AD Banker Comprehensive Final Exam/AD Banker Comprehensive Exam/AD Banker Property & Casualty Practice Test/A.D. Banker Comprehensive Exam/AD Banker Chapter 1 Exam Questions/ad Banker P&C Comp Test/A.D. BANKER: Life & Health - Comprehensive Exam/A.D. Bank

A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - Answer- D In order to be valid, a contract must be between individuals considered legally able to enter ...

Warranty - Answer- An applicant makes a statement on the insurance application which becomes part of the contract that she has an alarm system which qualifies her for a premium discount. This statement is considered a ________. Consideration - Answer- In an insurance contract, the value that each...

If an insurer makes a payment for a claim but the insured is dissatisfied with it, he/she must wait _____ days after proof of loss before he/she might take any legal action. - Answer- 60 After the blackout period has ended, the widow or widower may receive a Social Security income benefit based o...

A person who negotiates insurance contracts with insurers on behalf of an applicant is known as a(n): a. Broker b. Consultant c. Advisor d. Agent/Producer - Answer- a. Broker The contract type in which only one party is legally bound to its contractual obligations after a premium is paid is a...

Which of the following perils would be covered under a Dwelling policy? A Water discharged by a plumbing failure B Overflow of water from a sump pump C Water accumulating below the surface of the ground D Water leakage in a driveway - Answer- A Water discharged by a plumbing failure Which of ...

Legally speaking, a producer has a __________ duty when handling life insurance premiums and applications for an insurer. - Answer- Fiduciary It is the _________ who issues a Certificate of Authority enabling an insurer to conduct insurance business within a particular state. - Answer- State Insu...

Which of the following situations will require proof of insurability? - Answer- Adjusting the face amount up on a Universal Life insurance policy with Option A death benefit selected Sean has a home with an mortgage. He needs life insurance to protect his family but also wants to leave them witho...

Which insurer's owner receives taxable corporate dividends as a return of profit? - Answer- Stock To make insurance more affordable and protect the insurance company from paying out too much in claims, insurers will: - Answer- Reinsure the risk The direct writing distribution model utilizes: ...

John is the agent for ABC Insurance and Jane is the insured. Who is the principal in this agency relationship? A. ABC Insurance B. None C. John D. Jane - Answer- A. ABC Insurance In an insurance contract the value that each party gives the other is said to be the: A. Subject matter B. Consi...

Paying any valuable consideration or inducement to client that is not specified in the contract is known as: - Answer- Rebating A change of address must be reported to the DFS within how many days after the change? - Answer- 30 A certificate of authority is issued to an insurer by: - Answer- O...