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If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - Answer- Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. ...

What is hazard? - Answer- An increase in the possibility that a loss might occur What rating method involves modifying the premium based on the insureds loss experience over a specified period of time? - Answer- Experience Rating In a particular state, an insurance company must file policy for...

Loss Sustained Form - Answer- Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration. Fiduciary Responsibility - Answer- The legal duty of a representative to manage property in the interest of the owner. Directors and ...

An incorporated insurance company which is run by a board of directors is known as - Answer- a capital-stock company Which of the following statements is true regarding a binder? a. a binder guarantees that a policy will be issued by the insurance company. b. a binder guarantees coverage and th...

The Commissioner of Insurance for Alabama is - Answer- appointed by the governor The Commissioner of Insurance may do all of the following except - Answer- change insurance laws for the good of the general public 3. The Commissioner, upon written demand by a person aggrieved, must hold a heari...

What are commercial insurers also referred to as? - Answer- Private Insurance Companies Commercial Insurers are in the business of selling insurance for ___ ________. - Answer- a profit What two groups can commercial insurance be broken into? - Answer- Stock Companies & Mutual Insurers What...

The Commissioner can extend the time you have to complete your continuing education requirements for up to how long? A 90 days B 60 days C 30 days D 120 days - Answer- A. The Commissioner may extend an agents C.E. requirements for up to 90 days if for a reason deemed appropriate. I...

Dishonesty - Answer- Deceit, misrepresentation, untruthfulness, falsification Insurers - Answer- insurance companies or carriers who manufacture and sell insurance coverage by way of policies or contracts. Insurance Agencies - Answer- independent organizations that recruit, contract with, and ...