PROPERTY & CASUALTY INSURANCE PACKAGE DEAL

Why was the commercial Insurance Deregulation Act Created? To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? Commercial p...

Aleatory Contract Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith Parties to the contract rely upon the integrity of one another. Insuring Agreement The section of an insurance policy containing the ins...

Powers and duties of Commissioner Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing 10 Retrocession...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and in...

non-resident producer out of state prelicensing education required for each line of authority 20 hours Period of time that temporary WORK AUTHORITY is valid 60 days How long to apply for license after completing PRELICENSING education? 2 years To apply for a license 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 Exclusive Remedy Which of the following wou...

Paul vs. Virginia 1869 landmark decision establishing right of each state to regulate business of insurance US vs South Easter Underwriters Association 1944 ruled insurance was interstate commerce, when conducted across state lines, was subject to federal regulations McCarran-Ferguso...

Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability limits of 50/100. It is determined that Driver B is at fault for the accident. Driver A has $125,000 in medical expenses. How much will his Part C: UM/UIM cove...

To prevent recovery beyond the amount of the insured's actual loss, the policy will contain: An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen engine block d) falling objects B) upset of the vehicle ...

Specific insurance This type of insurance designates a particular item to be insured Blanket insurance This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative possibility of both gain and loss...

The members of a limited liability company are insureds under a businessowners policy (BOP) if The limited liability company is designated as the named insured. An endorsement added to a businessowners policy that provides coverage for direct damage caused by utility service disruption stemm...