Captive agent Study guides, Class notes & Summaries

Abandonment - - Insurance company may choose to take damaged property and pay insured the value - Insured CANNOT surrender damaged property to insurance company Active Retention - Identify the loss/risk exposure and really consider the risk itself and all the measures around it. (ex. Should we transfer it, retain it etc.) Admitted (standard or retail) Insurance companies - Regulated by the state, They often must subscribe to rating and form regulations of that state. Agent or Broker - "In...

Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. (1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market - correct answers.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 - correct answers.A) Tighten their underwriting standards. Tighten and ra...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

Life, Accident and Health Insurance Ohio Questions and Answers (2024 / 2025) (Verified Answers) Which is a FALSE statement? a. Agents act in a fiduciary capacity when handling premiums. b. Misrepresentation on an application can void coverage, if material. c. Mutual life insurers cannot guarantee their future dividend scale. d. You can protect future dividends on a non-participating policy. - CORRECT ANSWER D. Only participating policies might pay dividends to policy owners. Stock ...

CISR - Agency Operations Exam 65 Questions with Answers Professional - CORRECT ANSWER One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - CORRECT ANSWER What are the benefits of being ethical? True - CORRECT ANSWER Is this example an ethical issue? Rating a vehicle using the wrong classification No - CORRECT ANSWER Are you allowed to sign for the insu...

Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? a) 30 b) 60 c) 90 d) 100 - -b How is the Commissioner of Insurance placed in office? a)By NAIC nomination b)Through a bid process c)An election at the same time that other state officials are selected d)An appointment by the Governor - -d An ins...

220 EXAM - FLORIDA STATUTES EXAM QUESTIONS AND ANSWERS All of the following are grounds for compulsory refusal, suspension, or revocation EXCEPT: A. Unlawfully rebating B. Fraudulent submission of a Workers' Comp app C. Lack of reasonably adequate knowledge D. Soliciting insurance in other areas of the state D. Soliciting insurance in other areas of the state How long is a temporary license good for? A. 12 months B. 6 months C. 4 months D. 2 months B. 6 months Brain...

RMIN 4000 Exam 2 Questions and Answers Already Passed Major Types of Private Insurers Stock Insurers Mutual Insurers Lloyds of London Stock Insurer -A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer -a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) ty...

Property and Casualty New York Exam Set Test Questions And Revised Correct Answers Updated & Already Passed What is a Broker? - ANSWER : A broker is someone who acts on behalf of the insured in negotiating insurance, their for a broker has no binding authority , however brokers are considered to be a collector of premiums. What is an agent (producer)? - ANSWER : An agent is a person who acts on behalf of an insurance company with whom they are contracted. Agents have binding ...

Virginia Life Insurance and Annuities Questions and Answers Rated A+ Methods of Handling Risk (STARR) 1. Sharing (each member of group pays portion of loss) 2. Transfer (spreading risk among customers) 3. Avoidance (not engaging in certain activity) 4. Reduction (lessening chance) 5. Retention (indiv pays for loss) Elements of Insurable Risk (CANHAM) 1. Calculable (based on prior loss stats) 2. Affordable (for avg consumer) 3. Non-catastrophic (no widespread loss events) 4. Homogen...