- Study guides, Class notes & Summaries

Premises and Operations - ANSWERSexposure under a general liability policy applies to an insured business that conducts its operations both at its own premises and elsewhere. Products Exposure - ANSWERSunder a GL policy applies to the bodily injury property damage caused by any goods/products under insured's name Completed Operations Exposure - ANSWERSApplies to occurrences that occur after the insured's operations have been completed and result from improper or defective workman...

Insurance agreement in life insurance policy states what? - ANSWERSObligation of the insurance company to pay the policy proceeds upon presentation of valid proof of the death of the insured which occurred while the policy is in force When a life insurance becomes incontestable - ANSWERSafter 2 yrs, the insurer will not refuse to pay a death claim based on misinformation in the original app for insurance Grace period in life insurance policy is 31 days, which allows - ANSWERSpayment of the pre...

Part A - ANSWERSLiability Coverages Part B - ANSWERSMedical Payments Part C - ANSWERSUninsured Motorist (UM) Part D - ANSWERSCoverage for Damage to Your Auto Part E - ANSWERSDuties After an Accident or Loss Part F - ANSWERSGeneral Provisions You and your - ANSWERSThe named insured listed in the declarations, and the spouse if a resident of the same household. The named insured should always be the person or persons to whom the vehicle is titled and registered, unless it's a ...

which of the following statements about the personal jewelry floater is correct? - ANSWERSautomatic coverage for newly acquired items is only provided for 30 days which of the following types of property are covered by the personal effects floater? - ANSWERSpersonal property carried by travelers section 1 of the boatowners policy provides what type of coverage for the hull? - ANSWERSopen perils which of the following is correct about difference in conditions (DIC) insurance - ANSWERSflo...

Accident - ANSWERSa sudden event (such as a crash) that is not planned or intended and that causes damage or injury occurance - ANSWERSan event that results in a loss. Pro Rata Cancellation - ANSWERSA proportionate cancellation of insurance that refunds premium to the insured based on the precise number of days coverage was in effect. Short Rate Cancellation - ANSWERSA cancellation of insurance that incurs a financial penalty. Sometimes when the insured cancels the policy before its exp...

When a Cease and Desist Order is served, the Director must issue notice that a hearing is to be held - ANSWERSwithin 20-30 days Any person violating a Cease and Desist Order or Circuit Court order must pay a fine ------------> The license or Certificate of Authority of a producer or insurer may also be revoked. - ANSWERS$100/day up to a total of $5,000 Any person violating a Cease and Desist Order pertaining to an Unfair Trade Practice may be fined up to - ANSWERS$1,000 per violation ...

Bodily insurance is best described - ANSWERSBodily injury is any physical injury, including sickness, disease, and death caused by the acts or omissions of an insured. Bodily injury liability expenses can include medical bills, lost wages, mental anguish, and pain and suffering. An occurrence limit is - ANSWERSthe most that will be paid for any one occurrence The aggregate limit - ANSWERSthe most that will be paid within the policy period Pro rata liability refers to - ANSWERSthe policy...

Certificate of Authority - ANSWERSIs required for insurers transacting business in Connecticut. To be granted a certificate of authority, an insurer must submit an application stating the lines of insurance it intends to underwrite, accompanied by a certified copy of its charter, a statement concerning the insurer's present financial condition. Certificates are renewed annually on May 1. Disciplinary Actions Cease and Desist Order - ANSWERSIf the Commissioner has reason to believe tha...

Manufacturers, wholesalers, or retailers all have potential legal liability associated with a product that may arise from each of the following, except: A - Breach of warranty B - Expected or intended injury C - Strict liability D - Negligence - ANSWERSB - Expected or intended injury Legal liability to those associated with the manufacturing, wholesaling, or retailing of a product may arise from negligence, breach of warranty, or strict liability. Liability arising out of expected or in...

Under Coverage C of a Homeowners policy, losses to all of the following may be covered, except: - ANSWERSProperty of a tenant After a partial loss to property that is included in a set, the insurer may: - ANSWERSPay the difference between the actual cash value of the property before and after the loss Any liability coverage provided by a Homeowners policy is: - ANSWERSExcess insurance, unless other insurance is written as excess insurance An insured, whose Personal Auto policy has 25/50...