Alabama Property & Casualty Insurance Law (With complete solution)

Which statement concerning a Binder is true? correct answers A Binder is valid for a maximum of 90 days. An Adjusters license could not be issued to correct answers An 18 year old. Unless suspended or revoked, an Adjuster's License remains in effect for: correct answers One year A Surplus Line Producer places coverage with an unauthorized insurer. The Producer must file an affidavit with the state within: correct answers 30 days of the effective date of coverage A Surplus Line Producer must post a bond in the amount of: correct answers $50,000 The purpose of the Insurance Guaranty Association is to: correct answers Protect policy owners if an insurance company becomes insolvent. The maximum liability of the Insurance Guaranty Association on any one clam is: correct answers $150,000 Which of the following would most likely be covered by Workers Compensation? correct answers An employee is injured by the intentional act of a co-worker. Which of the following would be classified as a defendant under Workers Compensation law? correct answers The handicapped, unemployable 22-year old son of an injured employee. Death benefits could be paid under Workers Compensation for a maximum of: correct answers 500 weeks Under Workers Compensation an injured employee who loses sight in both eyes would most likely be classified as: correct answers Permanently totally disabled An injured employee who is considered Temporarily Partially Disabled could receive: correct answers Some income for 300 weeks. Works only for the company and represents the "company's best interest" correct answers Captive Agent Represents "the customers best interest" and is appointed to sell for many insurance companies (must be licensed) correct answers Broker Finds prospects for agents/brokers, but does not sell insurance (must be licensed) correct answers Solicitor