In an insurance contract, the element that shows each party is giving something of value is called

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In an insurance contract, the element that shows each party is giving something of value is called

a) offer
b) acceptance
c) consideration
d) purpose

Answer: c) consideration

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need:

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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No existing agent's license will be revoked until
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In an insurance contract, the applicant's "consideration" is the
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The voluntary relinquishment of a legal right is called
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Fraternal Benefit Society has each of the following characteristics EXCEPT
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The authority granted to a licensed producer is provided via the
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