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Exam (elaborations)
Alabama State Licensing Exam Property and Casualty questions with correct answers
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a company in chartered in Guam or Puerto Rico doing regular business in new York would be considered by new yorkers to be a 1. domestic company 2. foreign company 3. alien company 4. international company CORRECT ANSWER 2. foreign company If a company cancels an auto policy mid-term, the refund will be made on a 1. Pro rata basis 2. short rate basis 3. retroactive basis 4. coinsurance basis CORRECT ANSWER 1. pro rata basis What is the term used to describe terminating the insurance relationship at the end of the policy period. 1. cancellation 2. non renewal 3. separation 4. exclusion CORRECT ANSWER 2. non renewal
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