Exam (elaborations)
PERSONAL LINES EXAM QUESTIONS AND ANSWERS
- Course
- Institution
PERSONAL LINES EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
PERSONAL LINES EXAM QUESTIONS AND ANSWERSDeclarations page includes: - answers-•name of insured
•address
•amount of coverage provided
•description of property
•cost of the property
Insuring agreement states: - answers-•what is to be covered
•losses which the insured will be indemnified
•types of property covered
•perils against which it is insured
Conditions - answers-ground rulez
Conditions describe: - answers-the responsibilities and obligations of both the insurance
company and the insured
Consideration insured gives: - answers-premium payment
Consideration insurer gives: - answers-pay for certain losses
Gramm leach briley - answers-federal law requires financial institutions to explain how
they share and protect their customers private info
Fair credit reporting act - answers-federal law allows consumers who are denied
insurance because of i do contained in a credit report to be notified and allowed to
obtain the info used in report
What are the insurance commissioners duties? - answers-•governor appointed
•regulate affairs
•aid in interpretation of law
•issue, renew, revoke, suspend licenses
•prescribe forms
•forfeiture up to $1000
How often does the commissioner examine each admitted insurer? - answers-a least
once every 5 years
How long will a company have to request a hearing after examination? - answers-20
days
Naic - answers-sets standards and regulates organizations
How long does a commissioner have to notify and individual of the charges, time, and
place of hearing? - answers-10 days
, Duties of the insured after a loss include: - answers-•giving prompt notice of claim
•protecting property from further damage
•completing detailed proof of loss
•making property available for inspection
•submitting exam under oath if required
•assisting during claim investigation procedure
Proof of loss - answers-policy holders statement of the amount of money being
requested, sign to and sworn by the policy holder with documentation to support the
amount requested
Appraisal - answers-procedure when insured and insured disagree on the amount of
loss
Other insurance provision - answers-establishes how loss is to apportioned among
insurers
Elements of a contract - answers-1. Competent parties
2. Legal purpose
3. Offer and acceptance
4. Consideration
What are the commissioners hearing authorities? - answers-1. Subpoena witnesses
2. Administer oaths
3. Examine
4. Cross examine
5. Receive evidence
6. Require the production of books and records
What are the punitive authorities of the commissioner after hearing? - answers-1. Fines
2. Penalties
3. Assess costs of an investigation or proceeding
4. Order restitution
5. Other corrective action deemed necessary
Cease and desist order - answers-commissioner requests producer to stop selling
insurance until hearing
After receiving a cease and desist order, how long does an individual have to request a
hearing? - answers-30 day's
Insurance license application - answers-•18 years old
•$50 license
•passed exams
•good character
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76710 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now