PROPERTY AND CASUALTY EXAM PREP QUESTIONS FULLY SOLVED & UPDATED 2024.

The agent's permanent license becomes inactive. What will happen when an agent's action notice of appointment with an insurance company is terminated and the agent has no other appointments with any other insurance company? They may not use race, color, religion, or national origin as a condition to use higher rates. Which of the following statements is true regarding insurers with admitted status in California? Theft. Under the California Insurance Code all insurance licensee's who collect premiums have a fiduciary responsibility to both the insurer and the insured; if it is discovered that the agent or broker commingled or diverted premium dollars would be charged for The licensee needs to give written notice of intent to the insurance Commissioner. What steps need to be taken to terminate a licensee's license that is in the possession of an employer? 30 days The insurer decides not to renew an insured's Personal Auto Policy. How much notice must the insurer provide to the insured? There is usually no direct correlation between the amount of general and special damages awarded to the victim. Which of the following statements is true regarding compensatory damages? Auto accident Which of the following is not considered an intentional tort? An estimate of the amount the insurer will pay for present and future losses An insurer's loss reserve for a claim is: A homeowner decides not to install a pool in the backyard. Which of the following is an example of loss prevention? Verified promise A represintation as to the past, present or future is an Signing a covering note The execution of a policy involves which of the following Admitted An insurer that has a certificate in California is Promise A representation as to the future is considered Only before the insurance is in effect When may a representation be withdrawn At all times When must insurance agent brokers make records available to the insurance commissioner Sending the prospects an email suggesting that they buy certain type of policy The negotiation of a policy involves which of the following The applicant for the insurance dose not reveal information that the insurer would rely upon to issue the policy This is an Concealment Prior approval method The method that the California DOI used to disapprove rate fillings for various types of insurance such a homeowner and automobile is known as Whether the rate mathematically reflects the insurance company's investments income What is one of the main factors that the insurance commissioner uses while determining whether a rate is excessive or unfairly discriminatory Theft. Under the California Insurance Code all insurance licensee's who collect premiums have a fiduciary insurer and the insured; if it is discovered that the agent or broker commingled or responsibility to diverted premium dollars would be charged for They may not use race, color, religion, or national origin as a condition to use higher rates. Which of the following statements is true regarding insurers with admitted status in California The agent's permanent license becomes inactive. What will happen when an agent's action notice of appointment with an insurance company is terminated and the agent has no other appointments with any other insurance company? The licensee needs to give written notice of intent to the insurance Commissioner What steps need to be taken to terminate a licensee's license that is in the possession of an employer? 30 days. The insurer decides not to renew an insured's Personal Auto Policy. How much notice must the insurer provide to the insured? A homeowner decides not to install a pool in the backyard. Which of the following is an example of loss prevention? An estimate of the amount the insurer will pay for present and future losses. An insurers loss reserve for a claim is: There is usually no direct correlation between the amount of general and special damages awarded to the victim. Which of the following statements is true regarding compensatory damages Auto accident. Which of the following is not considered an intentional tort? When there is negligence whether proven or not. Absolute risk (liability) is imposed Expenses plus losses divided by premiums A combined ratio is Lost wages. Which of the following would be considered special damages? The amount of covered expense that the insured pays before the insurer pays. An insurance deductible is Subrogation. Insurer's right to recover the payment of a claim, after they paid the insured for their property losses from a negligent 3rd party is known as: The insurer's right to recover payment from a responsible at fault party. The term "subrogation" refers to The transfer of the insured's interest in a policy to another party The term assignment" refers to