Mississippi life producer exam
Which of the following is an insurance company that is organized under the laws of a
different state within the United States? CORRECT ANSWERS Foreign
protects the consumer’s right to the privacy of credit and financial information, ensuring
that all collected data is confidential, accurate, relevant and properly used CORRECT
ANSWERS Fair Credit Reporting Act
To indemnify means CORRECT ANSWERS to compensate for a loss or to make whole
Principle of Indemnity CORRECT ANSWERS insurance is designed to restore an
insured to the same physical or financial condition which existed prior to the loss,
without a profit or gain
In the case of life and health insurance, contract law requires that CORRECT
ANSWERS insurable interest must exist at the time of the application, not the time of
the loss
Consideration CORRECT ANSWERS the exchange of value that makes a contract
binding. The insured’s consideration is the payment of premium, along with an
agreement to abide by the conditions of the contract.
What is the insurers consideration? CORRECT ANSWERS The insurer’s promise to
indemnify in the event of a loss is its consideration, as is specified in the insuring clause
of the policy
Each of the following is an element of a legal contract, except: CORRECT ANSWERS
indemnity
A contract of adhesion CORRECT ANSWERS the insured must accept the entire
contract with all of its terms and conditions(take it or leave it basis)
Aleatory contract CORRECT ANSWERS a contract where the values exchanged may
not be equal but depend on an uncertain event
unilateral contract CORRECT ANSWERS Only one party is legally bound to the
contractual obligations after the premium is paid to the insurer. Only the insurer makes
a promise of future performance, and only the insurer can be charged with breach of
contract.
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