A market where individuals and groups of people gather to exchange insurance is a:

a. Risk retention group

b. Noncommerical insurer

c. Lloyd's of London

(d.) Lloyd's association

Answer: D

State Insurance

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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?

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The pro rata liability clause is designed to protect the principle of
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A domestic insurer issuing variable contracts must establish one or more
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All of these statements about the Waiver of Premium provision are correct EXCEPT
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Under an extended term nonforfeiture option, the policy cash value is converted to
Which type of life insurance policy generates immediate cash value?
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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
Ambiguities in an insurance policy are always resolved in favor of the
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?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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Which nonforfeiture option provides coverage for the longest period of time?
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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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All of the following are true regarding a decreasing term policy EXCEPT
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The authority granted to a licensed producer is provided via the
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The pro rata liability clause is designed to protect the principle of
When the principal gives the agent authority in writing, it's referred to as
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All of the following statements concerning dividends are true EXCEPT:
All of the following are true regarding rebates EXCEPT
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All of the following are elements of an insurance policy EXCEPT
What would be an expense factor in an insurance program?
All of the following are true of key person insurance EXCEPT
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Who is responsible for assembling the policy forms for insureds?
Life income joint and survivor settlement option guarantees
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Which of the following is NOT true regarding the accumulation period of an annuity?
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What is the purpose of establishing the target premium for a universal life policy?
What is the other term for the cash payment settlement option?
Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
Insurance represents the process of risk
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What is the purpose of establishing the target premium for a universal life policy?
Which of the following is NOT true regarding the accumulation period of an annuity?
Group health plans may deny participation based upon the
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What is the other term for the cash payment settlement option?
What documentation grants express authority to an agent?

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