In purchasing an insurance contract, the applicant must accept the contract as written. This type of contract is reffered to as an
Contract of adhesion
Personal contract
Aleatory contract
Settled contract
Which of the following principles states that in forming an insurance contract, both parties have a responsibility to the other?
Doctorine of warrenties
Doctorine of representations
Doctorine of utmost good faith
Doctorine of reasonable expectations
An incorrect statement made intentionally on an auto insurance application is a:
Fraud
Warrenty
Misrepresentation
Concealment
Which of the following is NOT true regarding consideration ina p&c policy?
Part of the insured's consideration is the premium.
Part of the insured's consideration are the statements on the application.
Part of the company's consideration is the promises in the policy.
Part of the company's consideration is the payment of a claim.
Any ambiguities in a p&c policy will be resolved in favor of the policy owner because the policy is a:
Contract of adhesion
Conditional contract
Unilateral contract
Aleatory contract
A binder is an:
Interim insuring agreement
Application
Counteroffer
Endorsement
A company chartered in Guam and Puerto Rico doing regular business in New York would be considered by new yorkers to be a:
Domestic
Foreign
Alien
International
Ohio casualty is doing regular business in Indiana. Within the state of Indiana, Ohio casualty would be considered:
Admitted
Domestic
Unauthorized
Risk retention group
Ohio casualty is doing regular business in Indiana. Within the state of indiana, Ohio casualty would be considered a:
Domestic company
Nonadmitted company
Alien company
Foreign company
This type of company is run for the benefit of the policyholders:
Stock
Mutual
Foreign
Alien
To be paid a claim under a p&c contract, insurable interest must exist:
At the time of application
On the policy date
At the time of loss
At the time of claim settlement
The ranking insured in a personal lines contract is the:
Named insured
First named insured
Mortgagee
Husband
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