Alabama P&C - Chap 1 - Property & Casualty Insurance Basics (Well-enlightened)

The portion of covered loss that is not paid by the insurance company is called?: (a) A deductible (b) Facultative reinsurance (c) Treaty reinsurance (d) Limit of liability correct answers A deductible The best example of risk retention is: (a) Deductibles (b) Coinsurance (c) Reinsurance (d) Reciprocals correct answers Deductibles A risk management method where one party agrees to release the other party from any liability or damage that might arise out of the transaction involved is called: (a) An insurance contract (b) A risk retention contract (c) A hold-harmless agreement (d) Reinsurance contract correct answers A hold-harmless agreement A nonexclusive agent represents: (a) More than one insurance company (b) Is a captive agent (c) Represents a solicitor (d) Represents only direct writers correct answers More than one insurance company Career agents who represent only one company are referred to as: