XCEL SOLUTIONS EXAM GUIDE
QUESTIONS AND ANSWERS
Entire Contract - ANSWER-an insurance policy provisions stating that the application
and policy contain all provisions and constitute the entire contract.
Notice of Claim - ANSWER-a policy provision that describes the policy owner's
obligations to provide notification of loss to the insurer within a reasonable period of
time. Notice of claim only requires the insurance company be NOTIFIED of a loss, it
does not require that proof of the loss.
Reinstatement. - ANSWER-the act of putting a lapsed policy back in force by
producing satisfactory evidence of insurability and paying any past-due premiums
required. Most states have reinstatement laws requiring an insurer to allow for a
policy to be reinstated upon request of the policy owner within a specified period of
time.
Property Insurance - ANSWER-an insurance policy that provides financial
reimbursement to the owner
Casualty (Liability) Insurance - ANSWER-insurance which broadly encompasses
insurance not directly concerned with life insurance, health insurance, or property
insurance. Causality insurance includes vehicle insurance, liability insurance, theft
insurance, workers' compensation insurance, and elevator insurance. Casualty
insurance protects you financially in the event that someone sues you.
Property and Casualty Insurance - ANSWER-are often refereed to collectively as
property and casualty insurance because the things you own have the potential to
harm people in ways that could cause them to sue you. The main kinds of property
and casualty insurance include auto insurance, home-owner's insurance, renter's
insurance and umbrella insurance.
Proof of Loss - ANSWER-a mandatory health insurance provision stating that the
insured must provide a completed claim form to the insurer within days of the date of
loss. If the insured wants paid, they must PROVE the loss occurred.
Deductible - ANSWER-the amount of expense or loss to be paid by the insured
before an insurance policy starts paying benefits. Deductibles typically apply to
property, casualty, and health insurance.
Declaration page - ANSWER-an insurance Declaration page is a piece of paper
which provides basic information about an insurance policy. Typically, the first page
(face) of an insurance policy is a declaration page. The declarations page normally
specifies the name insured, address, policy period, location of property, policy limits,
and other key information.
QUESTIONS AND ANSWERS
Entire Contract - ANSWER-an insurance policy provisions stating that the application
and policy contain all provisions and constitute the entire contract.
Notice of Claim - ANSWER-a policy provision that describes the policy owner's
obligations to provide notification of loss to the insurer within a reasonable period of
time. Notice of claim only requires the insurance company be NOTIFIED of a loss, it
does not require that proof of the loss.
Reinstatement. - ANSWER-the act of putting a lapsed policy back in force by
producing satisfactory evidence of insurability and paying any past-due premiums
required. Most states have reinstatement laws requiring an insurer to allow for a
policy to be reinstated upon request of the policy owner within a specified period of
time.
Property Insurance - ANSWER-an insurance policy that provides financial
reimbursement to the owner
Casualty (Liability) Insurance - ANSWER-insurance which broadly encompasses
insurance not directly concerned with life insurance, health insurance, or property
insurance. Causality insurance includes vehicle insurance, liability insurance, theft
insurance, workers' compensation insurance, and elevator insurance. Casualty
insurance protects you financially in the event that someone sues you.
Property and Casualty Insurance - ANSWER-are often refereed to collectively as
property and casualty insurance because the things you own have the potential to
harm people in ways that could cause them to sue you. The main kinds of property
and casualty insurance include auto insurance, home-owner's insurance, renter's
insurance and umbrella insurance.
Proof of Loss - ANSWER-a mandatory health insurance provision stating that the
insured must provide a completed claim form to the insurer within days of the date of
loss. If the insured wants paid, they must PROVE the loss occurred.
Deductible - ANSWER-the amount of expense or loss to be paid by the insured
before an insurance policy starts paying benefits. Deductibles typically apply to
property, casualty, and health insurance.
Declaration page - ANSWER-an insurance Declaration page is a piece of paper
which provides basic information about an insurance policy. Typically, the first page
(face) of an insurance policy is a declaration page. The declarations page normally
specifies the name insured, address, policy period, location of property, policy limits,
and other key information.
