with risk is applied when a person purchases insurance?
Transfer
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What is conditions that increase the chances of an insured loss occurring are referred to as.
Hazards
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What is An agent's actions show what kind of authority?
Apparent
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An insurance contract does not need ____________to be considered legally binding.
Beneficiary's consent
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Mutual companies are owned by
Policyowners
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What is an example of an agent's fiduciary responsibilities?
Promptly forwarding premiums to the insurer
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How does reinsurance benefit the insurer?
Who acts on behalf of the principal?
It helps protect against catastrophic losses.
The agent acts on behalf of the principal. |
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non-element of an insurance contract
Estoppel
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In Insurance contracts, a warranty is a
Statement that must be true
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If a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost, this know as?
Indemnity
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