100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Personal Lines-California Insurance Questions And Answers With Verified Solutions Already Passed!!! $11.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Personal Lines
  4.  
  5. Personal lines

Exam (elaborations)

Personal Lines-California Insurance Questions And Answers With Verified Solutions Already Passed!!!
 7 views  0 purchase
  • Course
  • Personal lines
  • Institution
  • Personal Lines

Personal Lines-California Insurance Questions And Answers With Verified Solutions Already Passed!!!

Preview 3 out of 19  pages

Document information

  • October 2, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Personal lines
  • Personal lines

Seller

avatar-seller
classhub

Reviews received

Content preview

Personal Lines-California Insurance
Questions And Answers With Verified
Solutions Already Passed!!!
Insurance - ANSWERS✔✔Insurer, entity, principal, underwriter, carrier or
company. Uses "we, us, and our". Insurer is the 2nd party to contract


Person receiving benefits - ANSWERS✔✔Insured, policyholder, owner. Named
insured uses "you and your". Insured is first parry on contract.


Claimant - ANSWERS✔✔Person seeking recovery. In property=insured. In
liability=3rd party


Falsification provision - ANSWERS✔✔Warning found on claim forms that those
filing a false or fraudulent claim are subject to fines and imprionment


CIC - ANSWERS✔✔California Insurance Code- state insurance laws proposed,
written, enacted and changed only by state Legislatures. Commissioner just
enforces


CCR - ANSWERS✔✔California Code of Regulations- rules and procedures
written by the commissioner to carry out the intent of the code. Commissioner
writes and changes the regulations.


Pooling - ANSWERS✔✔Sharing or spreading the risk


Department of Insurance/California Department of Insurance -
ANSWERS✔✔DOI and CDI

,Rescind - ANSWERS✔✔Voiding or revoking a contract back to its inception date
(beginning) as though it never existed (flat cancellation). Can ONLY be done for
material misrepresentation, material concealment, breach of warranty or fraud


CIC definition of Insurance - ANSWERS✔✔Insurance is a contract (written) in
which one undertakes to indemnify (restore/whole) another against loss, damage or
liability arising from a contingent or unknown event (may or may not happen)


Layman definition of Insurance - ANSWERS✔✔Substitution/exchange of a small
certain loss (premium) for a large uncertain loss (claim)


Conceptual definition of Insurance - ANSWERS✔✔Social device transferring risk
from individuals to a group


Insurance Contract - ANSWERS✔✔Policy, written instrument, indemnity
agreement and legal document


Benefits of insurance - ANSWERS✔✔Device that allows individuals and society
to recover from unexpected loss; secure credit; satisfy legal requirements; source
of investment income; reduce social burdens; promotes loss control; reduces
anxiety, uncertainty. Cost benefits increases moral and morale hazards
(dishonesty/lack of care)


Loss - ANSWERS✔✔Any reduction in quantity, quality or value of something.
Can mean death, bodily injury, property damage, incurred expenses, reduction in
quality of life or an obligation to pay for any such loss


Property insurance loss - ANSWERS✔✔Direct to tangible property or indirect

, Liability insurance loss - ANSWERS✔✔Obligation to pay for bodily injury,
property damage, personal injury, advertising injury. Harm caused by the insured
to others


Loss exposure - ANSWERS✔✔Possibility of loss. There are 3 dimensions of loss
exposure. Type of value exposed to loss, the peril causing loss, the extent of the
potential financial consequences. Normally written as Property, Liability or
Human/Personnel


Property Loss Exposure - ANSWERS✔✔Damage to the insureds property


Liability Loss Exposure - ANSWERS✔✔Harm caused to others/another


Personal Loss Exposure - ANSWERS✔✔Death, retirement, unemployment,
disability


Human Loss Exposure - ANSWERS✔✔Considered personal unless they give
work scenario (personnel)


Financial Loss - ANSWERS✔✔IS NOT a loss exposure, it is a consequence of all
of the exposures


Personnel Loss Exposure - ANSWERS✔✔Death, resignation, termination,
disability


Peril - ANSWERS✔✔Cause of loss or reason for loss

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64438 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart