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18 Cards in this Set
- Front
- Back
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Insureds are entitled to recover an amount not greater than the amount of their loss under the principle of |
Indemnity |
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What is the role used to determine the importance of representation |
The materiality of concealment |
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The required contents of a policy include all of the following except |
The probability of loss |
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All of the following are characteristics of reinsurance accept it |
Increases the unearned premium reserve |
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According to the California insurance code and insurance policy must pacify all the following except the |
Financial rating of the insurer |
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Whole lives or follow we get qualify as background information as defined in section 172 9.2 of the California insurance code except |
Misdemeanor charges filed not resulting in a conviction |
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Loss retention is an effective risk management technique when all of the following conditions exist except The |
Probability of loss is unknown |
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A situation in which There is a possibility of loss or gain is a |
Speculative risk |
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Why is having a large number of similar exposure units important to insurers? |
The greater the number of insured, the more accurately the insurere can predict losses and set appropriate premiums |
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All of the following are benefits of insurance except it |
Eliminates fraudulent losses |
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Who are members of the medical information bureau |
Life and health insurers |
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The process by which an insurer decides to issue requested insurance is called |
Underwriting |
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Unless it is merely a statement of expectation or Belief, a representation as to the future is considered which of the following |
Promise |
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Upon notification of a claim, a claimant must be given access to the California fair claims settlement practices resolution by all the the following means except |
By interview appointment with the agent of record |
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What is the definition of a premium |
Money an insured pays an insurer to obtain the benefits provided in the policy. |
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What is the goal of the underwriting process? |
To avoid selecting a disproportionate number of bad risks. |
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Insurer policy expenses include all of the following except |
Premiums |
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Unintentional concealment entitles the injured party to which course of action, if any? |
Rescission of the contract |
