ExamFx Flashcards
1
Q
Agent/Producer
A
A legal representative of an insurance company; includes agents and brokers; agents are agents of the insurer.
2
Q
Applicant or Proposed Insured
A
A person applying for insurance.
3
Q
Beneficiary
A
A person who receives the benefits of an insurance policy.
4
Q
Broker
A
An insurance producer not appointed by an insurer, deemed to represent the client.
5
Q
Indemnity
A
Main principle of insurance meaning insured cannot recover more than their loss; restores insured to the same position as before loss.
6
Q
A
