Transact - Study guides, Class notes & Summaries

How many does the court clerk have to mail a notice of forefeiture to the surety if a bond exceeds four hundred dollars? - 30 Days Does the commissioner have power to investigate? - Yes, commissioner shall have power to examine and investigate into the affairs of every insurance institution or agent doing business in the state . How are fiduciary funds kept? - In an account separate from a bail agents' personal assets. In a savings account. In a non-interest bearing account . Any perso...

FLORIDA LIFE INSURANCE/ ANNUITIES 2-14 STUDY SET EXAM WITH CORRECT ANSWERS Which of the following individuals MUST be licensed as an agent? - CORRECT ANSWER-A person who places insurance on behalf of anyone seeking insurance. Which of the following statements regarding a nonresident insurance agent is CORRECT? - CORRECT ANSWER-The agent must hold a similar license in their state of residence State insurance laws specifically allow the Commissioner(or Director) to issue a temporary...

AAT Level 2 - Bookkeeping Transactions Questions and Answers 100% Pass What is the purpose of a sales invoice? A sales invoice documents the sale of goods or services, detailing the amount owed by the customer. How are purchases recorded in bookkeeping? Purchases are recorded as debits in the purchases account and credits in the accounts payable account. What is the function of a petty cash book? A petty cash book tracks small, everyday expenses paid in cash, helping to manage ...

Admitted Insurance Company vs. Non-Admitted Insurance Company - An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - Pure risks are insurable but Speculative risks a...

MISY 5350 - Exam 1Formal definition of e-commerce - correct answer the use of the internet, the web and mobile apps and browsers running on mobile devices to transact business. More formally, digitally enabled commercial transactions between and among organizations and individuals Definition of e-business - correct answer the digital enabling of transactions and processes within a firm, involving information systems under the control of the firm Example of e-business - correct answer a com...

California Property and Casualty Insurance Exam Questions and Answers 100% Pass What is the required rate discount under a Good Driver Discount policy? - Correct Answer ️️ -20% below the rate the insured would have been otherwise charged for the same coverage All the following are authorized activities for the Limited Automobile Insurance Agent EXCEPT if the agent - Correct Answer ️️ -Charges and collects a brokers fee for service What is the procedure for refusing uninsured moto...

Secured Transactions - Source of Law? Ans- UCC Article 9 What is a secured transaction? Ans- A business deal, generally a loan of money given in exchange for a security interest in personalty (personal property). If borrower doesn't repay, lender can sell the asset to pay off borrower's debt. Types of Collateral (4) Ans- 1. Tangible 2. Consumer Goods 3. Rights in Real Property 4. Intangible Tangible Collateral (3) Ans- 1. Inventory 2. Equipment 3. Farm Products Inventory Ans-...

life - colorado law exam questions and answers 100% pass Which type of insurer may pay dividends to policyholders? - Correct Answer ️️ -Mutual You must be licensed to sell all of the following EXCEPT: - Correct Answer ️️ -Travel accident To obtain a Colorado producer's license as a nonresident, you must: - Correct Answer ️️ -Have a similar license in your home state You need an insurance license to sell all EXCEPT: - Correct Answer ️️ -Prepaid Legal If, after a hearing, ...

Anna works as a cashier in an antiques store. Since the merchandise lacks barcodes, she has to enter the prices manually. One customer purchased a piece of furniture that cost $250 and paid in cash. Anna recorded the sale at $200 and kept the $50 bill. What type of fraud did Anna commit? Ans-An understated sales (skimming) scheme An unauthorized withdrawal is a type of embezzlement scheme in which financial institution employees debit the general ledger to credit their own accounts or to cove...

LIFE PRODUCER EXAM (MI) QUESTIONS AND ANSWERS ALREADY PASSED Which of the following is NOT true regarding a Certificate of Authority? a)It may be necessary for transacting business in a specific state. b)It is equivalent to an insurance license. c)It is issued by the state department of insurance. d)It is issued to group insurance participants. d) It is issued to group insurance participants. Before insurers may transact business in a specific state, they must apply for a licen...