Property and Casualty insurance exam (A GRADED) Property and Casualty Insurance Idaho Law Supplement (100% accurate answers) Idaho Insurance Licensing Property and Casualty (With complete solution) Guarantee Exam FX, Idaho Personal Lines Simulation Exam 2024 (A GUARANTEED)
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Insurance correct answers The transfer of risk through a legal contract Property correct answers Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty correct answers covers non-property losses (3rd Party) Personal lin...
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Add to cartInsurance correct answers The transfer of risk through a legal contract Property correct answers Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty correct answers covers non-property losses (3rd Party) Personal lin...
Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate coopera...
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Add to cartWhich of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate coopera...
Twisting correct answers A form of misrepresentation in which an agent persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's disadvantage. Credit Life Policy correct answers Term Life policy w/ decreasing death benefit; usually used to secure credit (l...
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Add to cartTwisting correct answers A form of misrepresentation in which an agent persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's disadvantage. Credit Life Policy correct answers Term Life policy w/ decreasing death benefit; usually used to secure credit (l...
In Idaho, an insurer is required to give the named insured at least _____ days notice in writing of total premium increases greater than 10% resulting from an increase in rates, changes in deductibles, reduction in limits, or reduction in coverage. 30 20 45 60 correct answers 30 In Ida...
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Add to cartIn Idaho, an insurer is required to give the named insured at least _____ days notice in writing of total premium increases greater than 10% resulting from an increase in rates, changes in deductibles, reduction in limits, or reduction in coverage. 30 20 45 60 correct answers 30 In Ida...
Which one of the following symbols used in business auto coverage is correctly described? correct answers Symbol 9- nonowned autos only According to the conditions of a workers compensation policy, the insurer has the right to inspect the insurers workplace correct answers At any time A claim ...
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Add to cartWhich one of the following symbols used in business auto coverage is correctly described? correct answers Symbol 9- nonowned autos only According to the conditions of a workers compensation policy, the insurer has the right to inspect the insurers workplace correct answers At any time A claim ...
Director examination of insurer at least once every ________ years correct answers 5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both correct answers $1000, 6 Maximum insurer insurance code fine per violation correct answers...
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Add to cartDirector examination of insurer at least once every ________ years correct answers 5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both correct answers $1000, 6 Maximum insurer insurance code fine per violation correct answers...
A violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: correct answers $5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: correct answers 25/50/15 A violation of unfair insurance claims practices will...
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Add to cartA violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: correct answers $5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: correct answers 25/50/15 A violation of unfair insurance claims practices will...
Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: correct answers premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: correct answers Title 41 of Idaho statutes. It is illegal for an insura...
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Add to cartEach of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: correct answers premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: correct answers Title 41 of Idaho statutes. It is illegal for an insura...
The three ratios/components to a book of business are correct answers loss ratio, expense ration, combined ratio what is the purpose of a rate correct answers premium determination Rate is based on correct answers exposures Which of the following would satisfy the NFIP certification require...
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Add to cartThe three ratios/components to a book of business are correct answers loss ratio, expense ration, combined ratio what is the purpose of a rate correct answers premium determination Rate is based on correct answers exposures Which of the following would satisfy the NFIP certification require...
Net Single Premium correct answers Premium that a person must pay in a lump sum to receive all the benefits promised in the policy if no insurer expenses were considered Insurers will also consider which of the following in evaluating risk. correct answers Numerical rating system to evaluate the ...
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Add to cartNet Single Premium correct answers Premium that a person must pay in a lump sum to receive all the benefits promised in the policy if no insurer expenses were considered Insurers will also consider which of the following in evaluating risk. correct answers Numerical rating system to evaluate the ...
Insurance correct answers Is a contract win which one party agrees to indemnify the insured party against loss,damage, or liabilty. Insurance Transfers correct answers The risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected loss...
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Add to cartInsurance correct answers Is a contract win which one party agrees to indemnify the insured party against loss,damage, or liabilty. Insurance Transfers correct answers The risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected loss...
Any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. Express Interest Insurable Interest Implied Interest Real Interest correct answers Insurable Interest What are the 3 elements of insurable risk? Financ...
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Add to cartAny financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. Express Interest Insurable Interest Implied Interest Real Interest correct answers Insurable Interest What are the 3 elements of insurable risk? Financ...
another name for insurance agent is: principal producer broker recorder correct answers producer another name for insurer is: principal producer broker policymaker correct answers principal The Broad Form Products Coverage endorsement in commercial auto policies does which of the f...
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Add to cartanother name for insurance agent is: principal producer broker recorder correct answers producer another name for insurer is: principal producer broker policymaker correct answers principal The Broad Form Products Coverage endorsement in commercial auto policies does which of the f...
The term flood refers to all of the following EXCEPT A. an overflow of inland tidal waters B. collapse of land as a result of excessive erosion due to flood C. mudslides D. sewer backup correct answers Sewer backup Insurers may be classified according to their financial strength. This inclu...
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Add to cartThe term flood refers to all of the following EXCEPT A. an overflow of inland tidal waters B. collapse of land as a result of excessive erosion due to flood C. mudslides D. sewer backup correct answers Sewer backup Insurers may be classified according to their financial strength. This inclu...
FRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) correct answers Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be su...
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Add to cartFRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) correct answers Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be su...
In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three correct answers one In a pers...
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Add to cartIn the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three correct answers one In a pers...
Insurance Transaction correct answers Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation correct answers offer advice/communicate directly with purchaser regarding benefits Sale correct answers effectuation of a contract of insurance Insurance...
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Add to cartInsurance Transaction correct answers Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation correct answers offer advice/communicate directly with purchaser regarding benefits Sale correct answers effectuation of a contract of insurance Insurance...
counterfiet correct answers a fraudulent imitation; forgery incidental correct answers occurring as a minor consequence of something more important Material Misrepresentation correct answers the intentional act of concealing or altering an important fact that would have altered the basis of a ...
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Add to cartcounterfiet correct answers a fraudulent imitation; forgery incidental correct answers occurring as a minor consequence of something more important Material Misrepresentation correct answers the intentional act of concealing or altering an important fact that would have altered the basis of a ...
Protect the public and industry correct answers The primary purpose of the Idaho real estate commission is to: Idaho real estate commission correct answers Initial application for a real estate license is administrated by All licensees correct answers Where does the money come from to operate ...
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Add to cartProtect the public and industry correct answers The primary purpose of the Idaho real estate commission is to: Idaho real estate commission correct answers Initial application for a real estate license is administrated by All licensees correct answers Where does the money come from to operate ...
authorized insurer correct answers also known as admitted insurer certificate of authority is issued to an authorized insurer this allows insurer to transact specific kinds of insurance business within the state of Idaho. stock insurer correct answers An insurer that is owned by its stockholde...
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Add to cartauthorized insurer correct answers also known as admitted insurer certificate of authority is issued to an authorized insurer this allows insurer to transact specific kinds of insurance business within the state of Idaho. stock insurer correct answers An insurer that is owned by its stockholde...
Insurable interest correct answers Any actual, lawful, and substantial economic interest in the safety or preservation of the property insured free from loss, destruction, or pecuniary damage or impairment. Policy Contents correct answers Parties to the contract; subject of the insurance; risks i...
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Add to cartInsurable interest correct answers Any actual, lawful, and substantial economic interest in the safety or preservation of the property insured free from loss, destruction, or pecuniary damage or impairment. Policy Contents correct answers Parties to the contract; subject of the insurance; risks i...
Accelerated Benefits correct answers Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits correct answers A policy rider that states that the cause of death will be analyzed to determine if it com...
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Add to cartAccelerated Benefits correct answers Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits correct answers A policy rider that states that the cause of death will be analyzed to determine if it com...
If I want Replacement Cost coverage on my $200,000 home, I need to purchase how much insurance? a.$60,000 b.$100,000 c.$160,000 d.$200,000 correct answers 80% of $200,000 is $160,000. The HO only provides Replacement Cost coverage on the structures if they are insured to 80% of value. The cor...
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Add to cartIf I want Replacement Cost coverage on my $200,000 home, I need to purchase how much insurance? a.$60,000 b.$100,000 c.$160,000 d.$200,000 correct answers 80% of $200,000 is $160,000. The HO only provides Replacement Cost coverage on the structures if they are insured to 80% of value. The cor...
What is insurance? correct answers Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individual or business to an insurance compa...
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Add to cartWhat is insurance? correct answers Insurance is a contract in which one party (the insurance company) agrees to indemnify (make whole) the insured party against loss, damage or liability arising from an unknown event. It transfers the risk of loss from an individual or business to an insurance compa...
Complete continuing education hors and pay a renewal fee correct answers What are producers required to do in order to renew their license? Defamation correct answers If a producer makes maliciously critical statements about another insurer what is this illegal practice called? A person author...
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Add to cartComplete continuing education hors and pay a renewal fee correct answers What are producers required to do in order to renew their license? Defamation correct answers If a producer makes maliciously critical statements about another insurer what is this illegal practice called? A person author...
In an office that allows for Limited Dual Agency with Assigned Agents how would the broker herself work with a buyer client to buy and in house listing of one of her agents? correct answers She would represent the buyer with Limited Dual without Assigned Agents. Which is true of Limited Dual Agen...
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Add to cartIn an office that allows for Limited Dual Agency with Assigned Agents how would the broker herself work with a buyer client to buy and in house listing of one of her agents? correct answers She would represent the buyer with Limited Dual without Assigned Agents. Which is true of Limited Dual Agen...
What coverages are excluded under the Standard Fire Policy? correct answers Currency Accounts Deeds Bills and Evidence of Debt How many days after a fire loss is remaining transferred personal items covered through the standard fire policy provision? correct answers 5 days at any location from...
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Add to cartWhat coverages are excluded under the Standard Fire Policy? correct answers Currency Accounts Deeds Bills and Evidence of Debt How many days after a fire loss is remaining transferred personal items covered through the standard fire policy provision? correct answers 5 days at any location from...
What is an example of commercial real estate correct answers A hotel How many real estate commissioners are there and how long do they serve? correct answers 5 serving 4 years Which activity does not require a real estate license? correct answers Property management What is the penalty for ...
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Add to cartWhat is an example of commercial real estate correct answers A hotel How many real estate commissioners are there and how long do they serve? correct answers 5 serving 4 years Which activity does not require a real estate license? correct answers Property management What is the penalty for ...
Purpose of IREC correct answers Protect public and industry Real Estate application administered by: correct answers IREC Money to fund IREC correct answers All active and inactive licensees Commission consists of correct answers 4 members IREC meets correct answers Monthly Make up wo...
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Add to cartPurpose of IREC correct answers Protect public and industry Real Estate application administered by: correct answers IREC Money to fund IREC correct answers All active and inactive licensees Commission consists of correct answers 4 members IREC meets correct answers Monthly Make up wo...
(DPREC) How many real estate commissioners are there and how long do they serve? correct answers 4 serving 4 year terms (DPREC) Which activity does not require a real estate license? correct answers Property management (DPREC) What is the maximum penalty for brokering a real estate deal ...
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Add to cart(DPREC) How many real estate commissioners are there and how long do they serve? correct answers 4 serving 4 year terms (DPREC) Which activity does not require a real estate license? correct answers Property management (DPREC) What is the maximum penalty for brokering a real estate deal ...
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