Xcel chapter 3 Study guides, Class notes & Summaries

XCEL Chapter 3 Test Questions with Correct Answers Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - Answer-Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - Answer-Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B...

Xcel chapter 3 Exam Questions and Answers All Correct Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency ______ is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer-business ower and business client What is implied authority defined as? - Answer-Authority that is n...

Which of the following statements correctly describes a contract of indemnity? One party is restored to the same financial position the party was in before the loss occurred The unequal exchange of value or consideration for both parties One party (the insurance company) prepares the contract with no negotiation between the applicant and insurer Only one party (the insurer) makes any kind of enforceable promise - One party is restored to the same financial position the party was in before ...

XCEL Chapter 3 Test Questions with Correct Answers (1) Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - Answer-Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - Answer-Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. O...

Xcel chapter 3 Exam Questions and Answers All Correct (1) Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client What is implied authority defined as? - Answer-Authority that is not...

XCEL Chapter 3 Exam Review Questions & Answers 2023/2024 Errors and omissions - ANSWER-A professional liability for which producers can be sued for mistakes of putting a policy into effect Concealment - ANSWER-Intentional withholding of material facts that would affect an insurance policy's validity Considerations - ANSWER-Statements made in the application and the premium Indemnity contract - ANSWER-One that restores an injured party to the condition that was present before the los...

Excel Chapter 3: End-of-Chapter Quiz Already Graded A Pie Chart A chart that shows the relationship of each part to a whole Goal Seek A what-if analysis tool that finds the input needed in one cell to arrive at the desired result in another cell Relative cell reference In a formula, the address of a cell based on the relative position of the cell that contains the formula and the cell referred to Data Marker A column, bar, area, dot, pie slice, or other symbol in a chart that represents a sin...

XCEL CHAPTER 3 EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. Only t...

Excel Chapter 3 with complete solution