Insurance Licensing

Insurance Licensing - Chapter 15: Arkansas State Law Exam Questions And Correct Answers 2024. The Commissioner of insurance has all of the following duties and powers, except: a. The insurance Commissioner may update the insurance code (law) as needed b. The Commissioner regulates premium rates c. The Commissioner may institute court proceedings to enforce the Insurance Code d. The Commissioner has the authority to make necessary rules and regulations a. The insurance Commissione...

Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? correct answersAn employee caught stealing cash from the register The primary purpose of a surety bond is to correct answersMake sure obligations are fulfilled An insurance agency could purchase an errors and omission insurance policy which would provide protection in the event of any of the following events EXCEPT correct answersThe agency loses commission income from policies that wer...

Insurance Licensing - Chapter 15: Arkansas State Law Exam Questions And Answers 2024

Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? - Answer- An employee caught stealing cash from the register The primary purpose of a surety bond is to - Answer- Make sure obligations are fulfilled An insurance agency could purchase an errors and omission insurance policy which would provide protection in the event of any of the following events EXCEPT - Answer- The agency loses commission income from policies that were not issued by...

Insurance Licensing Exam Chapters 1 Questions & Answers 2024 Risk - ANSWER-A condition where there is a chance, likelihood, or probability of potential loss. Insurance - ANSWER-Is a way of managing risk, by transferring risk to the insurer from the insured. Pure Risk - ANSWER-a risk that presents the chance of loss but no opportunity for gain Speculative Risk - ANSWER-A chance of loss OR a gain. loss - ANSWER-The reduction, decrease, or disappearance of value of the person, prop...

A commercial property special form covers property in transit up to _____? - Answer- $5000 salvage clause - Answer- allows the insurer to sell the damaged property as salvage to recover part of the paid loss Who is NOT subject to workers compensation laws? - Answer- Independent contractors Homeowners 2000 policy will pay to _____ for grave markers, including mausoleums, on or away from the premises for loss caused by a peril insured against under coverage C? - Answer- $5000 A grace m...

37. Professional liability coverage protects against legal liability, resulting from: Errors and Omissions 38. Which of the following liability policies is usually written on a "claims-made" form?: Professional Liability Insurance 39. All of the following statements are FALSE regarding garage physical damage coverage EXCEPT: No coverage is provided for any auto stored for more than forty-five days at a location not shown on declarations 40. Which commercial crime form would provide coverage...

Insurance Licensing Exam Questions and Answers 2024