Captive agent Study guides, Class notes & Summaries
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Michigan Property & Casualty - Exam Question with 100 % correct answers | Verified | updated
- Exam (elaborations) • 13 pages • 2024
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4 Elements of a Legal Contract - Competent Parties 
Legal Purpose 
Agreement 
Consideration 
Actuarial Department - Gather and interpret stats to determine probability of loss and sets 
premium rates. 
Adverse Selection - An imbalance created when risks that are more prone to losses than the 
average (standard) risk are the only risks seeking insurance within a specific market place. 
Example: Only those living in earthquake-prone areas seek to buy earthquake insurance. 
Aleatory Contract - The ...
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California Life, Accident, and Health Licensing Exam Questions and Answers 100% Pass
- Exam (elaborations) • 25 pages • 2024
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California Life, Accident, and Health Licensing 
Exam Questions and Answers 100% Pass 
Co-insurance - Correct Answer ️️ -The policy provision which requires the insurer and 
the insured to share in the cost of services rendered 
Exclusion ratio - Correct Answer ️️ -The formula which is used by the IRS to determine 
how much is taxable to an annuitant during the pay out period. 
Occupational policy - Correct Answer ️️ -When a disability income policy provides 
coverage for injuries wh...
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Colorado Property & Casualty - from practice exam questions with correct answers
- Exam (elaborations) • 12 pages • 2023
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If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? CORRECT ANSWER Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. 
 
When must a certificate of Authority be renewed each year in the State of Colorado? CORRECT ANSWER June 30th 
 
Estoppel CORRECT ANSWER Prevents a party from enforc...
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California Life, Accident, and Health Licensing Exam Guide Questions and Answers Graded A 2024
- Exam (elaborations) • 16 pages • 2024
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Co-insurance - The policy provision which requires the insurer and the insured to share in the cost of services rendered 
 
Exclusion ratio - The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. 
 
Occupational policy - When a disability income policy provides coverage for injuries which occur on and off the job 
 
Most disability income policies are non occupational, meaning - They only cover the insured if they become disabled while a...
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WFG Final Exam - Questions, Answers and Rationales (Complete Solutions)
- Exam (elaborations) • 86 pages • 2024
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WFG Final Exam - Questions, Answers and Rationales (Complete Solutions) John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again ...
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AHIP Practice Exam Updated 2024/2025 Actual Questions and answers with complete solutions
- Exam (elaborations) • 16 pages • 2024
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ABC is a Medicare Advantage (MA) plan sponsor. It would like to use its enrollees' 
protected health information to market non-health related products such as life 
insurance and annuities. To do so it must obtain authorization from the enrollees. Which 
statement best describes the authorization process? - ️️Authorization may be 
obtained by directing a beneficiary to a website to provide consent 
Agent Harriet Walker has recently begun marketing Medicare Advantage and related 
products ai...
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20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions and Answers 100% Pass
- Exam (elaborations) • 297 pages • 2024
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20-44 Personal Lines Agent PreXam Flashcards ALL 
SETS Questions and Answers 100% Pass 
the cost to replace an item or property at the time of loss, minus depreciation - Correct 
Answer ️️ -Actual Cash Value (ACV) 
a type of policy limit which limits coverage to a specified total amount for all losses 
occuring w/in the policy period - Correct Answer ️️ -Aggregate Limit 
conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation 
of all insurance license...
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California Life, Accident, and Health Licensing(2024) ,232 Questions and Answers(A+ Solution guide)
- Exam (elaborations) • 23 pages • 2023
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Co-insurance - The policy provision which requires the insurer and the insured to share in the cost 
of services rendered 
Exclusion ratio - The formula which is used by the IRS to determine how much is taxable to an 
annuitant during the pay out period. 
Occupational policy - When a disability income policy provides coverage for injuries which occur 
on and off the job 
Most disability income policies are non occupational, meaning - They only cover the insured if 
they become disabled while awa...
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Ethics and Professional Practice HLLQP questions with correct answers
- Exam (elaborations) • 14 pages • 2023
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A insurance policy is active when... Answer What is payment of first premium 
 
What is a contract? Answer a legally binding agreement between two or more parties 
 
What is a unilateral contract? Answer a one-sided agreement where the insured can cancel for any reason but the insurer cannot 
 
What is insurer Answer The insurance company 
 
What is insured Answer The person covered by insurance 
annuitant 
death triggers payout 
 
What is advisor/agent Answer The person working for the insuranc...
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Nevada Property and Casualty Test | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 65 Pages
- Exam (elaborations) • 65 pages • 2023
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A insurance binder is effective for no more than - 90 Days 
Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The 
insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions 
stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance 
company's promise to pay? - Consideration 
Which of the following structures is not eligible for flood insurance? 
A. Anita's mobile home ...
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