A producer has each of the following responsibilities to the Insurer, EXCEPT: _____ A duty to act in the best interest of the insurer A duty to follow underwriting guidelines A duty to recommend only high-premium policies A duty to disclose all relevant information

A duty to recommend only high-premium policies

To engage or participate in the insurance business, a prohibited person must first apply for a(n): _____ Policyholder consent Underwriting approval 1033 waiver for consent to work Insurance license

1033 waiver for consent to work

Insurance Company Operations: Corporate Structures, Reinsurance & Producer Relationships

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Business - Insurance

andrsonztdc Created by 10 mon ago

Cards in this deck(34)

A _____ insurance company is owned by its policyholders.

If an insurance company wants to transfer all or part of the risk it has accepted, it would buy which of the following types of insurance? _____

Which of the following is an insurance company that is organized under the laws of another state within the United States? _____

Which insurance company department accepts the insurance risk? _____

Which of the following individuals represents the insurance company when selling an insurance policy? _____

Which of the following authorities does the public assume an agent has, based on the agent's conduct? _____

A person with a legal or ethical relationship of trust with another party is a: _____

A producer has each of the following responsibilities to the Insurer, EXCEPT: _____

To engage or participate in the insurance business, a prohibited person must first apply for a(n): _____

Dishonest tendencies that increase the probability of loss are what types of hazard? _____

A federal regulation called the _____ protects consumer privacy.

Each of the following must be included in an insurable risk, EXCEPT: _____

Which principle of insurance restores the insured to the same economic condition that existed before the loss? _____

Each of the following is an element of a legal contract, EXCEPT: _____

A warranty is defined as which of the following? _____

Dividends issued by stock insurers are paid to: _____

Which of the following is NOT a hazard category used in insurance underwriting? _____

The risk management technique of an insured who continues to have responsibility for a loss is known as: _____

When an insurer cedes part of an insured's coverage to another insurance company, retaining only part of the risk for itself, the insurer is engaging in: _____

Which type of insurance company is owned by its policyholders? _____

The difference between a misrepresentation and a material misrepresentation is: _____

In a reinsurance transaction, the company that wishes to transfer all or a portion of the financial risk of loss to another entity is known as the: _____

Each participant of a Lloyd's association: _____

A United States insurance company is considered to be domiciled: _____

In order to be valid, a legal contract must be between: _____

J and his insurance company disagree over some ambiguous language in J's life insurance policy. If the parties end up in court, which principle would direct the court to rule in favor of J? _____

_____ is generally an option only for large corporations who may want to limit their risk up to a certain dollar amount, then buy insurance above and beyond that amount.

J is named in a policy as the individual who is entitled to receive the policy proceeds upon the death of T. Which of the following statements best applies to this scenario? _____

A life insurance policy is being applied for on Z's life. In order for the contract to be valid, all of the following have an insurable interest and could be the owner of the policy, except: _____

A general description of the basic types of life insurance used to assist prospective purchasers can be found in the: _____

Which of the following is NOT required to sign a completed application? _____

An applicant for life insurance realizes several days after completing the application that she may have answered a medical question incorrectly. She should do which of the following? _____

Information from a third party collected by the insurance company in the application for insurance and during underwriting of the policy may be subject to the jurisdiction of the: _____

Which of the following is not true about life insurance applications? _____

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