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Joe received a notice from his insurer that his policy would be cancelled in 30 days. The notice did not give any reason for the cancellation and did not tell Joe any way to obtain that information. When will this cancellation be effective? A 30 days B 6 days after Joe received the notice C Immediately D The cancellation is not effective correct answers D The cancellation is not effective If a notice of cancellation or nonrenewal does not state the facts on which the insurer's dec...

Abandonment Condition correct answers states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability correct answers Imposed by law on those participating in certain activities that are considered especially hazardous; a person involved in such matters may be considered liable even if they weren't negligent. Accident correct answers A loss that occurs at a specific time and place Accounts receivable insurance co...

Commercial policies issued for a term longer than one year may be cancelled by the insurer by giving notice of cancellation A30 days before any anniversary date of the policy. B45 days before the expiration of the policy. C60 days before any anniversary date of the policy. D70 days before the expiration of the policy. correct answers 60 days before anniversary date of the policy Who can countersign a policy issued in this state? AAn underwriter BA policy applicant CAn appointed and lic...

If the commissioner fails to approve or disprove a proposed rate within 90 days, the proposed rate within 90 days, the considered? correct answers Approved If the insurer offers to to renew the policy on different terms, how long dose the policyholder have to cancel the policy have to cancel the policy without being penalized? correct answers 30 Days after receiving notice of the change A person employed by an insurance company to instigate claims of physical damage to insured motor vehicl...

*Insurance* policies that have been in effect for *at least 70 days* or *that have been renewed* "cannot" becancelled by the insurer - correct answers before the expiration of the agreed term or *1 year from the effective date* of the policy or renewal A "commercial or business policy" issued for a term *longer than 1 year* may be *cancelled* by the insurer by giving notice of cancellation - correct answers *60 days before anniversary* date of the policy. All other policies issued for ...

Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losses. d) Provide advance notice of cancellation. correct answers B Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losse...

Joe received a notice from his insurer that his policy would be cancelled in 30 days. The notice did not give any reason for the cancellation and did not tell Joe any way to obtain that information. When will this cancellation be effective? correct answers The cancellation is not effective Each licensed motor vehicle physical damage appraiser must obtain a surety bond in favor of the people of the State of Nevada and conditioned for the faithful performance of required duties in the amount of...

The process of determining the premium charged and how much insurance is required for a particular loss is called correct answers Loss Valuation What type of compensatory damages will pay for pain and suffering and disfigurement? correct answers General For insurance purposes, when an insured loses property to another because the person used violence or threat of violence to gain the property, this is defined as correct answers Robbery What type of insurance policy insures against all r...

A unique feature in a bailee form is that it covers A. A loss that has no exclusions B. The building occupied by the insured whether it is owned or leased C. Customers property whether or not the insured has been negligent D. Fire and theft losses to the insured stock held for sale without any deductibles. correct answers C What is a certificate of insurance A. Written document allowing the insured to inspect the insured's books B. A written document showing to types and amounts of i...

The removal coverage that is included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long? a) 5 days b) 15 days c) 30 days d) 60 days correct answers c) 30 days The commercial property declarations page contains which of the following information? a) Interline endorsements b) Cause of loss forms c) Description of the property insured d) Common policy conditions correct answers c) Description of the proper...

A certificate of authority gives a(n) correct answers Company authority to transact insurance in Nevada A characteristic unique to surplus lines insurance is that it correct answers 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 correct answers 5 years Which of these insurance professionals investigates or settles claims for a fee or commission ...

risk correct answers Uncertainty of loss insurance correct answers the transfer of RISK pure risk correct answers lose or have no change - insurable speculative risk correct answers NOT insurable. possibility to lose or gain hazard correct answers something that increases risk indemnity correct answers a payment for damage or loss; purpose is to restore the insured to where they were prior to their loss. tort correct answers A civil wrong representation correct answers a sub...

A insurance binder is effective for no more than correct answers 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? correct answers Consideration Which of the following structures is not eligible for flood insuran...

Agreed value correct answers Property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written. At the time of a loss, the policy pays the agreed value as specific on the policy schedule, regardless of the insured property's appreciation or depreciaion. Absolute liability correct answers Any conduct that is inherently dangerous (swimming pools, explosives, wild animals) ...

UT Property & Casualty Insurance Producer Exam (A GRADED) UTAH PROPERTY CASUALTY INSURANCE ADJUSTER EXAM (A GRADED) Part 1: Utah Property and Casualty Law Supplement (Well-enlightened) Utah Property and Casualty Insurance Commercial Auto (Accurate answers) Property & Casualty- Workers Compensation (Well-enlightened)

Ad Valorem Tax correct answers A tax levied according to the value of the property Alta or Lender's Policy correct answers The lender's title insurance policy which offers coverage in the amount of the loan which includes a site visit to discover unrecorded encumbrances Assessed Value correct answers A percentage of the appraised value, as determined by law, upon which the tax rate will be levied to determine the property tax. Attorney's Opinion correct answers A lawyer's examinatio...

Advertising Injury correct answers Misappropriation of advertising ideas, or infringement of copyright, title or slogan Agency correct answers A legal relationship between two parties: principal and agent Agency System correct answers An insurance distribution system that supports a "middle man" - field force of licensed agents and public buys THROUGH them Agent correct answers The individual appointed by an insurance company to solicit, negotiate, effect, or countersign insurance con...

Risk correct answers Chance of loss Insurance correct answers A contract in which one party agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Pure risk correct answers Chance of loss only Speculative correct answers Chance of loss or gain 2 types of risk correct answers Pure & speculative Only risk insurance covers? correct answers Pure Exposure correct answers Unit of measurement. Measures the amount of risk. Hazard corre...

An individual purchased her own personal property insurance policy on her newly purchased dream home. This type of insurance coverage that applies to the insured's own property is known as... correct answers First party risk protection The cost of a unit of insurance is known as the... correct answers Rate Using an air-cooled engine, a proposed insured has developed a new, experimental aircraft. If the inventor applies for liability insurance, what rating type will the insurer most likely...

Basic Perils correct answers Fire, lightning, and internal explosion Extended Perils correct answers WC SHAVVER Windstorm, Civil, Smoke, Hail, Aircraft, Vehicle & Volcano, Explosion (inside & out), Riots. Broad Perils correct answers Buglary, Ice, Glass, accidental release of water, freezing pipes, falling objects, Electrical current, collapse, Tearing asunder BIGAFFECT Coinsurance correct answers a provision under which both the insured and the insurer share the covered losses Expr...