General Principles

This topic has no further subtopics. Explore its practice questions below.

1. Which event characterizes the statutory insurance agreement in section 2(a)?
2. What is a policy of insurance under section 49?
3. Is absence of profit conclusive proof that an arrangement is not doing insurance business under section 2?
4. A company regularly undertakes as surety for clients as its vocation. It argues that suretyship can never fall within t…
5. A membership operator promises defined payments for contingent losses and tries to evade regulation by calling the arra…
6. A vessel’s cargo may already have been damaged at sea, but neither party knows whether the loss occurred. The parties a…
7. An operator seeks to insure whether a lottery ticket will draw a prize and invokes section 3’s broad reference to conti…
8. State the statutory insurance definition and explain the importance of risk and consideration.
9. Explain why absence of profit or a separate direct fee does not conclusively exclude insurance-business regulation.
10. Distinguish suretyship conducted as an insurance business from an incidental guarantee for purposes of section 2.
11. Under Insurance Code Section7, who is expressly excluded from the general statement of persons who may be insured?
12. Under Section3, is spousal consent necessary for the validity of insurance a married person takes out on his or her own…