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問題一覧
1
In determining how material a piece of information is to each party of a contract, the value is not determined by the event itself, but solely which of the following?
Influence this information would have in forming an estimate of the advantages or the disadvantages of the contract
2
Factual statements about the insured or the risk in an insurance policy are considered
Express warranty
3
All of the following information must be communicated in an insurance contract EXCEPT
information the other party already knows
4
Which of the following would be covered by contract law?
An insured suing the insurer for failure to provide promised benefits.
5
Which of the following does NOT need to be identified in an insurance policy?
The insurer's financial rating
6
All of the following must be specified in an insurance policy EXCEPT
The financial rating of the insurer
7
According to the Code, how many separate requirements should an insurance policy have?
6
8
A life insurance policy has a legal purpose if both of which of the following elements exists?
Insurable interest and consent
9
Insurance policy is
A written instrument in which a contract of insurance is set forth.
10
How is the premium in an insurance policy determined?
By multiplying the rate by the number of units of insurance purchased
11
Which of the following best defines an insurance policy?
A contract between an insured and an insurer that guarantees payment for loss caused by a specific event.
12
When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following?
Consideration
13
All of the following are true regarding representations EXCEPT
They may be altered or withdrawn after the issuance of the policy.
14
Representations are written or oral statements made by the applicant which
Are considered true to the best of the applicant's knowledge.
15
All of the following are reasons an insurer or an insured would have the right to rescind a policy EXCEPT
The amount of paid claims exceeds the premiums paid.
16
The violation of a material warranty or other material provision of a policy allows
Both the insurer and the insured to rescind.
17
Representations in insurance contracts qualify as
Implied warranties
18
Because an insurance policy is a contract between the insurer and the insured, it must comform to the state laws governing contracts which require all of the following elements EXCEPT
Conditions
19
Which of the following best describes the aleatory nature of an insurance contract?
Exchange of unequal values
20
Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the insurance company?
Aleatory
21
An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characeristic of an insurance contract does this describe?
Aleatory