Bob purchased insurance on his home with an insurer that was not licensed to do business in the state. In this case, which requirement to form a binding insurance contract is lacking?

Which of the following statements about life insurance marketing systems is true?

One method of ensuring the solvency of insurers is a periodic review, every three to five years, of insurers that operate on a multistate basis. This review is coordinated by the NAIC. This review is called a(n)

An insurance company incorporated in another state has been licensed to operate in your state. In your state, the insurer would be considered a(n)

Most insurance companies require their marketing representatives to submit an evaluation of the prospective insured. This important source of underwriting information is called the

The regulation of insurers in areas that affect consumers, which include claims handling, underwriting, complaints, advertising, sales practices, and other trade practices is called

Jacob sold his house to Shelia for $140,000 in cash. Jacob “threw in” insurance on the house as part of the deal and did not bother telling the insurer that there was a new owner. Four months after Shelia purchased the home, a windstorm damaged the roof. Which of the following legal characteristics of insurance contracts could the insurer use to legally deny payment for the damage to the roof?

Key components of a standard risk register template include Condition, Consequence and Contingency.

Which of the following statements about mutual insurers is true?

Janice purchased a living room set for $1,000 and insured this furniture on an actual cash value basis. Two years later the living room set was destroyed by a covered peril. At the time of loss, the property had depreciated in value by 25 percent. The replacement cost of the furniture at the time of loss was $1,200. Assuming no deductible, how much will Janice receive from her insurer?