Which of the following is considered to be an event or condition that increases the probability of an insured's loss?

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Which of the following is considered to be an event or condition that increases the probability of an insured's loss?

A) Risk
B) Hazard
C) Indemnity
D) Peril

Answer: B) Hazard

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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

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A domestic insurer issuing variable contracts must establish one or more
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What rule is used to determine the importance of a representation?
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Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
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In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
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The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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All of the following statements are true regarding installments for a fixed amount EXCEPT
Fraternal Benefit Society has each of the following characteristics EXCEPT
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Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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The authority granted to a licensed producer is provided via the
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When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
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What documentation grants express authority to an agent?

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