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Fred Loya Insurance Test with with Questions Solved 100% with Correct Answers
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Fred Loya Insurance Test with with Questions Solved 100% with Correct Answers
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Fred Loya Insurance Test with withQuestions Solved 100% with Correct
Answers
warranties are guarantees - ✔a guarantee statement the insured has made to the insurer
that the insurer relies on to be true
Representations - ✔a fact that the insured believes is true that he/she puts on the application
Misrepresentation - ✔a lie, a false statement or fact.
Estoppel - ✔this says the insurance company be "stopped" from not paying a loss if the
agent made the insured understand that they were covered
selling for one company only - ✔companies that want agents to represent just them
Direct writers - ✔the agents are employees and receive a salary. with contract or appointment
Exclusive agents - ✔where the agents are independent business people but may only sell
for the company exlusively. one company no contract or appointments. paid commission.
Dite t response - ✔this is mail order with flyers in the news paper. no agents
selling for many companies - ✔independent Agents- the represent many companies and
own. their book of business
, reinsurance - ✔is insurance for insurance companies
risk - ✔Uncertainty concerning the occurrence of a loss
Exposure - ✔what the insured is exposing to the insurer to
premium calculations - ✔the higher the risk is, the greater the premium
Speculative Risk - ✔a risk in which there is a chance of either loss or gain
pure risk - ✔is insurable. it is when you can only lose, not win.
ARRTS - ✔Avoid, Reduce, Retain, Transfer, share
Deductible - ✔An amount the insured must pay before benefits become payable by
the insurance company.
hazard - ✔risk, peril; to expose to danger or harm; to gamble
peril - ✔the cause of a possible loss
loss - ✔physical destruction or reduction in vale of an item
Direct loss - ✔damage to the item itself, like wrecking your car
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