The voluntary relinquishment of a legal right is called

The leaders of a religious group decided to start a life insurance organization to insure members of the religious group. The insurer will operate as a nonprofit organization, thus receiving favorable tax treatment. The insurer formed will be a

Which of the following is a method used to help ensure the solvency of insurers?

Which of the following statements about an insurable interest in life insurance is (are) true?I.It is required of any person named as beneficiary.II.It may result from a pecuniary (financial) interest.

Which of the following statements is (are) true with respect to catastrophe bonds?I.The bonds are issued by the U.S. Government.II.The bonds have relatively high interest (coupon) rates.

Functions of an insurance company’s legal department include which of the following?I.Lobbying for legislation favorable to the insurance industry.II.Drafting policy provisions.

Amy heads the legal staff of a large property and liability insurance company. Amy’s staff is likely involved in which of the following activities?

What is the legal significance of a material misrepresentation in an insurance application?

The primary function of an actuary is to

Liability items on an insurer’s balance sheet that reflect obligations that must be met in the future are called