Surplus lines Study guides, Class notes & Summaries

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - correct answer Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - correct answer Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation - correct...

(1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting standards A) Tighten their underwriting standards. Tighten and raise premiums. (3) A Ceding company (Choose all that apply): A) Is a primary insurer B) Is also a reinsurer C) Is always al...

WA Surplus Lines Broker Exam Questions And Answers Graded A+ When are you required to file premium tax return for the previous calendar year by? March 1st What does statutory accounting mean? Rules state that certain assets are non-admitted (don't count) as you can't pay claims with them. Bonds rated ___________ and higher are considered investment grade. 1 & 2 What does IBNR stand for? Incurred but not reported True or false, individuals whose Surplus Line Brokers license was activ...

Foreign Insurer - Answer US domiciled unathorized insurer eligible to operate in a state other than the state in which it is domiciled The purpose of FL surplus lines law - Answer To provide orderly access for the insuring public of the state to insurers not authorized to transact insurance in the state, through only qualified licensed surplus lines agents A Fl surplus lines insurer is required to have and maintain surplus as to policy holders of not less than... - Answer $15 Mil ...

(1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market - A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting standards - A) Tighten their underwriting standards. Tighten and raise premiums. (3) A Ceding company (Choose all that apply): A) Is a primary insurer B) Is also a reinsurer C) Is always also a captive c...

Florida 2-20 Agents License Exam Questions and Answers 2023 Graded A The Florida Surplus Service Lines Office (FSLSO) was created to oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: Pays insurance claims Once license, you have how long to obtain an appointment? 48 months Which of the ...

Surplus Lines - correct answer Insurance for which there is no readily available, from the standard insurance carrier Admitted Insurers - correct answer 1. Is standard insurance carrier is one that is licensed by the state to sell specific lines of insurance in that state 2. is regulated by the state's department of insurance and must contribute to the state insurance guaranty fund state insurance guaranty fund - correct answer an association that protects policyholders by paying for cov...

Washington State Property & Casualty Insurance Exam 100% correct answers Authorized Insurer An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion the accepter of the contract must "adhere" to the written contract inducement An action aimed at persuading insolvent Bankrupt; unable to pay debts. Transacting Insurance Conducting insurance business, such as solicit...

CONTRACTS - Aleatory Contract correct answers A contract in which the performance of either party's obligation depends on an uncertain event INSURANCE - Benchmark Rate(s) correct answers The rate set annually by the Commissioner of Insurance by line, relative to which the flexibility bands and statutory rate limitations apply. INSURANCE - Churning correct answers Can occur when an agent persuades a consumer to borrow against an existing life insurance policy to pay the premium on a new on...

Explain the Organizational Structures available to Agencies - ANSWER-Sales vs. Service Oriented Large Agencies vs. Small Agencies Publicly Traded vs. Privately Held Explain the Federal and State Regulations on Agencies - ANSWER-Licensing Regulations by State Regulators protect the consumer by making a viable insurance marketplace and monitoring interstate commerce Five Stages of Agency Growth - ANSWER-1 - Existence - Owner does everything, must be creative to survive 2 - Survival - m...