Crop insurance - Study guides, Class notes & Summaries

______ hours of continuing education a are required for crop insurance ever 2 years. - 24 ______hours of the continued education are required to be in Ethics. - 3 A buisness entity acting as an insurance producer is required to - Obtain an insurance producer license A condition that creates or increases the probability of a loss - Hazzard A grass crop that has a smaller seed, typically refers to wheat, rice, oats, barley, etc. - Small Grain A license may not be renewed or a new license iss...

Insurable Interest - correct answer occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk - correct answer uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure - correct answer potential for loss that might occur f...

Insurable Interest occurs when a person stands to lose life or property. In property and casualty insurance an insurable interest must exist at the time of loss. In crop insurance, the owner of the crop has the insurable interest. Risk uncertainty or chance of loss. Can be speculative (an opportunity for gain that may result in a loss) or pure (involves only the possibility of loss or no loss) Exposure potential for loss that might occur from some activity. Calculated by multiplying th...

Kansas Crop Insurance Licensing Terms Graded A Who is required to obtain a license? Any who is involved in the sale of the policy (signing documents, discussing rates, and policy provisions) Who is NOT required to obtain a license? 1. Directors, managers, etc. who don't sell policies or receive commission related to the sale. 2. Executive, administrative, and secretarial positions. 3. Those engaged in only the training or underwriting portion of the business. 4. Any full-time stu...

New York Adjuster Exam 2024 The insured has moved into a dwelling that was being build and was covered by the "Dwelling Under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? - Answer ️️ -30 days When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. - Answer ️️ -30 day Personal property that is covered under the Personal P...

Apparent Authority - Authority created when the producer exceeds the authority expressed in the agency contract. Example: the producer's issuance of a binder when, in fact, the producer has not been granted such authority. Foreign Insurer - An insurer not organized under the laws of this state, but in one of the other states or jurisdictions within the United States, whether or not it is admitted to do business in the state or jurisdiction. Mutual - A ________ insurance company is owned b...

Nebraska Crop Insurance Exam Questions and answers | Latest 2024/25

Alabama AdjusterPro Exam for P&C with WC and Crop (2023) Alabama AdjusterPro Exam for P&C with WC and Crop (2023) 1: Incorrect Indemnification may include all of the following except: reimbursement for hotel costs. reimbursement for rental car costs. Answer Given payment for repairs to property. Actual Answer payment for pain and suffering. 2: Correct What is a reserve, in insurance terms? The amount of revenue that the insurer sets aside to pay employee s...

Accident Insurance - Answer Covers expenses associated with a covered accident and can extend to ambulance and emergency room expenses, intensive care, and hospital costs. Accident insurance also provides for loss of income, and a death benefit if injuries prove fatal. Accumulated Depreciation - Answer The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used). Subtract this number from the item's replacement cost to get its actua...

12 hours of training, competency test every 36 months, current state licenseNew agents are required to have the following to write MPCI: ARPI policyAn insurance policy that insures against widespread loss of production in a county and is not based on individual production when figuring the loss is a: TrueThe Commodity Exchange Price Provisions (CEPP) document specifies how and when the Projected and Harvest price components will be determined. TrueA farmer insuring corn and soybeans in ...