you can ignore this - my way of studying

to help study fer this test, i decided to type all the homework questions, quizes, and exams. then the notes. i got a hella job ahead of me. but for all of you interested, this is what i learned in class :)

this is questions 1-14 of first night homework. the catch is there was 60 questions, day 2 had 85, day 3 had 85, and day 4 had 35. the rest will come later. oh yea, 6 quizes, a thick 100 questtion exam and a nice fat tipsheet i have too. along with prob 50 pages of double sided pure notes. yeah, i got a job...

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1) The following is false about speculative risk: speculative risk is a feature of insurance
2) Not all risks are insurable. Certain characteristics must be present for a particular risk to be considered an insurable risk. Which of the following characteristics might make a risk uninsurable? The risk of loss exists because of a catastrophic exposure
3) In the life insurance filed, insurable interest must exist: At the time application is made for the insurance.
4) An insurer incorporated under the laws of the state in which it is operating is considered to be a: domestic insurer
5) What type of insurer obtains capital from investors who share in the company’s profiles + losses: Stock
6) An insurer owned by it’s policyholders, who may receive a return of unused premiums in the form of policy dividends is a: mutual company
7) The following is not one of the available methods for dealing with an exposure to risk: ascertain the risk
8) The following is not true about insurance: insurance is a mechanism for handling speculative risk.
9) Some insurers do not fully charge their premiums in advance. There is a type of insurer that determines its losses after they have occurred, and then charges policyholders for their share of the losses. This type of insurer is known as an: assessment insurer.
10) Some agents supervise all of an insurance company’s business within a specified territory. These agents appoint other agents, supervise their business and receive a portion of the commissions on that business. What is the formal name for this type of agent? General agent.
11) In an agency relationship, the party represent by an insurance agent is formally known as the: principal
12) An agent’s obligation to act in an insurance applicant’s or insured’s best interest, based on faith and trust placed on the agent by members of the insurance buying public, is known as: a fiduciary duty
13) The following is not true about an agency relationship between an insurance agent and an insurer: an agent has unlimited authority over insurance within the agency.
14) The authority of an insurance agent, which is spelled out in the written words of the agency contract between the agent and the insurer is: express authority.