Personal insolvency Study guides, Revision notes & Summaries

General Principles of Commercial Law NINTH EDITION HEINRICH SCHULZE BLC LLB (Pret) LLD (Unisa) Advocate Professor of Law in the Department of Mercantile Law, University of South Africa ROSHANA KELBRICK BA (Pret) LLB (Stell) LLM LLD (Unisa) Attorney Professor of Law in the Department of Mercantile Law, University of South Africa TUKISHI MANAMELA BProc LLB (Unin) LLM (Unisa) Advocate Associate Professor in the Department of Mercantile Law, University of South Africa PHILIP STOOP B...

6 Common Causes of E&O Claims - 1. Changes in Products 2. Customer Relationships 3. Company Relationships 4. Litigation to seek payment 5. Coverage Expectations 6. Insufficient Documentation claims-made basis - coverage is triggered from a claim first made during the policy period. 4 Typical Coverage Provisions typical to and agents E&O Policy - 1. Coverage for claims arising out of negligence in the course of providing professional services. 2. Coverage for defense costs 3. Coverage f...

Loan Security Learning Objectives - 01. Compare different types of security and assets used as security 02. Determine the security value of different assets based on MAST principles 03. Discuss the role of legal counsel and the importance of legal representation Security is a form of - insurance that is provided by the borrower. • No loan should be granted if the lender expects security will have to be enforced or realized. • Security is taken as a final safeguard in case of default. ...

PSI California Insurance Test (2024) || Questions & Answers (Graded A+) PSI California Insurance Test (2024) || Questions & Answers (Graded A+) What is the procedure regarding change of address for a licensee? - ANSWER - The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? -...

Basic Appraisal Principles Latest Update Graded A Appraisal Review The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment Appraisal The act or process of developing an opinion of value; an opinion of value of or pertaining to appraising and related functions, such as appraisal proactive or appraisal services. Appraisal Practice Services performe...

An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity A Cash Refund annuity A Joint Life annuity - ANSWER An installment Refund annuity One becomes eligible for Social Security disability benefits after having been disabled for 3 months 5 mo...

EXPRESSED AUTHORITY - Answer-The type of authority granted to an agent that is applied in writing or verbally IMPLIED AUTHORITY - Answer-Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal. APPARENT ATHORITY - Answer-words and actions INSOLVENCY - Answer-the inability to the insurer to pay debts when they are due INSURER - Answer-insurance company INSURED - Answer-A person cov...

What is the procedure regarding change of address for a licensee? The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? Not more than $1000 fine and/or 1 year imprisonment An agent or representative who issues long term care insurance must NOT do the following complete a total...

What are the three primary reasons that the insurance industry is regulated? correct answers 1-to protect consumers 2-To maintain insurer solvency 3- to prevent destructive competition How does the Insurance industry protect its consumers? correct answers By verifying that insurance policies that are confusing truly benefit the customer. Insurers must pay legitimate claims and have an honest representation of the benefits of a policy. Example of a regulation correct answers All stats t...

An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity A Cash Refund annuity A Joint Life annuity An installment Refund annuity One becomes eligible for Social Security disability benefits after having been disabled for 3 months 5 months 6 mo...