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The state of being subject to a possible loss
Types of hazards
What are physical, moral, and morale hazards?
_____ hazards are individual tendencies, but they arise from a state of mind, attitude, or indifference to loss.
What is morale?
An insurer is a _____ company in every state outside of its state of domicile.
What is foreign?
What does EGOT stand for?
What is Emmy, Grammy, Oscar, and Tony?
Risk ____ measures reduce the likelihood that a loss will occur.
______ authority arises from the impression the principal gives that the producer is authorized to act in a certain manner.
What is apparent?
True or False: Because the contract between the insurer and the policyowner is personal, a property and casualty insurance policy can be transferred to a third party without the insurer's consent.
False
True or False: Medi-Cal is California's Medicare program.
False
Who holds the record for the most Oscars won?
Who is Walt Disney?
The insurer seeking to transfer some of its risk is known as the _____.
What is the ceding company?
Insurance producers can buy _______ that protects them from liability that arises from professional services a producer renders or fails to render.
What is errors and omissions (E&O) insurance?
What is the principal and the agent?
What is a waiver?
A party to a contract gives up a right that it knows it holds
Who was the first black woman to ever host the Oscars?
Who is Whoopi Goldberg?
Because they represent only one insurer, exclusive agents (which include direct writers) are sometimes called _____.
What are captive agents?
To be considered legally competent, a person must be:
What is 24-hour coverage?
The joint issuance of a workers' compensation policy with a disability insurance policy, health-care service plan contract, or other medical insurance coverage for nonoccupational injuries and illnesses.
Suitability refers to the relationship between...
a client's needs/capabilities and a producer's product recommendation.
What film/character did Chris Rock compare Jada Pinkett Smith to before getting slapped by Will Smith in the 2022 Oscars?
What is GI Jane?
Define estoppel.
A party that waives its right to enforce a certain contract provision cannot subsequently enforce that right.
What does it mean if a contract is aleatory?
They involve an exchange of potentially unequal values.
Insurers have how many days once they receive proof of a claim to accept or deny the claim?
40 days
What is the Law of Large Numbers?
This mathematical concept says that what is not predictable in a single instance becomes predictable the greater the number of similar instances are being observed.
When was the first Oscars and how long was it?
1929, 15 minutes