General Insurance Basics

1. What type of hazard is presented when an applicant conceals relevant health information on an application?
9. Transfers the risk of loss from individuals to a larger group.
10. Owners of a stock insurance company are called _______.
12. What entities make up the Medical Information Bureau (MIB)?
14. The elements of an insurance contract include agreement, ___________, competent parties, and legal purpose.
16. A principal is represented by an _________ under the Law of Agency.
17. An insurance company that returns surplus money to policyholders is a _______ company.
18. Causes of loss insured against in an insurance policy.
19. Insurer _________ creates acceptance in forming an insurance contract with a prepaid application?
20. Intentional and material misrepresentation on an insurance application.

2. An insurer meeting state financial requirement who is approved to transact business in that state is what type of insurer?
3. An insurer formed under the laws of another state is known as a __________ insurer.
4. Delivery and __________ are required to place an insurance policy into effect?
5. A person who does not lock their doors shows and indifferent attitude which is a ___________ risk.
6. The point in time when an offer is usually made on an insurance contract.
7. Wagering on a sporting event is a _______________ risk.
8. Risk is defined as uncertainty of ________________ for the purpose of insurance.
11. A risk that casues a person to only experience loss and no gain.
13. __________ responibility requires the ageent to account for and promptly remit all insurance funds collected.
15. There are three types of __________ in insurance.
16. Insurer formed under the laws of another country.