NURSING EXAMS AND STUDY GUIDES

Which must have an appointment? Consultant/producer/insured - ANSWER - Producer Define Pure Risk - ANSWER - Chance of loss with no possibility of gain The Law of Large Numbers says? - ANSWER - Losses become more predictable as the number of insureds increases A broker represents? - ANSWER - Insured A Producer Represents? - ANSWER - Insurer Insurance is regulated at which level? State or Federal - ANSWER - State A peril is? - ANSWER - Cause of loss Limit of liability is? - AN...

made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payments are limited to incurred costs for the shortest of three time frames as dictated by the policy. E. ALE payments will not ex...

Insurance producer - ANSWER - An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer - ANSWER - Any person that lives in kansas and is licensed to transact insurance business for at least one insurer. A Non-resident producer - ANSWER - A producer that lives in some other state;they are licensed in their owen home stae and has written permission ...

Competitive Bids - ANSWER - The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlement. In all cases, the vehicle owner selects the facility that will perform repairs. PCPs - ANSWER - State Farm uses a continuous survey that gives repairers the opportunity to provide information online....

Who owns thier renewals - ANSWER Independents Events that may NOT be recovered by insurance are - ANSWER Gambling, investing, market value of home What underlying coverages typically are required for an umbrella - ANSWER Auto and Personal Conditions that prohibit assignments of the policy - ANSWER Transfer of rights and duties Expectant interest are - ANSWER Not insured Flood, power failure and earth movement are - ANSWER Excluded on DP & HO What are the 3 principle rating fact...

Absolute Assignment - ANSWER - Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - ANSWER - Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion - ANSWER - Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take it...

Absolute Assignment - ANSWER - Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - ANSWER - Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion - ANSWER - Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take it...

Which of the following best defines the term risk? a. Causes a loss b. Brings loss about c. Increases chances of a loss d. Uncertainty of loss - ANSWER - d. Uncertainty of loss An owner-occupied home has a replacement cost of $500,000 and an actual cash value of $400,000. To assure that the replacement cost provision in the policy applies, what is the minimum the home must be insured for? a. 75% of the RC b. $320,000 c. 75% of the ACV d. $400,000 - ANSWER - d. $400,000 You have...

Abandonment - ANSWER - The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - ANSWER - A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - ANSWER - An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - ANSWER - The required amount to pay damages or for property loss, which ...

A. Composition shingle weights range from 120 lb. to 480 lb. per square. B. Composition shingles are made of fiberglass or asphalt saturated roofing material embedded with mineral granules. C. Wood roofing is generally divided into two categories, wood shingles and wood shakes. D. Rigid roofing materials include clay, concrete, metal, and slate. E. All of the above are true. - ANSWER - Composition shingle weights range from 120 lb. to 480 lb. per square. Non-masonry siding products such a...

Abandonment Condition - ANSWER - A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - ANSWER - A loss that occurs at a specific time and place Actual Cash Value (ACV) - ANSWER - Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - ANSWER - Company that meets a state i...

Duties of the insured - ANSWER - 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 6. the insured cannot sue the insurance company unless all of these re...

In property insurance actual cash value is defined as which of the following - ANSWER - Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - ANSWER - the cause of loss insured against What is a leading factor in the determination of actual cash value - ANSWER - replacement cost Replacement cost is defined as - ANSWER - full replacement of property at its current cost, new and without reduction for depreciation Property insurance that provides ...

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A flood damages a single-family dwelling that is in a community in the early stages of participation in the NFIP, but they are not yet considered participating. What is the maximum a resident may receive for damages to their personal property? - ANSWER - $10,000 Under the Dwelling Broad Form, losses to an unattached garage are paid on which basis? - ANSWER - Replacement Cost Which of the following is false regarding the Building and Personal Property Coverage Form? - ANSWER - The policy co...

All of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person - ANSWER - C: switching the policy from on insured to another which of the following is characteristic of a non qualified plan: A: defined vesting schedule B: plan established by the employer C: plan does not meet federal guidelines for tax benef...

All of the following are authorized activities for the limited lines automobile insurance agents EXCEPT if the agent - ANSWER - Charges and collects a brokers fee for service Which of the following descries a contract of reinsurance? - ANSWER - A first insurer issues insurance to compensate another insurer for losses on contracts issued by that second insurer A personal lines licensee is an agent-broker who is able to transact coverage for all the following EXCEPT - ANSWER - Personal Aircr...

when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - ANSWER - Doctrine of reasonable expectations Doctrine of Reasonable Expectations - ANSWER - States: that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides. Which is not an agent's responsibility to the insured? - ANSWER - Settling and paying claims A women slips and falls on icy steps and ...

Insuring Agreement - ANSWER company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - ANSWER what the policy will not pay for Definitions - ANSWER names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage - ANSWER coverages under a policy that are provided by the insurer at no extra cost Casualty Policies - ANSWER defense costs over and a...

Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? -Employer liability -Exclusive remedy -Workman liability -No fault insurance - ANSWER - Exclusive Remedy Which of the following would trigger coverage under business income form with extra expense coverage? -Carpet cleaning after a water main break -Employee pay after a building structure is damaged -Building inspector...