20-44 Personal Lines Practice Exam Questions and Answers 100% Solved

What is Appraisal? -ANSWER_A SURVEY that determines value (not coverage) of property without legal action What is the definition of Assignment? -ANSWER_A transfer of legal rights under, or interest in, an insurance policy to another party How is assignment used or not used in insurance? -ANSWER_One cannot transfer policy to another without the company's written permission. Not valid without insurers consent in writing. What is the "Fair Credit Reporting Act"? -ANSWER_A federal act aiming to promote the fairness and accuracy of information contained in consumer reports How do carriers use the Fair Credit Reporting Act for underwriting? -ANSWER_ What is the Terrorism Risk Insurance Act (Terrorist Act)? -ANSWER_Federal legislation enacted in 2002 to guarantee the availability of reinsurance coverage against acts of terrorism. What does TRIA include or exclude? -ANSWER_1. an act of terrorism 2. violent act or an act that is dangerous to human life, property or infrastructure 3. to have resulted in damage within the U.S. or outside the U.U. in the case of U.S. air carriers as vessels and/or missions 4. To have been communions