INSURANCE LAW FINAL EXAM LATEST UPDATE WITH MULTIPLE QUESTIONS, CORRECTLY ANSWERED -A+ GRADED-.

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INSURANCE bLAW bFINAL bEXAM bLATEST bUPDATE bWITH
b MULTIPLE bQUESTIONS, bCORRECTLY bANSWERED b b[A+
b GRADED]




The bthree btypes bof binsurance bare b b b b b b....ANSWER... b bproperty, bcasualty,

band blife binsurance. b


Often bon bpolicy bwill binclude bproperty band bcasualty binsurance b(P b& bC

binsurance)




Property binsurance bis b b b b b b....ANSWER... b bfirst bparty binsurance.




First bParty bInsurance bis bfor b b b b b b....ANSWER... b bVICTIMS. bTherefore,

bwhen byou bare bthe bvictim bof ban baccident, byou bgo bto byour bfirst bparty binsurer.




There bare bthree btypes bof bProperty binsurance: b b b b b b....ANSWER... b b(1)

bCommercial: bThe binsurance bhere bwill bcover breal bproperty, bpersonal

bproperty, band binterruption bof bthe bbusiness.

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(2) bHomeowners: bThe binsurance bhere bwill bcover breal bproperty, bpersonal

bproperty, band badditional bliving bexpenses. bThe bALE bare bthose bexpenses bsuch

bas bmeals baway bfrom bhome, bhotel, betc.


(3) bAuto: bThis bmay bbe bused bfor bindividuals bor bbusinesses. bThere bare

blegislative bmandates bthat brequire binsurance bcompanies bto bcover ball bdrivers

bof ba bspecific bcar.




Casualty b b b b b b....ANSWER... b bCasualty binsurance bis bThird bParty bInsurance

bfor bTORTFEASORS.




There bare bagain bthree btypes bof bCasualty binsurance: b b b b b b....ANSWER... b

bCommercial, bhomeowners, band bauto.




(1) bCommercial b b b b b b....ANSWER... b bThe binsurance bhere bwill bcover breal

bproperty, bpersonal bproperty, band binterruption bof bthe bbusiness.




(2) bHomeowners: b b b b b b....ANSWER... b bThe binsurance bhere bwill bcover breal

bproperty, bpersonal bproperty, band badditional bliving bexpenses. bThe bALE bare

bthose bexpenses bsuch bas bmeals baway bfrom bhome, bhotel, betc.

,ASCORERS STUVIA




(3) bAuto: b b b b b b....ANSWER... b bThis bmay bbe bused bfor bindividuals bor

bbusinesses. bThere bare blegislative bmandates bthat brequire binsurance bcompanies

bto bcover ball bdrivers bof ba bspecific bcar.




Homeowners b b b b b b....ANSWER... b bThis bincludes ba bslip band bfall bon byour

bfront bporch bas bwell bas ban baccident bthat bdid bnot boccur bat byour bhome.




Role bof bIntermediaries


Types: b b b b b b....ANSWER... b b- bAgents


- bCaptives


- bIndependents


- bBroker


- bWholesaler




Want bto bbuy binsurance? b b b b b b....ANSWER... b b- bGo bto bthe

bProducer/Intermediary


- bInsurance bpolicies bact bthrough bintermediaries

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- bIntermediary btakes band bprocesses bwith binsurance bcompany.




Agents b= b b b b b b....ANSWER... b ba bperson bor borganization bthat bis bauthorized

bto bbind bcoverage bfor bthe bcarrier.


Agent bcan bACTUALLY bissue bthe bpolicy.




Binding bcoverage: b b b b b b....ANSWER... b bThe bcoverage bis bin bplace bas bsoon bas

bthe bpolicy bholder band bthe bintermediary bmake btheir bdeal. bThe bpolicy bmust

bbe bpursuant bto bhis bauthorization bagreement.




Agent bTypes:


Captive b b b b b b....ANSWER... b ban bagent bthat bworks bfor bonly bone binsurance

bcompany.


State bfarm, bAllstate, bUSAA, betc.


Could bhave bVicarious bLiability




Agent bTypes: