Idaho Insurance – Property Exam Questions & Answers 100% Accurate

The three ratios/components to a book of business are - ANSWER-loss ratio, expense ration, combined ratio what is the purpose of a rate - ANSWER-premium determination Rate is based on - ANSWER-exposures Which of the following would satisfy the NFIP certification requirements - ANSWER-3 hour seminar, 3 hour flood certification Consideration - ANSWER-money auto liability property damage would likely cover which - ANSWER-insured backing up into the mailbox debris removal on a homeowners policy provides 5% of coverag, which claim falls within these parameters - ANSWER-a tree falls into a covered shed due to a covered peril which of the following is part of the rateq - ANSWER-losts costs, expenses, profit 3 parts of a Rate - ANSWER-LEP - Losts costs, expenses , profits purpose of underwriting - ANSWER-to protect against adverse selection Broker - ANSWER-Appointed by multiple insurance companies but represents customers/insured Law of Agency - ANSWER-principal is the insurer and the agents/producer represents the principal Express authority - ANSWER-writing in contract implied authority -