- Study guides, Class notes & Summaries

To whom may a certificate of authority be issued? - To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? - Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? - Authorized or admitted What type of licensee represents the insured? - broker An agent offers a client free tickets to a sporting event ...

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3 pages

Written in 2022/2023

Grade A+

Tulloch

What phase begins after a new policy is delivered? - Free look period In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe? - Unilateral What is the term used for an applicant's written request to an insurer for the company to issue a contract, based on the information provided? - application Whose responsibility is it to...

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11 pages

Written in 2023/2024

Grade A+

ClassHero

Questions And Answers

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10 pages

Written in 2023/2024

Grade A+

Brilliantgrades

ExamFx Bundled Exams with Complete Solution | Verified Answers | 2024

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6 items

AmazingGrace

Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit - General Liability written with an aggregate limit The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not a...

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14 pages

Written in 2023/2024

Grade A+

AmazingGrace

Exam FX Bundled Exams with Complete Solution | Verified | Guaranteed Success

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11 items

ClassHero

Which of the following best describes what the annuity period is? - The period of time during which accumulated money is converted into income payments The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had an income for life after the insured's death, he chose the life income settlement options. The amount of payment will be determined by taking into account all of the following EXCEPT - The insured's age at death What is the purpose ...

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9 pages

Written in 2023/2024

Grade A+

ClassHero

A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? A.) "Own occupation" - less restrictive than other definitions B.) "Any occupation" - less restrictive than other definitions C.) "Any occupation" - more restrictive tan other definitions D.) "Own occupation" - less restrictive than other definitions - D In theory, the brain surgeon could find other work but because her ...

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36 pages

Written in 2023/2024

Grade A+

ClassHero

Which of the following best describes what the annuity period is? - The period of time during which accumulated money is converted into income payments The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had an income for life after the insured's death, he chose the life income settlement options. The amount of payment will be determined by taking into account all of the following EXCEPT - The insured's age at death What is the purpose ...

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9 pages

Written in 2023/2024

Grade A+

Preach

Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit - General Liability written with an aggregate limit The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not a...

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14 pages

Written in 2023/2024

Grade A+

Preach

A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? A.) "Own occupation" - less restrictive than other definitions B.) "Any occupation" - less restrictive than other definitions C.) "Any occupation" - more restrictive tan other definitions D.) "Own occupation" - less restrictive than other definitions - D In theory, the brain surgeon could find other work but because her ...

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36 pages

Written in 2023/2024

Grade A+

Preach

What phase begins after a new policy is delivered? - Free look period In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe? - Unilateral What is the term used for an applicant's written request to an insurer for the company to issue a contract, based on the information provided? - application Whose responsibility is it to...

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11 pages

Written in 2023/2024

Grade A+

Preach

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8 items

Preach

The causes of loss insured against in an insurance policy are known as - Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? - Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two bedrooms, so the insured's...

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18 pages

Written in 2022/2023

Grade A+

Preach

To be considered an insurable risk, a loss may NOT be - catastrophic Which of the following persons would be required to hold a producer license? - a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - the difference in the actual cash value as a pair and as a single Which of the following add...

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12 pages

Written in 2022/2023

Grade A+

Preach

Law of Large Numbers - Correct answer-The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Correct answer-Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Correct answer-1) Financial 2) Blood (relative) 3) Business Risk - Correct answer-The uncertainty or chance of a loss occurring Types of risks are - Correct answer-1) Pure risk 2) Specula...

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11 pages

Written in 2022/2023

Grade A+

AMAZINGNOTES

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6 items

Tulloch

Bundle for AWS Exams Compilation | Verified | Guaranteed Success

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9 items

Tulloch