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- 1. Multiple Choice
What are the elements of a legal contract?
Competent Parties
Legal Purpose
Agreement
Consideration
- 2. Multiple Choice
What is NOT a kind of insurer?
Foreign
Imported
Alien
Domestic
Non-admitted
- 3. Multiple Choice
What are the types of Insurers?
Lloyd's of London
Mutual Insurance Company
Reciprocal Insurance Company
Stock Insurance Company
Risk Retention Group
- 4. Multiple Choice
What are ways that risk can be managed?
Sharing
Transfer
Avoidance
Reduction
Retention
- 5. Multiple Choice
What are the purposes of insurance?
Generate profit for the insured
Transfer risk from the insured to the insurer
Restore the insured to the same financial or economic condition existing prior to loss
To guarantee a desired outcome
- 6. Multiple Choice
In what ways are the insurer and producer related?
The insurer is the source of authority from which the producer must abide
The producer is responsible for "producing" benefits, while the insurer writes the policies
They are legally considered the same entity
The insurer appoints the producer to act on its behalf
- 7. Multiple Choice
What is insurable interest?
Losses may or may not be calculable
Allows an applicant to seek insurance for any other living entity
A relationship must exist between the applicant and the insured
A philosophical curiosity to be debated by academics
- 8. Multiple Choice
What are legal interpretations that affect contracts?
Concealment
Representations
Principal of indemnity
Estoppel
Utmost good faith
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