Limited Lines Exam Q&A 2023

who has the authority to bind risks? - Answer- agents who is competent to purchase insurance? - Answer- a retired person an insurance adjuster denies a claim after completing an investigation and finds that the facts presented were questionable. Is this a violation of the Unfair claims settlement practices act. - Answer- no how many officers must be licensed in a corporate or bank agency? - Answer- one and everyone performing acts of an agent under arbitration/appraisal, who pays for the cost of the umpire? - Answer- the insurer and the claimant what the insured and insurer must do when a loss occurs is called? - Answer- duties after a loss for an insurer to transact in the insurance business they need a? - Answer- certificate of authority how long is the commissioner's term? - Answer- 2 years A written provision that adds to, deletes from or in some other way alters an insurance contract is call an? - Answer- endorsement or rider the principle that states than an insured should be restored to approximately the same financial position after a loss is know as? - Answer- indemnity what is a hazard? - Answer- an increase in the possibility that a loss might occur. which of the following is an example of an unfair claim practice? - Answer- not getting requested information to the insured regarding a claim settlement. which of the following definition best defines the terms "accident"? - Answer- a sudden unplanned and unexpected event, not under the controlled of the insured, resulting injury or damage neither expected nor intended. agent must be keep the department of insurance informed of their current address at all times and must notify TDI? - Answer- all address changes within 30 days.