Insurance concept - Study guides, Class notes & Summaries

MN life insurance questions and answers rated A+ In what type of policy does the owner pay the same premium throughout the term of the contract? Level premium policy Which type of beneficiary CANNOT be changed without consent? The beneficiary is irrevocable How many total hours of continuing education covering the subjects for which the license is licensed must complete. 24 hours Accidental and dismemberment will pay the principal sum of death occurs: As a result of an acciden...

ARM 400 Exam Questions and Answers 100% Verified what two things lie at the base of every risk management concept - answerthe intersection of different types of risk a method for identifying, assessing, and treating all risks traditional risk assessment techniques focus on what - answerroot cause analysis - which identifies a loss's predominant cause what is wrong with Root Cause Analyses - answerit can only look backward and might not catch all root causes what are the 3 steps in how ...

Texas Health and Life Insurance ExamFX What is the purpose of the buyer's guide? A.To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. - A.To Allow the consumer to compare the costs of different policies Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the ins...

Texas All Lines Adjuster - Insurance ConceptsActuarial Department - correct answer Responsible for gathering and interpreting data for determining rates charged to the insurance buying public. Actuaries determine the probability of losses, which are key in determine premium rates. Admitted Insurer - correct answer Insurers that have applied for authority and have been authorized by the State's Commissioner of Insurance to conduct operations and write business in the state. Adverse Selecti...

Florida 2-15 Health & Life License - Section #1 (Insurance Concepts) Exam with Complete Solutions When a party is forbidden by legal action from exercising a right it is known as a. Estoppel b. Waiver c. Exclusion d. Forbearance {Correct Ans: - Estoppel - occurs when a company is not allowed to exercise a right. If you waive a right, you are "estopped" from exercising that right. Example: Some insurance contracts have a policyholder waive their right of recovery against someone who inju...

Legal Concepts of the Insurance Contract UPDATED Exam Questions and CORRECT Answers If the agency contract gives the producer the authority to solicit insurance but states nothing about the collection of premiums, the producer normally has authority to collect premiums based on * Implied authority * Express authority * Apparent authority * Licensee authority - Correct Answer- Implied authority

An insured has a $250 Collision deductible on her auto policy - the insured hit a large oak tree in a single vehicle accident resulting in $1,800 in damages - how much will the insurance company pay the insured? - $1,550 What amount will the insurer pay if an insured has a $340,000 policy with an 80% coinsurance provision, a $445,000 building value and a $10,000 loss? - $10,000 What amount will the insurer pay if an insured has a $35,000 policy with an 80% coinsurance provision, a $50,000 buil...

PROPERTY INSURANCE CONCEPTS (FLA 220) 100% accurate! PERIL - ANSWER cause of loss (ex: fire, windstorm, vandalism) HAZARD - ANSWER introduces or increases the chance of loss from peril PHYSICAL HAZARD - ANSWER a characteritstic of an object that increases the severity of loss by covered peril MORAL - ANSWER intentional loss - conscious mental attitude of the insured MORALE - ANSWER accident proneness - unconscious mental attitude of the insured PROXIMITY CAUSE DOCTRINE - ANSWER...

Insurance Concepts Overview Exam Solved 100% Correct

Solution Manual for Issues in Economics Today 10th Edition by Robert Guell. Chapter 1: Economics: The Study of Opportunity Cost Chapter 2: Supply and Demand Chapter 3: The Concept of Elasticity and Consumer and Producer Surplus Chapter 4: Firm Production, Cost, and Revenue Chapter 5: Perfect Competition, Monopoly, and Economic versus Normal Profit Chapter 6: Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, and Depression Chapter 7: Money, Inter...