Michigan Property & Casualty Insurance
Quiz_________________?
15 days -
Answer✅
File a notice of producer appointment within __ days
Quiz_________________?
3 ways to assign rates -
Answer✅
Judgement, Manual, Experience
Quiz_________________?
30 days -
Answer✅
Time for producer to respond to notification
Quiz_________________?
60 -
Answer✅
Insured must send a signed statement of loss to the insurance company within __
Quiz_________________?
1
, Abandonment -
Answer✅
Insured cannot abandon property that can be repaired & expect to be paid as if it was a
total loss
Quiz_________________?
Actual Cash Value (ACV) -
Answer✅
replacement cost - depreciation
Quiz_________________?
Adverse Selection -
Answer✅
risks that have a greater than average chance of loss
Quiz_________________?
Age 18 -
Answer✅
Applicants minimum age
Quiz_________________?
Aleatory Contract -
Answer✅
The exchange of value is unequal.
Quiz_________________?
Alien Insurer -
Answer✅
An insurance company that is incorporated outside the United States
2
, Quiz_________________?
Apparent Authority -
Answer✅
The authority an agent is believed by third parties to have because of the behavior of the
principal.
Quiz_________________?
Arbitration -
Answer✅
settling a dispute by agreeing to accept the decision of an impartial outsider
Quiz_________________?
Avoidance -
Answer✅
eliminating certain risk by not engaging in certain activity
Quiz_________________?
Bailee -
Answer✅
a person or business temporarily in possession of property entrusted to them by others
Quiz_________________?
Basic Perils -
Answer✅
Fire, lightning, and internal explosion
Quiz_________________?
Binders -
3
Quiz_________________?
15 days -
Answer✅
File a notice of producer appointment within __ days
Quiz_________________?
3 ways to assign rates -
Answer✅
Judgement, Manual, Experience
Quiz_________________?
30 days -
Answer✅
Time for producer to respond to notification
Quiz_________________?
60 -
Answer✅
Insured must send a signed statement of loss to the insurance company within __
Quiz_________________?
1
, Abandonment -
Answer✅
Insured cannot abandon property that can be repaired & expect to be paid as if it was a
total loss
Quiz_________________?
Actual Cash Value (ACV) -
Answer✅
replacement cost - depreciation
Quiz_________________?
Adverse Selection -
Answer✅
risks that have a greater than average chance of loss
Quiz_________________?
Age 18 -
Answer✅
Applicants minimum age
Quiz_________________?
Aleatory Contract -
Answer✅
The exchange of value is unequal.
Quiz_________________?
Alien Insurer -
Answer✅
An insurance company that is incorporated outside the United States
2
, Quiz_________________?
Apparent Authority -
Answer✅
The authority an agent is believed by third parties to have because of the behavior of the
principal.
Quiz_________________?
Arbitration -
Answer✅
settling a dispute by agreeing to accept the decision of an impartial outsider
Quiz_________________?
Avoidance -
Answer✅
eliminating certain risk by not engaging in certain activity
Quiz_________________?
Bailee -
Answer✅
a person or business temporarily in possession of property entrusted to them by others
Quiz_________________?
Basic Perils -
Answer✅
Fire, lightning, and internal explosion
Quiz_________________?
Binders -
3
