Smartmindus

1.1 - What is the main purpose of the Virginia Core Manual? - to support the general safety training for all pesticide users; this will assist in becoming a competent pesticide manager 1.2 - What State Law set the rules for Pesticide use in Virginia? - The Virginia Pesticide Control Act (VPCA) 1.3 - What two state agencies are responsible for ensuring the safe use of pesticide in Virginia? - the two state agencies are: 1. The Virginia Pesticide Control Board 2. The Virginia Department of ...

Powers and duties of Commissioner - Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates 10 - Amount of days notice before hearing Producers can be - Agents, brokers or both Insurance agent - a licensed insurance producer who is appointed by an insurer to sell insurance. represents the insurer not the insured

Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered because it was not his car. D) Bobby is covered by his parents' policy because he is...

Why was the commercial Insurance Deregulation Act Created? - To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - Commercial policies When must rate amendments & policy forms be filed with the commissioner? - 30 days before What losses are excluded from flood insurance? - -Landslides -Sewer backup -Windblown Rain -Snow ...

Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability - If a loss occurs that is covered by more than 1 insurance policy that was purchased by the insured, then each polic...

In order to get a loan to buy a car, John had to obtain insurance on the car. The purpose of the insurance requirement is to A - protect the lender's financial interest in the car in the event it is damaged or destroyed B - create an additional source of revenue for the lender C - include the insurance company as a cosigner on the loan in case John defaults on his payments D - prove to the lender that John has a sense of responsibility toward his obligations - A - protect the lender's f...

Powers and duties of Commissioner - Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - 10 Retrocession - When a reinsurer transfers risks it has accepted to another insurer Producers can be - Agents, broker

Chance or Uncertainty of a Loss - Risk Possible cause of a loss - Peril The Commissioner of insurance is appointed by the governor for a term of ______ ending on February 1 of each odd-numbered year? - 2 Years The Commissioner of insurance MUST have ________ of experience in business or government. - 5 Years The Commissioner of insurance must provide a __________ surety bond. (A surety bond guarantees performance) - $50,000 The Commissioner of insurance requires state fees in excess of _...

Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? -Employer liability -Exclusive remedy -Workman liability -No fault insurance - Exclusive Remedy Which of the following would trigger coverage under business income form with extra expense coverage? -Carpet cleaning after a water main break -Employee pay after a building structure is damaged -Building inspectors fees after ...

An agent license can be suspended or revoked by - writing primarily controlled business If an insured hides information and fails to disclose a known material fact to the insurer is known as - Concealment which of the following statements pertaining to medical payment Part C of the CGL is false - A person has to establish the liability of the insured before medical benefits will be paid under the contract All of the following is Correct about Market Value EXCEPT - The only policy that nor...

INSURABLE INTEREST - an economic interest in a property that must exist at the time of loss (you can insure the equity interest in your own home) UNDERWRITING - classifies the applicant based upon the underwriting requirements of the insurer; matches the risk presented with the premium charged by the insurer LOSS RATIO - percentage of claims paid in comparison to total premiums collected during a particular period of time RATES - set by the insurer at a level sufficient to pay claims and c...

Professional liability policies protect against liability resulting from - A. Errors and Omissions Page 46 Mini-Tail or Extended. Page 60 - B. 60 Days after expiration date Not an exclusion under auto physical damage selection. Page 28 - C. Carpools Not a covered territory in the personal auto policy. Page 25 - C. Mexico Which is covered under other than collision section of your auto policy. Page 26 - A. Hail damage to your car Nationwide Marine Define classifies risks can be written. P...

Under the Equipment Breakdown Coverage Form, which of the following describes expediting expenses? - Payment for repairs which accelerate the period of restoration Expediting expenses are those which hasten the period of restoration. By getting the business up to speed more quickly, these expenses are offset by the ability to generate revenue sooner. Which of the following is covered by Coverage E of the Farm Property Coverage Part? - Scheduled farm personal property How much will the Dwel...

Insurance - - a plan of spreading the risk of possible loss over a large number of people (Law of Large Numbers) - protects against the risk (uncertainty) of when a financial loss might occur Speculative Risk - - when there is a chance of gain as well as a chance of loss (ex: buying a stock, gambling) - insurance IS NOT intended to protect against this Pure Risk - - when there is a chance of loss only - not all pure risks are insurable Insurable Risk - - a risk the insurance company is w...

Declarations - Section of an insurance policy containing the basic underwriting information such as the insured's name, address, amount of coverage and premiums, and a description of insured's location. Where is Declarations page found? - Usually first page. Insuring Agreement - Section of an insurance policy containing the insurer's promise to pay. What does the insuring agreement list? - Insuring agreement lists the parties to the contract, effective and renewal dates, the descriptio...

Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered because it was not his car. D) Bobby is covered by his parents' policy because he is...

Specific insurance - This type of insurance designates a particular item to be insured Blanket insurance - This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - possibility of both gain and loss. Not insurable. Pure - only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - avoid, control, retain, and transfer risk. Hazard - A condition or situation which i...

Insuring Agreement - company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - what the policy will not pay for Definitions - names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage - coverages under a policy that are provided by the insurer at no extra cost Casualty Policies - defense costs over and above liability limits, post-judgement int...

Representations - Statements made by the applicant on an insurance application. Contract of Utmost Good Faith - An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion - When one party constructs the contract and the other party has no input. Elements of a Legally Binding Contract - 1. Legal Purpose 2. Agreement (Offer and Acceptance) 3. Competent Parties 4. Consideration Special Peril - Type of policy that insures against open perils of loss that ar...

A single Declarations page common to all coverages A single conditions section common to all coverages - A commercial package policy always includes Send the insured a reservation of rights letter - If the insured fails to report claim in a timely fashion, the adjuster will immediately ___ $1000 per person - The basic limit for coverage F-medical payments of the standard homeowners form is normally $250 - The CGL provides up to ___per day for loss of earnings as a supplementary payment W...