AS authorized by the California Insurance Code, the Insurance Commissioner. has provided standards
which, if any, of the following are automatically acceptable for Mary Brown, a holder of the ClU
designation ? -
✔✔
Mary Brown Insurance Services
A contract of indemnity is one in which -
✔✔
one party is restored to the same financial position the
party was in before the loss occurred
In insurance terminology, "indernity" means -
✔✔
make whole
As defined in the California insurance Code, "insurance" is a -
✔✔
contract
What would a person be guilty of who refuses to deliver any books, records, or assets to the
commissioner once a seizure has been executed? -
✔✔
A misdemeanor
An agent who is acting as an insurance agent, broker, solicitor, life agent, accident and health, bail agent
acts in which capacity when handing premiums or return premiums for an insured? -
✔✔
Fiduciary
Which of the following statements regarding risk is TRUE? -
✔✔
Only pure risks are insurable
The purchase of an insurance policy may accomplish all of the following for the insured EXCEPT -
✔✔
the
elimination of risk
Insureds are entitled to recover an amount NOT greater than the amount of their loss under the
principle of -
✔✔
indemnity
What rule is used to determine the importance of a representation? -
✔✔
The materiality of
concealment
The required contents of a policy included all of the following EXCEPT -
✔✔
the probability of loss
