Peril is mo - Study guides, Class notes & Summaries

MO Insurance Exam Chapter 1 100% accuratA policyowner's consideration is the: -ANSWER Premiums paid and representations on the application In order for a contract to be legal, both parties must be: -ANSWER Competent Aleatory Contract -ANSWER The exchange of value is unequal. Estoppel -ANSWER A legal impediment to denying a fact or restoring a right that has been previously waived. Unilateral Contract -ANSWER A one-sided contract wherein one party makes a promise so as to induce a se...

Study Guide for NJ Title Insurance Exam (questions and answers) An insurance agent is defined as an individual who transacts business on behalf of a _______ - CORRECT ANSWER-a client Knowingly making false statements which are derogatory against and meant solely to injure another - CORRECT ANSWER-defamation Type of authority that is either stated orally or in writing and allows an agent to act on behalf of the insurance company - CORRECT ANSWER-express authority Type of authority hold...

State Farm Questions with solutions 2024 Commissions: 1. Can earn variable comp between 8% - 11% but 10% is avg commission 2. $18,000 signing bonus and up to $10,000 if you have to relocate 3. Scorecard bonus allows them to earn 3x their commissions if they hit quotas on Fire, Auto, Life, Health, Bank, and Financial Products Book ownership/Contract 1. Agents are recruited from corporate careers or from the State Farm employee pool 2. Aspirant >> Intern ("New Market" OR "Ass...

PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS 1. Specific insur- ance 2. Blanket insur- ance This type of insurance designates a particular item to be insured This type of insurance covers more than one item of property at a single location or one more items of prop- erty at multiple locations. 3. Speculative possibility of both gain and loss. Not insurable. 4. Pure only the possibility of loss. Insurable. 5. What are the 5 methods of man- aging or handling risk? avo...

MO Property and Casualty Exam Graded A+ Personal Auto and Liability Coverages - Travel Expenses and Loss of Earnings: Covered under Liability Coverage. - Types of Compensatory Damages: Special (for specific financial losses) and General (for non-economic damages like pain and suffering). - Claims-Related Expenses: Covered under Additional Coverage. - Garage Liability Coverage: Suitable for auto dealerships covering most liability exposures. Insurance Policies and Claims - Basic Causes of L...

Insurer insurance company or carrier Insured the person who bought insurance or client principle of indemnity this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit from an insurance payout. This considers depreciation. Underwriting Process of determining whether the risks of a loan are acceptable to the insurer or not, what limits will be issued and at what premium rate. This process classifi...

Risk - ANSWER-The uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWER-Chance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWER-Chance of financial loss with no possibility of gain. The only potential outcome is loss. Loss - ANSWER-Unintended unforeseen damage or injury measurable in financial terms. Peril - ANSWER-The actual cause of a loss. ...

FINAL EXAM- MO Property and Casualty Quizzes Solved and Rated 100% Which of the following personal auto coverages would pay for the insured's travel expenses and loss of earnings while involved in the settlement process of a covered loss? -ANS- Liability coverage What are the two types of compensatory damages? -ANS- Special and general Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further lo...

In property insurance actual cash value is defined as which of the following - ANSWER - Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - ANSWER - the cause of loss insured against What is a leading factor in the determination of actual cash value - ANSWER - replacement cost Replacement cost is defined as - ANSWER - full replacement of property at its current cost, new and without reduction for depreciation Property insurance that provides ...

Commissions: 1. Can earn variable comp between 8% - 11% but 10% is avg commission 2. $18,000 signing bonus and up to $10,000 if you have to relocate 3. Scorecard bonus allows them to earn 3x their commissions if they hit quotas on Fire, Auto, Life, Health, Bank, and Financial Products Book ownership/Contract 1. Agents are recruited from corporate careers or from the State Farm employee pool 2. Aspirant >> Intern ("New Market" OR "Assignment" >> TICA >> Permanent...