general insurance

unilateral ?

• unequal exchange

• one sided promise

• policy between the customers and insurer

• both parties bring something of value

which of the following term matches this definition ?

"both parties bring something of value "

• consideration

• aleatory

• adhesion

• exposure

what is the definition of legal purpose ?

• written in the contract

• a absolute true statement

• cannot be against public policy or break the law

• eliminating exposure to a loss

what makes someone a competent party ?

fiduciary responsibilty?

• both parties have rules they must follow

• not written in contract

• relationship between agency and insurer

• a person of trust who submits premium funds to the company

what is the definition of idenminity ?

fraud ?

• unture statement

• steps taken to avoid risk

• lying to cheat insurance company

• with holding or hiding information

avoidance ?

• eliminating exposure to a loss

• method of dealing with risk

• planned assumption of risk by an insured

• steps taken to avoid risk

BONUS QUESTION :Gramm-Leach-Bailey ?

• withholding or hiding information on the application

• an insurance company may not disclose nonpublic personal

  information to a nonaffiliated third party

• protecting the insured personal Insurance information

• temporary agreement issued by an agent