- Study guides, Class notes & Summaries

LOMA 311 CHAPTERS 1-9 EXPLORE 362 ESSENTIAL QUESTIONS AND ANSWERS Rehabilitation - Answer-the insurer continues to exist as a corporation, and the insurance department assesses more precisely the insurer's financial situation. If it seems possible that an insurer can be rehabilitated, state insurance departments may try to find an investor to invest capital in the insurer (rare) Federal Insurance Office (FIO) - Answer-Created by Dodd-Frank, an administrative office within the Treasure De...

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28 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 CHAPTER 2 EXAM REVIEW QUESTIONS WITH 100% VERIFIED ANSWERS intentional tort - Answer-a private wrong committed by a person who intended to do something that the law declares a wrong Assault - Answer-intentional creation of a reasonable fear in the mind of the victim of imminent bodily harm Battery - Answer-intentional harmful or offensive physical contact with another person defamation - Answer-occurs when a person makes false statements that injure the good name or rep...

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7 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 COURSE OBJECTIVES TRAINING QUESTIONS WITH REVISED AND UPDATED ANSWERS Identify federal antitrust laws and the types of activities that antitrust laws typically prohibit. - Answer-Sherman Act, which prohibits individuals and companies Clayton Act, which makes it unlawful to engage in certain actions that are believed to lessen competition and to lead to monopolies. Federal Trade Commission Act gave it the power to enforce federal antitrust laws. Describe federal consumer protectio...

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4 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 MODULE 1 EXAM QUESTIONS WITH ALL CORRECT ANSWERS multinational corporation - Answer-a corporation that operates in more than one country and makes major decisions within a global context. Multinationals operate across jurisdictions and face unique legal and regulatory issues because they must comply with the laws and regulations of their home country and each country in which they do business. In some cases, multinationals also must comply with international treaties and regulatory ...

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33 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 MODULE 2 EXAM QUESTIONS WITH CORRECT ANSWERS Bundle of Ownership Rights - Answer-The right to enjoy and use the property The right to dispose of the property Security Interest - Answer-a claim against a debtor's property that gives a creditor the right to possession of the property if the debtor defaults on the underlying loan. In the event of a default, the property can be sold to satisfy the outstanding debt. Transferor vs transferee - Answer-transferor= party who sell...

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30 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 MOD 4 EXAMINERS QUESTIONS WITH COMPLETE ANSWERS common settlement options - Answer-interest option- proceeds are temp. left on deposit with the insurer. Interest earned is paid annually, semi annually, qrterly or monthly. Fixed Period Option- insurer pays proceeds & interest in a series of annual or more frequent installments for a preselected period Fixed Amount option- insurer uses proceeds and interest to pay a preselected sum in a series of annual or more frequent install...

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31 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 EXAM QUESTIONS WITH ALL CORRECT ANSWERS (100% VERIFIED CORRECT) Security interest - Answer-A claim against a debtor's property that gives a creditor the right to possession of the property if the debtor defaults on the underlying loan Accession - Answer-A person generally has the right to all that his property has produced and all that is added to or United with the property Police power - Answer-The power to enact laws to promote public health, safety and welfare (zoning l...

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15 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 EXAM TEST BANK QUESTIONS WITH CORRECT DETAILED ANSWERS Holographic Will - Answer-a will that is handwritten and signed by the testator. Can have an oral will, but only transfer limited property. Codicil - Answer-a testamentary document that supplements a will. Add provisions, revoke or alter provisions and explain provisions. Probate Process - Answer-handling the distribution of estates of deceased persons. Typically conducted under supervision of a local court-Probate court. ...

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32 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 EXAM QUESTIONS WITH ALL CORRECT ANSWERS GRADED A+ Actual Authority - Answer-The authority to act on behalf of the principal that the principal intentionally confers (grants) on the agent and that the agent reasonably believes in conferred. Express Authority - Answer-The actual authority that a principal explicitly grants to an agent. Implied Authority - Answer-The actual authority that a principal intends an agent to have and that arises incidentally from an express grand of aut...

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19 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 311 MODULE 1 CERTIFICATION EXAM QUESTIONS WITH CORRECT ANSWERS alternative dispute resolution (ADR) methods - Answer-any nonjudicial method of resolving civil disputes. For example, parties usually first try to settle their disputes themselves by means of formal or informal negotiations. We commonly refer to disputes resolved in this way as settled out of court. Mediation and arbitration are two other common forms of dispute resolution in the United States. Mediation - Answer-a proce...

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33 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 MOD 4 TEST PREPARATION QUESTIONS WITH COMPLETE ANSWERS!! misrepresentation three elements - Answer-Most jurisdictions require that an insurer prove these three elements: - The applicant or proposed insured misrepresented or failed to disclose a fact. - The fact was known by the applicant or proposed insured at the time of the misrepresentation or failure to disclose. - The fact was material—or relevant—to the insurer's acceptance of the risk.============In the United State...

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31 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 MODULE 2 EXA TEST BANK QUESTIONS WITH CORRECT ANSWERS Mr. Gossett and Mr. Miller each have the right to decide who will receive his interest following his death Joint Tenancy - Answer-two or more individuals own equal shares in property and have a right of survivorship. A right of survivorship means that, when one joint tenant dies, his share automatically passes to the surviving joint tenant or tenants. Like tenants in common, joint tenants each have the right to possess a...

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30 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 CHAPTER 1 EXAM QUESTIONS WITH ALL CORRECT ANSWERS reports or reporters - Answer-These appellate court decisions are published in a series of volumes common law system - Answer-legal system that is based on the common law of England jurisdiction - common law - Answer-a geographic area of legal authority—that bases its legal system on the common law of England is referred to as a common law jurisdiction common laws - Answer-the English created courts that were authorized t...

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5 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 EXAM QUESTIONS ANSWERED CORRECTLY & GRADED A+ Financing statement - Answer-A document that is filed with a specified state or local govt official to record the existence of a security interest in identified property of a debtor Preemption - Answer-A legal doctrine that holds some matters are of such National importance that the federal laws override conflicting state laws McCarran-Ferguson Act - Answer-Gives the states primary authority to regulate insurance as long as congress ...

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15 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 -388 QUESTIONS- ANSWERED CORRECTLY SET TO SCORE A+ Principal's Duties to Agent - Answer-• Compensation - how agent gets paid. Amount could depend on: type of service, prior dealings, customs/trade practices of the business. No duty to pay an agent who agrees to provide services without compensation. • Reimbursement - may agree to reimburse agent for expenses. • Indemnification - compensation or reimbursement of another person's loss. Disclosed Principal - Answer-a...

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32 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS (100% CORRECT) Freedom of Contract - Answer-States that parties have the right to contract with whomever they choose and on whatever lawful terms they choose. Under this principle, the offeror controls the offer and has the right to decide with whom he or she will contract. Consideration - Answer-Whatever a promisor asks for and receives in exchange for his contractual promise. This is legally adequate if it was bargained for and exchang...

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20 pages

Written in 2024/2025

Grade A+

victoryguide

LOMA 311 EXAM (ACTUAL 2025) WITH QUESTIONS AND ANSWERS

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43 pages

Written in 2024/2025

Grade A+

SCHOLARSKIT

LOMA 311 Chapters 1-9 questions with correct answers

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39 pages

Written in 2024/2025

Grade A+

EXAMSTUDYPLUG

LOMA 311 Module 2 Practice Exam questions with verified answers

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7 pages

Written in 2024/2025

Grade A+

EXAMSTUDYPLUG

loma 311 exam review questions with answers

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5 pages

Written in 2024/2025

Grade A+

EXAMSTUDYPLUG