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personal lines exam Questions and Answers
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Exam of 6 pages for the course Personal lines insurance at Personal lines insurance (personal lines exam)
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personal lines examdeclarations page includes: - answer•name of insured
•address
•amount of coverage provided
•description of property
•cost of the property
insuring agreement states: - answer•what is to be covered
•losses which the insured will be indemnified
•types of property covered
•perils against which it is insured
conditions - answerground rulez
conditions describe: - answerthe responsibilities and obligations of both the Insurance
company and the insured
duties of the insured after a loss include: - answer•giving prompt notice of claim
•protecting property from further damage
•completing detailed proof of loss
•making property available for inspection
•submitting exam under oath if required
•assisting during claim investigation procedure
proof of loss - answerpolicy holders statement of the amount of money being requested,
sign to and sworn by the policy holder with documentation to support the amount
requested
appraisal - answerprocedure when insured and insured disagree on the amount of loss
other insurance provision - answerestablishes how loss is to apportioned among
insurers
elements of a contract - answer1. competent parties
2. legal purpose
3. offer and acceptance
4. consideration
consideration insured gives: - answerpremium payment
, consideration insurer gives: - answerpay for certain losses
gramm leach briley - answerfederal law requires financial institutions to explain how
they share and protect their customers private info
fair credit reporting act - answerfederal law allows consumers who are denied insurance
because of I do contained in a credit report to be notified and allowed to obtain the info
used in report
what are the insurance commissioners duties? - answer•governor appointed
•regulate affairs
•aid in interpretation of law
•issue, renew, revoke, suspend licenses
•prescribe forms
•forfeiture up to $1000
how often does the commissioner examine each admitted insurer? - answera least once
every 5 years
how long will a company have to request a hearing after examination? - answer20 days
NAIC - answersets standards and regulates organizations
how long does a commissioner have to notify and individual of the charges, time, and
place of hearing? - answer10 days
what are the commissioners hearing authorities? - answer1. subpoena witnesses
2. administer oaths
3. examine
4. cross examine
5. receive evidence
6. require the production of books and records
what are the punitive authorities of the commissioner after hearing? - answer1. fines
2. penalties
3. assess costs of an investigation or proceeding
4. order restitution
5. other corrective action deemed necessary
cease and desist order - answercommissioner requests producer to stop selling
insurance until hearing
after receiving a cease and desist order, how long does an individual have to request a
hearing? - answer30 day's
insurance license application - answer•18 years old
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