Michigan property

		When would a misrepresentation on an insurance application be considered fraud?
2		Wagering at a sporting event is known as what type of risk?
3		What are the three types of agent authority?
4		What type of insurer is formed under the laws of another state?
5		What are the methods of managing risk?
6		A tornado that destroys a property would be an example of what?
7		What type of authority is based on the agent’s actions, or words?
8		What are the five characteristics of an ideally insurable risk?
9		What is the term for the causes of loss insured against in an insurance policy?
10		What is consideration on the part of the insurer?
11		Insurance contracts are aleatory in nature. What does that mean?
12		What does the term reasonable expectations mean in insurance?
13		What does indemnify mean in insurance?
14		What document is required for an insurance company to transact insurance?
15		In insurance contracts, when does acceptance usually occur?
16		What does the term unilateral contract mean?
17		What do individuals use to transfer their risk of loss to a larger group?
18		A situation in which a person can experience only a loss and no gain presents what type of risk?
19		What is consideration in an insurance contract?
20		What is a warranty in an insurance contract?
21		What are the four elements of an insurance contract?
22		Insurers are classified according to their domicile. What are the three types of insurers?
23		In insurance contracts, when is the offer usually made?
24		Conditions that increase the chance of a loss are known as what?
25		What are the three types of hazards?
26		In the agent/insurer relationship, who is considered the principal?
27		According to the Law of Agency, who represents the principal?
28		What provision states that if a policy allows for greater benefits than the financial loss incurr...
29		If an insurer holds a Certificate of Authority, it is known as what type of insurer?
30		What is a risk?

ABC insurance company receives an incomplete application and issues the policy anyway. Six months later ABC realizes the missing information. What term is used that prevents ABC from forcing the policyowner to answer further questions?

A situation in which a person can only lose or have no change represents

Which of the following types of insurers is owned by stockholders?

An agent is acting ethically in all of the following situations EXCEPT

What is a material misrepresentation?

An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe?

Which of the following produces evaluations of insurers' financial status often used by state departments of insurance?

Insurance is a contract by which one seeks to protect another from

What is reinsurance?

The risk of loss may be classified as

Contracts that are prepared by one party and submitted to the other party on a take-it-or-leave-it basis are classified as

An insured purchased an insurance policy 5 years ago. Last year, the insured received a dividend check from the insurance company that was not taxable. This year, the insurer did not send a check. From what type of insurer did the insured purchase the policy?

Not all losses are insurable, and there are certain requirements that must be met before a risk is a proper subject for insurance. These requirements include all of the following EXCEPT

An insurance company assures its new policyholders that their premium costs will not increase for a period of at least 5 years. However, due to increasing financial strain, they plan to raise premium costs for all insureds by 10% over the next 2 years. What term best describes this act?

An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe?

Knowt