A PACKAGE DEAL FOR Michigan Property & Casualty Exam 2023 with 100% correct answers

Risk The possibility that a loss will occur Speculative Risk Chance of loss or gain Pure Risk only the possibility of loss Peril cause of loss Exposure The potential for accidents and other losses Direct Loss Loss that is a direct result of a peril, such as f...

The Governer appoints a Commissioner of Insurance every how many years? 4 Maximum fine for knowingly violating cease and desist order is $10,000 and possible licesnse revokation. Temporary Licenses are issued for how many days? 180 An applicant who has been denied an insuranc...

A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. Producer (Agent) What are the requirements to be an agent? 1. Be a resident of the state 2. Be at least 18 years of age 3. Possess reasonable understanding of insurance laws, good faith...

If an insured would incur a financial loss if a particular person or property was damaged, they have ____ ____. Insurable Interest The process of reviewing applications for insurance is called ____. Underwriting The risk selection process to determine whether a policy should be issue...

Covered Auto means any ____ listed on the declarations page. Vehicle Newly Acquired auto means any private ____ car, ____ or ____, non-owned temporary ____ vehicle or trailer or trailer designed to be pulled by a ____ vehicle acquired by the insured during the policy period. Passenger; Pick...

Personal Contract personal in nature, there must be an insurable interest Aleatory Contract "a one sided contract" equal value is not given by both parties in the contract. Policyowner pays small premium - insurer provides a substantial benefit Contract of Adhesion contract and it...

Which of the following are the authorities that an agent can hold? Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? Permanent partial disability Who is NOT considered an employee in an commercial general liabilit...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property p...

How much is the fine for accepting a rebate? 100.00 How much is the fine for each violation of inducement? 100.00 What percentage does the insurer have to pay of claims not paid on a timely basis? 12 How much time does an insurer have to satisfy a proof of loss? 30 days ...

(1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting s...