Insurer vs insured - Study guides, Class notes & Summaries
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RMIN 5100S Test 1 Atkinson Questions and Answers Solved 100%
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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...
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NJ Title Insurance Exam updated 2023/24 Reloaded| 100% verified
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NJ Title Insurance Exam updated 2023/24 Reloaded| 100% verified 
 
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Was not interstate Commerce. 
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that insurance? - Was interstate commerce and was subject to Federal regulation. 
The McCarran-Ferguson Act of 1945 states that individual states are subject to the authority of the? - Federal Government 
Activitie...
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New Jersey Title Insurance Exam 2024 Reloaded | 1000 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 78 Pages
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In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Was not interstate 
Commerce. 
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Was not interstate 
Commerce. 
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that 
insurance? - Was interstate commerce and was subject to Federal regulation. 
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court r...
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024
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CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 
CA PSI Site - Life, Accident and Health 
Agent Examination (Life Agent)| Questions 
and Answers, 100% Correct| Latest 
2023/2024 
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 (...
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California property and casualty exam, Pool Questions & Answers. Verified. Rated A
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California property and casualty exam, Pool Questions & Answers. Verified. Rated A 
 
 
 
The process where by a mutul insurer becomes a stock company is called - Demutalization 
 
The process whereby a stock company a mutal insurer is called - Mutalization 
 
The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause 
 
The part of the policy that states the amout of coverage the insured property policy period is - Declara...
And that's how you make extra money
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primerica exam review Questions and Answers 2023
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primerica exam review Questions and Answers 2023 
If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be 
Authorized 
 
 
 
A participating insurance policy may do which of the following? 
Pay dividends to the policy owner 
 
 
 
An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charge...
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NJ Life Producer Exam Correct answers latest update
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NJ Life Producer Exam Correct answers latest update 
Which of the following amounts must decrease in a decreasing term? 
Death benefit 
 
 
In life insurance, insurable interest must exist at the time the.. 
Producer writes an on a proposed insured 
 
 
An applicant makes an offer to the insurer when they 
pay an initial premium with the application 
 
 
Which of the following makes Universal Life insurance different from other forms of permanent insurance? 
Premium Schedule 
 
 
An insurer that...
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WebCE Exam Questions with correct Answers
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Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. 
Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. 
 
Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. 
Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...
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Webce Life and Health exam 2023 with 100% correct answers
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Representations and Warranties 
Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. 
 
 
 
Underwriting vs. Actuarial Departments 
Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...
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Texas Life Insurance Exam Questions and Answers with complete solutions
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Insurance 
(General concept) - ANSWER - transfers the risk of loss from an individual to an insurer 
- based on the principle of indemnity 
- based on the principle of risk (risk pooling) 
 
insurable interest 
(General Concept) - ANSWER - must exist at the time of the application 
- insuring one's own life, family member, or a business partner 
 
Solicitation and sales presentation - ANSWER - illustration- presentation of nonguaranteed elements 
- buyer's guide is generic information abo...
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