18845137
Questão 1
Questão
_________ is the uncertainty or possibility for loss in a given policy.
Responda
-
Exposure
-
Hazard
-
Risk
-
Peril
-
Loss
Questão 2
Questão
_________ is the total outstanding risk for loss.
Responda
-
Exposure
-
Hazard
-
Risk
-
Peril
-
Loss
Questão 3
Questão
__________ is a situation that increases the likelihood for loss; or the severity of loss:
Responda
-
Exposure
-
Hazard
-
Risk
-
Peril
-
Loss
Questão 4
Questão
___________ is the cause of damage or loss
Responda
-
Exposure
-
Hazard
-
Risk
-
Peril
-
Loss
Questão 5
Questão
________ is the physical damage or loss of income
Responda
-
Loss
-
Peril
-
Risk
-
Hazard
-
Exposure
Questão 6
Questão
_______ is avoiding as much risk as possible; avoiding high-risk policies
Responda
-
Reduction
-
Retention
-
Transfer
-
Sharing
-
Avoidance
Questão 7
Questão
________ is dealing with risk as it occurs; often consumers will pay a higher deductible.
Responda
-
Reduction
-
Retention
-
Transfer
-
Sharing
-
Avoidance
Questão 8
Questão
________ is dealing with risk for a group of people with the same risk to reduce the loss for the individual:
Responda
-
Avoidance
-
Sharing
-
Transfer
-
Retention
-
Reduction
Questão 9
Questão
_______ is limiting the probability for risk by taking preventative steps:
Responda
-
Reduction
-
Retention
-
Transfer
-
Sharing
-
Avoidance
Questão 10
Questão
_________ is placing risk to another party whom assumes liability if and when loss should occur.
Responda
-
Reduction
-
Retention
-
Transfer
-
Sharing
-
Avoidance
Questão 11
Questão
________ is the social phenomenon whereby persons with a higher than average probability of loss seek greater insurance coverage than those with less risk..
Responda
-
Law of large numbers
-
Reinsurance
-
Adverse selection
Questão 12
Questão
________ indicates the larger the pool of insurance policies written the greater probability to estimate the loss expected. This allows companies to estimate how many policies should be written in order to cover the expected loss.
Responda
-
Law of large numbers
-
Reinsurance
-
Adverse selection
Questão 13
Questão
_______ is a transaction between a primary insurer and another licensed (re) insurer where the reinsurer agrees to cover all or part of the losses and/or loss adjustment expenses of the primary insurer. The assumption is in exchange for a premium.
Responda
-
Law of large number
-
Reinsurance
-
Adverse selection
Questão 14
Questão
______ is a type of insurance company whom gains its capital from its shareholders, or those who purchase stock in the company.
Responda
-
Stock Companies
-
Lloyd's Associations
-
Fraternal Benefit Societies
-
Mutual Companies
Questão 15
Questão
_______ is a type of insurance company owned entirely by the policyholders (consumer).
Responda
-
Stock companies
-
Lloyd’s associations
-
Fraternal benefit societies
-
Mutual companies
Questão 16
Questão
______ is an organization of people who usually share a common ethnic, religious, or vocational affiliation. This type of society may provide insurance to its members.
Responda
-
Stock companies
-
Lloyd’s associations
-
Fraternal benefit societies
-
Mutual companies
Questão 17
Questão
In a _______ individuals who are not in business together come together and each is only responsible for the portion of the risk they choose to insure.
Responda
-
Stock companies
-
Lloyd’s associations
-
Fraternal benefit societies
-
Mutual companies
Questão 18
Questão
Self-insured funds is a method of managing risk by setting aside a pool of money to be used if an unexpected loss occurs..
Responda
- True
- False
Questão 19
Questão
_______ is any insurance company operating in a country for which the company did not originate..
Responda
-
Domestic
-
Foreign
-
Alien
Questão 20
Questão
______ is any insurance company operating within the same state for which the company originated.
Responda
-
Domestic
-
Foreign
-
Alien
Questão 21
Questão
_______ is any insurance company operating in a state for which the company did not originate.
Responda
-
Domestic
-
Foreign
-
Alien
Questão 22
Questão
______ authority is granted to an individual based upon a mutual agreement, and is explicitly stated and understood. .
Responda
-
Apparent
-
Implied
-
Express
Questão 23
Questão
_______ authority is not explicitly stated, but is reasonably assumed.
Responda
-
Apparent
-
Implied
-
Express
Questão 24
Questão
______ is an agent's power to act on behalf of a principal, even though not expressly or impliedly granted.
Responda
-
Apparent
-
Implied
-
Express
Questão 25
Questão
Which of the following are elements of a legal contract?
Responda
-
Offer and acceptance
-
Consideration
-
Competent parties
-
Legal purpose
-
All of the above
Questão 26
Questão
______ is a contract in which one party has substantially more power than the other in creating the contract.
Responda
-
Unilateral contract
-
Personal contract
-
Conditional contract
-
Aleatory contract
-
Contract of adhesion
Questão 27
Questão
______ is an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties.
Responda
-
Unilateral contract
-
Personal contract
-
Conditional contract
-
Aleatory contract
-
Contract of adhesion
Questão 28
Questão
______ is a contract written to a named individual that may not be transferred.
Responda
-
Unilateral contract
-
Personal contract
-
Conditional contract
-
Aleatory contract
-
Contract of adhesion
Questão 29
Questão
______ is a contract in which only one party makes an enforceable promise..
Responda
-
Unilateral contract
-
Personal contract
-
Conditional contract
-
Aleatory contract
-
Contract of adhesion
Questão 30
Questão
_____ is a legal agreement that requires the prior performance of another agreement or clause in order to be enforceable.
Responda
-
Unilateral contract
-
Personal contract
-
Conditional contract
-
Aleatory contract
-
Contract of adhesion
Questão 31
Questão
Indemnity is the form of a contract that ensures a party be brought back to whole in the event of a peril.
Responda
- True
- False
Questão 32
Questão
______ are any statements made by the applicant in the process of filling out an application that are believed to be correct in nature to the best of their knowledge
Responda
-
Estoppel
-
Representations
-
Warranties
-
Waiver
Questão 33
Questão
______ is any statement made in the application process for insurance that is guaranteed to be true in nature. .
Responda
-
Estoppel
-
Representations
-
Warranties
-
Waiver
Questão 34
Questão
_________ is the voluntary withholding of a given legal right, or advantage known by the insurer
Responda
-
Estoppel
-
Representations
-
Warranties
-
Waiver
Questão 35
Questão
________ is utilized to prevent the denial of a fact if the fact was admitted to be true by a previous action
Responda
-
Estoppel
-
Representations
-
Warranties
-
Waiver
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