A+ Grades

Unauthorized entities present a regulatory concern because they have the potential for __________ claims. - Unauthorized entities present a regulatory concern because they have the potential for unpaid claims. True or False? Willfully over insuring a health or property policy can be grounds for terminating an insurance license. - True. Willfully over insuring a health or property policy can be grounds for terminating an insurance license. The following are required to be on an application of i...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...

Single Premium - Allows the person to pay entire lump sum, is covered for life, and has the highest cash value. Level term covers - Covers for a period of time with lowest premium pay Endowment at age 70 - P owns a $25,000 Life Policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? renewable - Level term may be Modify whole life - Premium stays fixed for 5yrs, premium increases yr 6, then levels out while...

Which of the following types of an individual policies does NOT require a policy summary to be given? - Credit Life Which of the following is considered a producer's fiduciary responsibility? - Collect premiums and remit to the insurance company as soon as reasonably possible If an application for a producer's license has been denied, you may request a hearing within how many days after the receipt of the denial? - 30 days Which of the following activities may NOT be granted as credit for c...

What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c.A risk where there is a possibility of a gain d.A chance for insurance coverage - a What is an insurance policy? a.A binder that offers initial insurance coverage b.An oral agreement related to insurance c.A temporary agreement for insurance coverage d.A written agreement ...

Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? A Excess insurance B Pro rata liability C Primary insurance D Contribution by equal shares D: Contribution by equal shares The formal statement an insured provides to an insurer, including all the details an insurer needs to assess its liability following a loss, is known as a: A Notice of loss B Binder ...

Which type of cargo policy would cover a person who owns their own truck and hauls their own goods? a. truckers coverage form b. commercial articles floater c. motor truck cargo owners coverage form d. business auto policy - c. motor truck cargo owners coverage form An accounting firm discovers that someone has hacked into its records to steal the account numbers and routing numbers of its employees, and used these numbers to fraudulently draw funds from those accounts. Under which Commerci...

Under Part A of a Personal Auto Policy, which of the following losses would be covered? A.) Damage to property being transported by the insured B.) Damage to a neighbor's parked car C.) Damage to a neighbor's lawn mower in the care of the insured D.) Damage to the home the insured owns - B.) Damage to a neighbor's parked car Which of the following is true regarding the Fine Arts Floater? A.) Coverage is limited to the United States, Canada, and Mexico B.) Coverage is primarily for stam...

Insurance - Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Health Insurance - Evolved from scientific principles to provide funds for medical expensed due to sickness or injury and to cover loss of incom...