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Chapter 3 Quiz
Answer each question below. Select a choice to see immediate feedback and an explanation before moving on to the next question.
Which of the following is NOT one of the four essential elements (CLOC) of a valid insurance contract?
An applicant completes an online insurance application but does not submit a premium payment with it. Under the law of contracts, what has the applicant made?
An insurance contract is described as "aleatory" because
Because insurance policies are contracts of adhesion, ambiguous or unclear policy language is generally interpreted
For a property insurance policy, when must the insured have an insurable interest in the property?
A life insurance policy that pays a predetermined face amount regardless of the beneficiary's actual financial loss is an example of a(n)
An applicant states on a health insurance application that they have never smoked, when this statement is later found to be materially false and influenced the insurer's decision to issue the policy. This is best described as a
An agent's contract does not specifically mention that the agent may print business cards bearing the company's name, but this power is assumed because it is necessary to conduct business. What type of authority is this?
A policyholder stops paying premiums after three months, giving the insurer the right to terminate the policy. What is this contract's status?
After paying a covered auto claim, an insurer pursues the at-fault driver's insurance company to recover the amount it paid. This is an example of
Which of the following consists of an offer, acceptance, and consideration?
Life and health insurance policies are:
When must insurable interest be present in order for a life insurance policy to be valid?
A policy of adhesion can only be modified by whom?
Insurance policies are offered on a "take it or leave it" basis, which make them:
All of the following are considered to be typical characteristics describing the nature of an insurance contract, EXCEPT:
E and F are business partners. Each takes out a $500,000 life insurance policy on the other, naming himself as primary beneficiary. E and F eventually terminate their business, and four months later E dies. Although E was married with three children at the time of death, the primary beneficiary is still F. However, an insurable interest no longer exists. Where will the proceeds from E's life insurance policy be directed to?
When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have:
Which of these is considered a statement that is assured to be true in every respect?
Who makes the legally enforceable promises in a unilateral insurance policy?