Insurance|upd Study guides, Class notes & Summaries

Implied ______________ authority is established through verbalization and occurs when appropriate actions are taken to carry out the authority granted to fulfill the principal's goals. Apparant The appearance of power on behalf of the insurer through the actions or use of identifying materials by the agent, such as company advertising material, is called _____________ authority. Express ____________ authority spells out in contract form the activities that the agent has the pow...

A condition or situation that presents a possibility of loss is a (an): exposure The purpose of insurance is to: transfer risk Which hazard can be described as a careless attitude or general indifference on the part of the insured toward the occurrence of loss? morale Which risk is insurable? pure With regard to insurance, risk can be defined as: uncertainty regarding loss Treating risk by purchasing insurance is an example of what type of risk management?...

ALABAMA LIFE AND HEALTH INSURANCE|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

GEORGIA LIFE AND HEALTH INSURANCE|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

Which part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? Conditions The limits of liability are found in which of the following sections of a casualty policy? Declarations The _____ page in an insurance contract contains information about the risk, the effective date of coverage, deductible, premium amounts, coinsurance percentage, and location of the insured property. Declarations The...

Insurance The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals Law of Large Numbers The larger the number of people with a similar exposure to loss, the more predictable actual losses will be Law of Large Numbers Example When issuing a policy on a 35 year old male, the insurance company has no way of knowing or accurately predicting when he will die. Inste...

ALABAMA LIFE AND HEALTH INSURANCE|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

FINAL EXAM CALIFORNIA LIFE, ACCIDENT, AND HEALTH INSURANCE|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

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