Casualty insurance law Study guides, Class notes & Summaries

Louisiana Property and Casualty Insurance Law with Complete SolutionsLouisiana Property and Casualty Insurance Law with Complete SolutionsLouisiana Property and Casualty Insurance Law with Complete SolutionsLouisiana Property and Casualty Insurance Law with Complete Solutions Authorized insurers may choose not to participate in the plan - ANSWER-All of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - ANSWER-The named insured may cancel a property ...

Binders (27-14-18) correct answers A binder is an instrument designed to provide immediate, temporary insurance coverage. Binders can be either written or oral. In the state of Alabama, how long are binders valid? correct answers 90 days or until a policy is issued. Whichever is less In the state of Alabama, if a policy has not been issued within 90 days, can a Binder be extended or renewed? correct answers Yes. If a policy has not been issued within 90 days, a Binder may be extended or re...

Property and Casualty Insurance Nevada State Law Supplement Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Property and Casualty Insurance Nevada State Law Supplement Questions and Answers 100% Pass A certificate of authority gives a(n) Company authority to transact insurance in Nevada A characteristic unique to surplus lines insurance is that it May be written with unauthorized insurers provided there are no authorized insurers selling that type of policy in Nevada The commissioner must examine authorized insurers at least one every 5 years Which of these insurance professionals inv...

If the fire causes damage to a building, the fire is A. a hazard B. a peril C. a risk D. an exposure correct answers B An individual applied for auto insurance and obtained coverage from ABC Insurance Company. Who is the first party in the contract? A. The insured (customer) B. The insurer (insurance company) C. The Agent D. The insured and agent correct answers A Wearing a seat belt in a car is example of which method of managing risk? A. Retain B. Avoid C. Reduce D. Transfer ...

Authorized insurers may choose not to participate in the plan correct answers All of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate correct answers The named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy correct answers The basis for all property insurance sold in this state is the Louisiana: Sole proprietors ...

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...

Xcel Solutions Property & Casualty Exam Questions and Answers An earned premium resulting from the cancellation of a policy is calculated on: - Correct Answer ️️ -On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Correct Answer ️️ -Excess Direct Coverage An insurance company writing business in a state o...

Which statement concerning a Binder is true? correct answers A Binder is valid for a maximum of 90 days. An Adjusters license could not be issued to correct answers An 18 year old. Unless suspended or revoked, an Adjuster's License remains in effect for: correct answers One year A Surplus Line Producer places coverage with an unauthorized insurer. The Producer must file an affidavit with the state within: correct answers 30 days of the effective date of coverage A Surplus Line Produ...

Director examination of insurer at least once every ________ years - Answer 5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both - Answer $1000, 6 Maximum insurer insurance code fine per violation - Answer $5000 Maximum fine for transacting insurance without a license - Answer $15,000 Lapsed licenses may be reinstated within ________ (months) upon payment of fees and completion of CE credit hours - Answer 12 A non...