Insurance

Front 1

Risk an insurance term analogy refers to

Back 1

The uncertainty of financial loss

Front 2

Conditions that increase the chances of the insured loss, occurring are referred to as

Back 2

Hazards

Front 3

Mutual companies are owned by

Back 3

Policy owners

Front 4

The insurer must be able to rely on the statements in the application, and the insurer must be able to rely on the Ensure to pay valid claims in the informing of the insurance contract. This is referred to

Back 4

Utmost good faith

Front 5

In an insurance contract consideration refers to

Back 5

Exchange of something of value by both parties

Front 6

An insurance company that is formed under the law of another state is known as what type of ensure

Back 6

Foreign

Front 7

An agent actions show what kind of authority

Back 7

Apparent

Front 8

What are fiduciary responsibilities of an agent

Back 8

Promptly forwarding premiums to the insurer

Front 9

In insurance contracts, a warranty is

Back 9

Statement. That must be true.

Front 10

What is an example of a risk retention exempt?

Back 10

Premiums

Front 11

An insurance contract must contain all of the following elements to be considered legally binding except

Back 11

Beneficiary consent

Front 12

When would a misrepresentation on the insurance application be considered fraud

Back 12

If it is intentionally or material

Front 13

Who acts on behalf of the

Back 13

The agent

Front 14

Which provision states, that if a policy allows for greater compensation than the financial floss occurs the insured me only receive benefits for the amount

Back 14

No loss no gain

Front 15

Risk Management Key Terms

Back 15

Pure - only insurable

Speculative- not insurable