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Terms in this set (21)The fact that an insurance contract promises to pay benefits contingent on a future uncertainty (such as death or illness) makes it what type of contract? C An insurance contract is conditional in that the insurer's promise to pay benefits is dependent on the occurrence of the risk insured against. If the loss does not materialize, no benefits are paid. Bob is an agent for the Assured Insurance Company. He visits Mary, a prospect, in her home. He arrives with business cards, sample policies from Assured, and an Assured rate book. He recommends Assured policies that can meet Mary's needs for insurance. Which of the following terms describes the kind of
authority that Bob has in this situation? C Apparent authority arises from the reasonable assumptions that a third party, such as an insurance prospect, makes on the basis of the actions or statements of the principal. By providing its agent with business cards, sample policies, and rate books, Assured gives a prospect the impression that it supports Bob's statements and deeds with respect to his insurance transactions. Doreen is appointed by an insurance company to transact insurance on its behalf. She collects her clients premiums and has them sign paperwork. By what authority can she do so? A When agents act on behalf of insurers, they are acting under which
legal principle? D By legal definition, an agent is a person who works for another person or entity (known as the principal), with regard to contractual arrangements with third parties. An authorized agent has the power to bind the principal to contracts, and to the rights and responsibilities of those contracts. A
fiduciary responsibility is defined as: B Agency law encompasses all
of the following EXCEPT: C Knowledge of the principal is not knowledge of the agent but Knowledge of the agent is knowledge of the principal Who are the parties to a life insurance contract? C All of the following statements regarding a producer's authority are correct EXCEPT: C Express authority is specific authority given to an agent. Implied authority is authority that, while not specifically granted to an agent, can be assumed to have been granted as necessary to perform the agent's routine responsibilities. Apparent authority is authority that the public can logically assume an agent will possess, whether or not she has actually received such authority from the insurer. With
regard to insurance, the term "consideration" means the: D Legally defined, "consideration" is the price requested and given in exchange for a promise or an act. In terms of insurance, it is the price of the contract, or the premium, the insured pays to keep the contract and its promised benefits in force. In legal terms, voluntary relinquishment of a known right is called: Waiver A waiver is a voluntary relinquishment of a known right. If an insurer waives a legal right under an insurance policy, it cannot deny a future claim based on a violation of that right. This is known as estoppel, and the insurer is "estopped" from denying the claim. A contract is voidable when it: D Which
provision sets forth the insurer's basic promise to pay benefits upon the insured's death? B An agent in the XYZ Insurance Company, equipped with business cards, sample XYZ policies, and an XYZ rate book, informs a prospect that XYZ has given him unlimited binding authority. The
prospect assumes this is true. Given the prospect's assumption, which of the following terms correctly defines the agent's authority in this case? D Apparent authority is what a third party (such as a member of the public) assumes an agent has, on the basis of the actions or words of the principal. By supplying the agent with business cards, sample policies, and rate books, the insurance company has given the impression that it supports the words and actions of its agent. 3.3.3. A life insurance policy is all of the following EXCEPT: D Unlike a health insurance policy, a life insurance policy is not a reimbursement contract and does not reimburse the insured for the amount of loss. Instead, a life insurance policy is a valued contract that pays a stated amount. Which of the following types of agent authority is specifically set forth in writing in the agent's contract? Express Statements made by
an applicant in completing a life insurance application are considered to be: Representations Statements made that are true and exact in every detail are warranties. Statements made by an applicant for insurance that he or she represents as being substantially true to the best of his or her knowledge and belief, but that are not warranted as exact in every detail, are representations. Which of the following is a promise in exchange for an action? B Which of the following statements regarding representations is CORRECT? D Since only the insurer prepares the insurance contract, it is called a contract of: Adhesion Insurance contracts are contracts of adhesion, meaning that they are prepared by one party, the insurer. They are not negotiated contracts. In effect, the applicant adheres to the terms of the contract when he or she accepts it. Which of the following is the legal principle that allows a court to order an insurer to provide coverage not explicitly provided for in the
contract? Adhesion An insurance contract is a contract of adhesion. The insurer writes the contract and the insured adheres to it as the contract has been written. Insureds are protected by the courts with regard to insurance contracts where ambiguities arise. In these cases, the courts will usually rule in favor of the party that did not draft the contract. Statements guaranteed to be true are called: Warranties Sets with similar termsChapter 3: Legal Concepts46 terms julianntruonggPLUS Chapter 3: Legal Concepts of the Insurance Contract27 terms indiagrisby Chapter 3 Legal Concepts of the Insurance Contract29 terms priyank26 Final Chapter 3 Exam38 terms navleen_kaur16 Sets found in the same folderInsurance Regulation Chap 2 Exam19 terms zachman22 Chap 4 Exam Underwriting17 terms zachman22 Chap 5 Group Insurance Exam5 terms zachman22 Chapter 7 Policy Issuance and Delivery Exam29 terms zachman22 Other sets by this creatorChapter 7 Variable Exam Michigan State Insurance L…71 terms zachman22 Chapter 6 Variable Life Exam Qualified Plans15 terms zachman22 Chapter 5 Variable Life Exam Federal Tax Considera…34 terms zachman22 Chapter 4 Variable Life Exam ANNUITIES21 terms zachman22 Recommended textbook solutions
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Which of the following types of agent authority is also called perceived?Apparent Authority (perceived Authority)
Which of these is not considered to be an element of an insurance contract quizlet?Which of these is NOT considered to be an element of an insurance contract? The elements of an insurance contract do not include negotiating.
What is not consideration in a policy?Lack of consideration means that one of the parties to a contract is not obligated in any way, while the other party holds all obligation to act. Generally, courts will not interfere with parties to a contract.
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Which of these is NOT a type of agent authority Quizlet
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