Fred Loya Practice Exam 2 Questions With 100% Correct Answers
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Fred Loya Insurance
Institution
Fred Loya Insurance
Fred Loya Practice Exam 2 Questions With
100% Correct Answers
If an agent, while selling a policy tells the prospect he is fully covered and everything will be
taken care of, when this is not the fact, the agent is guilty of - answerMisrepresentation
What would NOT be an unfair claim practice? ...
Fred Loya Practice E xam 2 Questions With 100% Correct Answers If an agent, while selling a policy tells the prospect he is fully covered and everything will be taken care of, when this is not the fact, the agent is guilty of - answer✔✔Misrepresentation What would NOT be an unfair claim practice? - answer✔✔Using an arbitrator to resolve a dispute. A homeowner discovers that a valuable painting was stolen from her home, what type of loss would this be considered? - answer✔✔Direct loss An example of a peril would be - answer✔✔A fire that damages the kitchen of a home. What part of the insurance contract states the insurance company's promise to pay? - answer✔✔Insuring agreement If a license lapses for less than 90 days, in addition to the renewal fee, the licensee must pay a penalty fee equal to ________ % of the renewal fee. - answer✔✔50 Events or conditions that increase the chances of an insured loss occurring are referred to as - answer✔✔Hazard Which of the following statements is NOT correct? - answer✔✔An agent may voluntari ly surrender his license to the commissioner to avoid penalties. Under a policy, the condition that determines how the amount of damaged or lost property will be determined is known as - answer✔✔Loss valuation If an agent's license is expired less than 90 days, which of the following is not true? - answer✔✔Must retake the test. An agent discovers his newest client was the result of a referral. To show his thanks to the referring customer, the agent could - answer✔✔Thank the customer. The authority granted to an agent through the agent's contract is referred to as - answer✔✔Expressed Authority The maximum amount that an insurance company will pay in the event of a loss is called - answer✔✔Liability limits
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