20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questins and Answers(GRADED A)

a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period -ANSWER -Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation of all insurance licenses -ANSWER -Aiding and Abetting an unathorized insurer insurer other than a domestic or foreign insurer -ANSWER -Alien "open perils" insurance - protecting the insured from loss arising from any peril other than those perils specifically excluded by name -ANSWER -All Risk Insurance the authority given by an insurer or employer to a licensee to transact insurance or adjust claims on behalf of an insurer or employer -ANSWER -Appointment in the event the insured and the insurer cannot agree on amount of claim settlement, each appoints an appraiser -ANSWER -Appraisal Clause policy transfer from one insured to another -ANSWER -Assignment one authorized by a subsisting certificate of authority issued by the department to transact insurance in this state -ANSWER -Authorized insurer an oral/written statement providing immediate insurance protection, valid for a specified period. Designed to provide temporary coverage until a policy can be issued or denied -ANSWER -Binder single amount of coverage applies to ANY loss of injury up to the single amount -ANSWER -Blanket Insurance a method of determing the true insurable worth of a structure or vehicle according to any measure that will prvoide the most accurate analysis of that property's value -ANSWER -Broad Evidence Rule an originating general lines agent placing business w/ a company w/ which he/she is not appointed -ANSWER -Brokering Agent