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12 Cards in this Set
- Front
- Back
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If you are denied coverage, the Fair Credit Reporting Act mandates that insurers provide the name of any reporting agency used (T/F).
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True
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Determines whether or not a company will insure a risk.
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risk selection
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A producer for a direct legal reserve life insurance company must have what kind of a license?
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Life Accident and Health
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A contract that is prepared by one party rather than negotiated between contracting parties is what type of contract?
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Contract of adhesion
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What two things will differ between a participating life insurance policy and a comparable non-participating life insurance policy?
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Premiums and dividends
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What or who is the principal in the law of agency?
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The insurance company
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Mike was shown a brochure and a company prospectus by the producer during the insurance presentation. Mike's conclusion was that the agent had what type of authority from the principle?
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Apparent or perceived authority
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What good faith concept says that a statement by an insurer in a contract is absolutely true?
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A warranty
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A company that has received approval from an Insurance Commissioner to transact insurance business in its state is called what type of company?
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Admitted company
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Which contract element is voided by an illegal activity?
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Legal purpose
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Mike did not disclose on his insurance application that he was diagnosed with heart disease. What would Mike's action be called?
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Concealment
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What are the powers called that are not given to an insurance agent in the agreement between the agent and the principal?
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Implied powers
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