New Hampshire Property & Casualty License |85 Questions| With Correct Answers.

Misrepresentation {Ans: Misrepresentations are untrue statements made by the insured, usually at the time when an application is made}Exclusions {Ans: Exclusions define what the insurance contract will NOT cover.}Fundamental risk {Ans: Insurable. Affect entire groups of people or property within a society (flood, earthquake)}Representation {Ans: Statements made on an application for insurance that are true to the applicant's best knowledge and belief. An insurance policy cannot be voided based on a representation that is later found to be untrue.}Parts of an Insurance Contract {Ans: D- Declarations page I - Insuring agreement C- Conditions E - Exclusions}Insuring Agreement {Ans: The insuring agreement describes the obligations assumed by the insurance company in consideration for the premium paid. It describes the covered perils, the risks assumed, and the nature of coverage. This is where the contractual agreement is located and contains the insurance company's "promise to pay" in exchange for the premium consideration}Risk pools {Ans: Large groups of similar individuals}risk reduction of risk control {Ans: Risk may be reduced by employing loss prevention methods. For example, installing a sprinkler system in a building, or a person who quits smoking and begins a planned weight loss