LIMITED LINES TEST EXAM QUESTIONS WITH 100% CORRECT ANSWERS

LIMITED LINES TEST EXAM QUESTIONS WITH 100% CORRECT ANSWERS How many hours of completion does a licensee have to have to renew his or her license - answer10 Deductibles - answerAre used to prevent covered small claims, it helps by reducing the premium Agent - answerAn individual authorized by an insurer to solicit app or to negotiate insurance on its behalf. Temporary Licenses - answerCommissioner May issue this license without examination. May be obtained before a person passes the state exam if the person completes a 40-hour course before applying for the license or within 14 days after applying for the license. Good for no more than 90 days. Conditional Licenses - answerMay be issued without having to wait for the results of a criminal history search ( fingerprint check ) If something comes up app will be revoked and shall refuse to issue permanent license. Non resident Agent - answerIf properly licensed in their home state, may work in any other state with that license (if allowed) or must pay the proper fees, file proper forms, and furnish a letter of good standing from their home state. Indemnity - answerRestore and insure to the same financial condition they were in prior to the loss. Peril - answerA cause of loss. Ex: fire, theft, flood.. Indirect loss - answerThe consequence of the direct loss. Ex: staying in a hotel after your house burned down. Subrogation - answer"Right of recovery " When an insured is involved Ina n accident, and another part is at fault, and the at fault party I le taking too long to pay the claim, the insureds company can subrogate Arbitration - answerUsed to realize claim disputes. Avoidance - answerEliminate the exposure-underwr