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LH Chapter 3 FL Manual

Quiz by Brian Morton

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8 questions
Show answers
  • Q1
    The authority that an insurer gives to its agent by means of the agent’s contract is known as
    Fiduciary responsibility
    Implied authority
    Express authority
    General authority
    30s
  • Q2
    “An insurance contract is prepared by one party, the insurer, rather than by negotiation between the contracting parties.” Which of the following statements explains this characteristic of insurance contracts?
    The insurance contract is a contract of adhesion
    The insurance contract is a contract of acceptance
    The insurance contract is an aleatory contract
    The insurance contract names only the insurer as the competent party
    30s
  • Q3
    Which of the following statements about authority is NOT correct?
    Implied authority is not overtly extended in the agent’s contract but does permit many of the agent’s operations
    Apparent authority can be assumed from the action of the principle
    Express authority is granted by means of the agent’s contract
    Express authority is determined by a principal’s conduct
    30s
  • Q4
    Which of the following statements describes an insurable interest?
    The policyowner must expect to benefit from the insured’s death
    The beneficiary, by definition, has an insurable interest in the insured
    The insured must have a personal or business relationship with the beneficiary
    The policyowner must expect to suffer a loss when the insured dies or becomes disabled
    30s
  • Q5
    Which of the following is a distinguishing characteristic of an insurance contract?
    Conditional
    Competent parties
    Consideration
    Offer and acceptance
    30s
  • Q6
    Competent parties who can enter into insurance contracts are
    Trusts and estates
    All of the answers
    Applicants
    Business entities
    60s
  • Q7
    With life and health contracts, when must an insurable interest exist?
    While the policy is in force
    At the inception of the policy
    Before the beneficiary is named
    After the policy is issued
    60s
  • Q8
    Which of the following terms is used for the voluntary relinquishment of a known right?
    Estoppel
    Adhesion
    Waiver
    Unilateral
    60s

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