Producer surplus Study guides, Study notes & Summaries

Insurance Adjuster Exam Questions and Answers Rated A+ Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insur...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

A Surplus Lines Producer may collect a fee from the Insured to fund the Surplus Lines Advisory Board. This fee is known as the? - Answer- stamping fee An inducement to purchase an insurance policy is: Select one: ation ing - Answer- rebating A nonresident producer licensed in Montana may sell: Select one: insurance that is otherwise lawfully sold in the state of Montana. those types of insurance that the producer could have sold in the producer's state of residence. - Answer- only...

A Surplus Lines Producer may collect a fee from the Insured to fund the Surplus Lines Advisory Board. This fee is known as the? Answer - stamping fee An inducement to purchase an insurance policy is: Select one: ation ing Answer - rebating A nonresident producer licensed in Montana may sell: Select one: insurance that is otherwise lawfully sold in the state of Montana. those types of insurance that the producer could have sold in the producer's state of residence. Answer - only th...

NJ property insurance law Exam with complete solutions In New Jersey, and insurer must provide at least______ advance notice for cancellation of property coverages for nonpayment of premium 10 days The employment of another producer by a producer is subject to all of the following requirements, except a. the employer shall examine the credentials of the kinds of business described in the contract. b. the employer shall be responsible for the insurance related conduct of the employee ...

Powers and duties of Commissioner - ANSWER-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 - ANSWER-10 Retrocession - ANSWER-When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER-Agents, brokers or both Insurance agent - ANSWER-a licensed insurance producer wh...

AD Banker Comprehensive Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest Update) Q: When insurance cannot be placed with a licensed insurer, it may be placed with an authorized/non-admitted insurer by a: A. General surplus producer B. General use producer C. General consultant D. Surplus Lines broker Answer: D. Q: In insurance, to determine acceptable risks is the primary responsibility of the: A. Underwriter B. Adjuster C. Auditor D. Producer Ans...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

AD Banker Comprehensive Exam, Questions with accurate answers. 2022/2023. Rated A A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - D In order to be valid, a contract must be between individuals considered legally able to enter into an agreement. This principle is known as: A Restricted persons B Considerations C Competent parties D...

MT State Property and Casualty Exam Questions with Verified Answers A Surplus Lines Producer may collect a fee from the Insured to fund the Surplus Lines Advisory Board. This fee is known as the? stamping fee An inducement to purchase an insurance policy is: Select one: ation ing rebating A nonresident producer licensed in Montana may sell: Select one: insurance that is otherwise lawfully sold in the state of Montana. those types of insurance that the producer could have sol...