Which is not an essential characteristic of an insurance contract? A. transfer of significant risk from the issuer to the policyholder B. policyholder pays the issuer for the transfer of risk C. issuer indemnifies the policyholder for losses when the insured event occurs D. none of the above
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- Which of the following types of insurance does NOT involve a contract with an external party? a. self insurance b. directors and officers insurance c. property insurance d. life insuranceWhich of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.The promises of the insurer are found in the insurance policy. True False
- It pertains to a risk management technique when acquiring a life insurance. *risk avoidancerisk retentionrisk transferanswer not givenTrue or False? 1. An insurance contract is derecognized when it is extinguished and when it is modified where the modification meets any of the conditions for derecognition. 2. The occurence of the event must be certain at the inception of the insurance contract.Commercial Insurance must legally own the new insurer a. Company A is an established insurer and is primarily interested in having protection against a catastrophic loss arising out of a single occurrence.
- Which of Ike following statements is CORRECT about he Missialement of Age provision in a health policy? A.Il is not an oplional provision. B.It allows an insurance company to adjust the levels of policy benefits for an insured who misslated his age. C.It limits the time wilhin which an insurance company may conlest a claim on the basis of misstatement of age. D.It always voids the contractWhich of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition Insuring agreementWhen a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor the insured. c. benefits the insurer d. benefits both the insurer and the insured