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2-20 Insurance License Exam Q&A $13.99   Add to cart

Exam (elaborations)

2-20 Insurance License Exam Q&A

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  • 2-20 Insurance License
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  • 2-20 Insurance License

2-20 Insurance License Exam Q&A

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  • April 11, 2023
  • 17
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
  • 2-20 Insurance License
  • 2-20 Insurance License
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Zendaya
2-20 Insurance License Exam Q&A
actual authority ✔️Ans -anything a principal authorizes the agent to do

aleatory contract ✔️Ans -contract in which the amounts exchanged are not
equal

conformity to statute ✔️Ans -a policy provision that says the policy follows
a state's law if the law and policy language are in conflict

contract of adhesion ✔️Ans -contract drawn by one party and offered to
another on a "take it or leave it" basis

direct writer agent ✔️Ans -an agent that is an employee of an insurer,
rather than as an independent holding contracts with an insurer

duty of accounting ✔️Ans -the agent must account for any money entrusted
to him by the principal

duty of loyalty ✔️Ans -owed by an agent to the principal- the agent must
not do anything to harm the principal

duty of obedience ✔️Ans -the agent must obey all lawful instructions from
the principal

duty of reasonable care ✔️Ans -the agent must exercise the same degree of
care as a reasonable and prudent person

duty to give information ✔️Ans -the agent must keep the principal
informed about any factors that affect the principal-agent relationship

exclusive agent ✔️Ans -an agent that has a contract with only one insurer.
may or may not be an employee of the insurance company he represents.

FAIR plan ✔️Ans -a government program that offers property and crime
insurance in the inner cities

,fraternal insurers ✔️Ans -offer coverage only to members of a particular
group

hazard ✔️Ans -increases the chance of loss from a peril

indemnify ✔️Ans -to make whole again financially

independent adjuster ✔️Ans -an adjuster who works for several companies
on a contract basis

independent agent ✔️Ans -an agent that has contracts with several
insurers. "Owns the expirations"

Inland Marine ✔️Ans -traditionally provides protection for property in
transit over land, and today, to collections, personal property, and other
coverage for movable property

insurable interest ✔️Ans -the potential for financial loss associated with
damage or destruction of property

insurance policy ✔️Ans -the indemnity contract between an insured and
insurer

marine insurance ✔️Ans -insurance that covers property that is in some
way related to transportation

moral hazard ✔️Ans -arises out of the dishonesty of an insured. Burning
down your own house

morale hazard ✔️Ans -arises out of the indifference to loss because of
insurance coverage

ocean marine ✔️Ans -provides protection for waterborne property

peril ✔️Ans -potential cause for loss

premium ✔️Ans -consideration paid by the insured in exchange for the
insurer's promise to indemnify

, reciprocal insurers ✔️Ans -a group of individuals or firms who combine to
pay each other's losses

social insurance ✔️Ans -a minimal level of protection provided by the
government. participation is mandatory

workers comp 3a ✔️Ans -known locations

workers comp 3c ✔️Ans -other locations

employers liability basic policy limits ✔️Ans -bodily injury by accident-
100k
bodily injury by disease- 500k policy limit
bodilty injury by disease- 100k per employee

USL&H ✔️Ans -provides workers comp benefits to employees, other than
seamen who work in maritime employment and on navigable waters

defense base act ✔️Ans -extends the USL&H to employees of American
contractors performing public works outside the US.

jones act ✔️Ans -entitles a seamen and his beneficiaries to sue his
employer for negligence.

Coverage A: General liability ✔️Ans -Bodily injury and property damage

coverage b: general liability ✔️Ans -personal and advertising injury

coverage c: general liability ✔️Ans -medical expenses (has to be reported
within one year of the accident)

Who is an insured under general liability? ✔️Ans -individual (you and your
spouse), partnership and joint venture (members, partners, and their
spouses), LLC (members and managers), corporations (exec officers,
directors, stockholders)

Claims made trigger ✔️Ans -a date the claim is made determines the policy
period to respond

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