macellen education agencies

Insurance producer license is required to correct answerssolicit, negotiate, sell, give advice for a fee, and receive commissions An agency contract correct answersis an agreement between the producer and the insurance company which authorizes the producer to act as the insurance company's representative and sell Brokering correct answersis selling policies issued by insurance companies which the producer does not regularly represent, does not have an agency contract with and/or for whi...

Insurance policy correct answersSocial device for the transfer of financial risks Transfer of Risks correct answersThrough insurance individuals transfer to insurance companies financial risks they cannot individually afford. Insurance companies can accept for insured risks insureds cannot individually afford by charging a small premium to a large group of people. The premium is small compared to the size of the financial risk transferred. Pure Risk correct answersa risk that presents the ...

First Dollar coverage correct answers-basic medical insurance -no deductible Basic hospital expense correct answers-policy states that the max daily room and board benefit is $500 per day for 30 days. -surgery not covered Usual Customary and reasonable (UCR) correct answers-insurer calculates by averaging the cost of a specific surgery in a defined geographic area. -if actual charge is more, policyowner pays the difference Major medical expense plan correct answers-designed to provi...

Peril correct answersAn event that causes damage and results in financial loss (a claim) Risk correct answersThe chance that something harmful or unexpected could happen to cause a peril (a claim) Speculative Risk correct answersUncertainty about an event that could result in either a profit or a loss Pure Risk correct answersUncertainty to whether an event will occur to cause a loss Hazard correct answersA situation where it is more likely for a peril (a claim) to occur Indemnity...

Accelerated Benefits correct answersRiders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses Accidental death benefits correct answersa policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death accidental death insurance correct answersan insurance policy that provides payment if the insureds death is the result of an accident accumula...

The McCarran-Ferguson Act correct answers• Federal law that allows most insurance regulation to be done at the state level. Illinois Department of Insurance correct answersOverseen by governor-appointed "director" who has the power to: • Make reasonable rules and regulations to enforce insurance laws. • Conduct reasonable investigations to determine violations of state insurance requirements. • Issue immediate cease-and-desist orders to halt illegal insurance practices. ...

A claim has occurred and the statute of limitation is about to expire. The law requires that first party claimants be given a _____ day notice and third party claimants must be given a _____ day notice. correct answersA first party claimant must be given a 30 day notice and a third party claimant must be given a 60 day notice of the expiration of the statute of limitations. The standard deductible for each coverage under the "emergency flood program" is: correct answersThe standard dedu...

Which kind of losses are covered under a standard fire policy? correct answersDirect All fires are not covered by the Standard Fire policies, only those that: correct answersare hostile and have a flame or glow At what time does a fire policy go into affect? correct answers12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured...

An Insurance Policy correct answersA social device (legal contact or policy) for the transfer of risk. Cover only pure risks Pure Risk correct answersA risk when a person can only stand to lose should an event occur Speculative Risk correct answersa risk where the person stands to profit. Insurance policies do not cover speculative risks Pooling of risks correct answersWhen a large group of people contributes money to a fund out of which their losses can be paid. The Insured correct ...

An insurance producer license is required of an individual to: correct answersSolicit- sell or ask person to apply Negotiate- confer/offer advice, quoting rates Sell- binding, renewing Give advice for a fee Receive commission Brokering correct answersbroker is a producer who arranges policies for insureds through insurance companies for which they do not have agency contract Disclosure correct answersAll insurance producers, limited lines producers, temporary, business entitie...

whenever it appears that any person is violating an insurance law of this state or any rule or regulation made by the director correct answersdirector may issue a cease and desist order any person that violates a cease and desist order is subject to a correct answers$1000 The subject of an examination may request a hearing in writing within _ days after receipt of the examination report correct answers10 The director must issue a written order based upon the hearing within _ days after ...

An agent of claimant has intentionally deceived an insurer for financial gain. Such act is known as correct answersANSWER: Fraud All of the following are characteristics of an insurable risk, EXCEPT correct answersANSWER : The loss must be catastrophic in nature All of the following would be considered an "insured" on a homeowners policy, EXCEPT correct answersANSWER: A non-related tenant living in the insured residence All of the following are duties of the insured after a loss, ...

What is eligible to be a named insured under an insurance policy? correct answersA trust The "concealment and fraud" provision of the 1943 New York Standard Fire policy permits the insurer to ______ the policy if an insured conceals or misrepresents a material fact before or after a loss. correct answersVoid the entire policy Roof pitch refers to: correct answersSlope Roof pitch tells how many inches the roof rises for every 12 inches it runs. For example a 7" pitch rises 7" fo...

Abandonment correct answersLeaving insured property unprotected, or giving up of property by an insured to the insurance company, in expectation of payment for a direct loss. Actual cash value correct answersA type Additional Interest correct answersA party other than the named insured who may have insurable interest in certain property at the time of loss with rights to file a claim. Adjuster correct answersAn insurance professional who determines the applicability of coverage and the ...

Public Adjuster correct answersPerson, partnership, that represents the public as an adjuster of claims Days to rescind a contract correct answers3 calendar days Public Adjuster minimum standards correct answersTitle must read Public Adjuster contract Name phone number address and business name of Adjuster Address of the insured and name Percentage of the payments received execution date and signatures right to cancel How can an adjuster collect his fee? correct answersa ...

Program Trigger for terrorist acts must cause a collective damage in excess of? correct answers• $100,000,000 TF A public adjuster may own no more than 50% in a salvage or similar business? correct answers• F General Average correct answers• Loss shared by all parties Particular Average correct answers• Only one party shares in the loss. In a home owner policy there is no deductible for correct answers• Liability Coverage In BOP covered property is listed and described i...

Class 4 felony correct answersAny person misappropriating or converting any monies collected as a public adjuster, whether license or not, will be guilty of a - Contract between Public Adjuster and Insured correct answersMust include: names and license number of the public adjuster effective date of use formatted in no less than 10 font; full name of the person signing the contact, form number and edition of the form must be on the lower left hand corner for it to be approved, home sta...

mullion correct answersA vertical member between the panels of a window door or other opening What is pitch? correct answersThe incline angle of a roof When must a truss be notched are groves? correct answersOnly when preapproved and writing by a certified engineer A gable roof 32 feet long is to have rafters installed 16 inches on center. How many Rafters are needed correct answers24 Which of the following does not need to be submitted to the Director, in order to act as an adjuster...

1. When must a written no brokerage relationship notice be provided to customers? correct answersBefore showing homes that are listed. 2. Which of the following can not be used by the federal reserve to change or control the money supply? correct answersAfter income tax rates 3. A broker has an exclusive right of sale listing to sell an owner's property, with no other authority granted. What type of agency does the broker have with the principal? correct answersSpecial agency 4. A li...

elected official responsible for regulation and licensing of bail bondsmen correct answersChief financial officer department under the supervision of the Chief Financial Officer correct answersFlorida Dept of Financial Services What chapters of the Florida Statutes govern bail and bail bondsmen? correct answersChapters 648 & 903 What effects do the rules of the Chief Financial Officer have on bondsmen? correct answersThe same as the Statutes and must be adhered to in the same manner ...