©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
LIMITED LINES TEST Exam Questions
and Answers 100% Pass
How many hours of completion does a licensee have to have to renew his
or her license - ✔✔10
Deductibles - ✔✔Are used to prevent covered small claims, it helps by
reducing the premium
Agent - ✔✔An individual authorized by an insurer to solicit app or to
negotiate insurance on its behalf.
Temporary Licenses - ✔✔Commissioner 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 - ✔✔May be issued without having to wait for the
results of a criminal history search ( fingerprint check )
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
If something comes up app will be revoked and shall refuse to issue
permanent license.
Non resident Agent - ✔✔If 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 - ✔✔Restore and insure to the same financial condition they
were in prior to the loss.
Peril - ✔✔A cause of loss.
Ex: fire, theft, flood..
Indirect loss - ✔✔The consequence of the direct loss.
Ex: staying in a hotel after your house burned down.
Subrogation - ✔✔"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 - ✔✔Used to realize claim disputes.
Avoidance - ✔✔Eliminate the exposure-underwriting rejects a policy
Mutual Companies - ✔✔Are owned by policy holders
LIMITED LINES TEST Exam Questions
and Answers 100% Pass
How many hours of completion does a licensee have to have to renew his
or her license - ✔✔10
Deductibles - ✔✔Are used to prevent covered small claims, it helps by
reducing the premium
Agent - ✔✔An individual authorized by an insurer to solicit app or to
negotiate insurance on its behalf.
Temporary Licenses - ✔✔Commissioner 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 - ✔✔May be issued without having to wait for the
results of a criminal history search ( fingerprint check )
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
If something comes up app will be revoked and shall refuse to issue
permanent license.
Non resident Agent - ✔✔If 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 - ✔✔Restore and insure to the same financial condition they
were in prior to the loss.
Peril - ✔✔A cause of loss.
Ex: fire, theft, flood..
Indirect loss - ✔✔The consequence of the direct loss.
Ex: staying in a hotel after your house burned down.
Subrogation - ✔✔"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 - ✔✔Used to realize claim disputes.
Avoidance - ✔✔Eliminate the exposure-underwriting rejects a policy
Mutual Companies - ✔✔Are owned by policy holders
