Guías de estudio, Notas de estudios & Resúmenes

A self-insurer deals with risk by: -Transferring the risk -Avoiding the risk -Retaining the risk -Eliminating the risk Retaining the risk A property and casualty agent must complete how many hours of CE? -12 hours each year -12 hours every 2 years by their due date -complete the approved courses as specified by the law every year -Complete the requirements for CLU or CPCU -12 hours every 2 years by their due date Actual Cash Value is defined as: -Original cost of the pro...

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...

Workers Compensation Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty A material stipulation in the policy that if breached may void coverage. Waiver The voluntary abandonment of a known or legal right or advantage. Waiting Period Time between the beginning of a disability and the start of disability insurance benefits. Vicarious Liability A type of ...

To prevent recovery beyond the amount of the insured's actual loss, the policy will contain: An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen engine block d) falling objects B) upset of the vehicle The maximum amount of payable for all losses resulting from one event is known as the: a) occurrence limit b) aggregate limit a) occurrence limit Which of the following is a cause of loss...

To prevent recovery beyond the amount of the insured's actual loss, the policy will contain: An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen engine block d) falling objects B) upset of the vehicle The maximum amount of payable for all losses resulting from one event is known as the: a) occurrence limit b) aggregate limit a) occurrence limit Which of the following is a cause of loss...

BPP building coverage insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premise is being repaired or rebuilt. When property is moved to newly acquire...

Property Insurance Covers my stuff (buildings and personal belongings). First party losses Property insurance pays the insured for covered losses to the property Third party losses occur when a person claims to have been injured by an insured, or when a person's property has been damaged by the insured's actions Casualty Insurance - Casualty = Liability - Always pay the other guy, never me - Third party losses: --First party: me (insured) --Second party: my insurer...

All of the following activities would warrant the imposition of absolute liability EXCEPT risky transportation. In which of the following situations would workers' compensation benefits be covered for an injured employee? a slip and fall while on the job at work The Terrorism Risk Insurance Act and the National Flood Insurance Program are similar by providing which of the following? subsidies, loss sharing or excess coverage All of the following specify limits of i...

BPP building coverage insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premise is being repaired or rebuilt. When property is moved to newly acquire...

Proof of financial responsibility definition Is proof of ability to respond in Damages for liability on a kind of accidents occurring after the effective date of the proof of rising out of the ownership maintenance or use of a motor vehicle $25,000 for bodily injury for 1 individual $50,000 2 individuals $15,000 for injury you or destruction of property of others Vehicle owners most pay a bond with Director of I of at least $50,000 for any one accident, including $15,000 for property dama...