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CA Property & Casualty Insurance Exam Questions With 100% Correct Answers 2024
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CA Property & Casualty Insurance Exam Questions With 100% Correct Answers 2024
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CA Property & Casualty Insurance Exam Questions With 100% Correct Answers 2024Independent Agent - Correct Answer-Represents insurance company under a contract, self employed, on straight commission, own their own accounts
Exclusive Agent - Correct Answer-Represents insurance company under a contract, salary, works for one company, does not own their own accounts
Binder - Correct Answer-Temporary insurance
Errors & Omissions Insurance - Correct Answer-Professional liability
Direct Response - Correct Answer-Selling over phone, thanks to having advertising in place, you must have license
Producer - Correct Answer-Agent
Fiduciary - Correct Answer-Someone who handles other people's money
Principle - Correct Answer-Insurance company that you work for
Expressed Authority - Correct Answer-The authority that an insurance agent has is written in the contract. If it is NOT written in the contract, it is understood because as an agent you do have authority
Appeared Authority - Correct Answer-The authority the customer thinks you have, whether you have it or not
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