A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies is called:
A. Demand draft
B. Loan
C. Insurance
D. Term deposit
Which one of the following is not including in typical type of insurance:
A. Private mortgage
B. Mortgage
C. Flood and co-insurance
D. None of these
Life insurance includes all of following the products EXCEPT:
A. Mortgage life insurance
B. Straight life insurance
C. Specialty life insurance
D. Permanent life insurance
A major type of personal selling distribution system is the:
A. Direct response distribution
B. Face to face representation
C. Ordinary agency system or career agency system
D. Agency-building distribution
Insurance in law and economics, is a form of risk management primarily used to:
A. Hedge again risk of potential financial loss
B. Lock the risk of potential financial losses
C. Both the statements are one and the same
D. None of these
________ are insurance company representatives with the authority to sell the company's product.
A. Brokers
B. Dealers
C. Agents
D. Both A and B
Insurance Brokers work for:
A. Insured and insurance company
B. Insured rather than an insurance company
C. Brokerage houses
D. None of them
Following are the examples of illegal sales practice EXCEPT:
A. Twisting occurs when an agent purposefully misguides and individual into canceling one policy and purchasing a new one
B. Rebating occurs when an agent agree to give an individual the share of the commission as an incentive to buy a policy
C. Misrepresentation occurs when agent makes false and misleading statements, but they are allowed to guarantee policy dividends
D. None of these
Adequate solution for insurance coverage is that:
A. Which offsets the losses generated by the absence of a key contributor?
B. Does not impose a financial burden on the business
C. Establish control of the business to the surviving active owner
D. All of these
Office of the comptroller of the currency:
A. Ensures the safety and soundness of the National Banking System
B. Foster competition by allowing banks to offer new products and services
C. Improve the efficiency and effectiveness of OCC supervision including regulatory burden
D. All of these
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