Daltonvicky

Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of A. Rebating B. Twisting C. Defamation D. Misrepresentation -ANSWER_B. Twisting Twisting is a misrepresentation that persuades an insured or policyowner, to his or her detriment, to cancel, lapse, or switch policies Who would participate in a Write Your Own (WYO) Flood insurance Program? A. Government insurance companies that write and service...

Chubbie Chessmate, your personal auto insured has PIP coverage with a $500 deductible. Chubbie was in an auto accident and has $20,000 of medical expenses how much will Chubbie's insurance company pay her for her loss? - ANSWER_$10,000 The Commercial Property policy form Territory includes which of the following? - ANSWER_Canada, US, and Puerto Rico The Commercial Inland Marine "Mail Coverage" form covers a shipper for all risks against loss to property sent by: - ANSWER_registered, fir...

Chief Financial Officer (CFO) -ANSWER _The Chief Financial Officer (CFO) is an elected official and is the head of the Department of Financial Services (DFS). The CFO directly oversees the following divisions under the DFS: Division of Accounting and Auditing Division of Consumer Services Division of Insurance Agent and Agency Services Division of Public Assistance/Insurance Fraud Office of Consumer Advocate for Insurance Division of Unclaimed Property The CFO, as the head of the D...

Division of Consumer Services Division of Insurance Agent and Agency Services Division of Public Assistance/Insurance Fraud Office of Consumer Advocate for Insurance Division of Unclaimed Property The CFO, as the head of the Department, is directly responsible for the regulation of insurance agents. The CFO is a member of the Financial Services Commission, also known as the Governor's Cabinet. Financial Services Commission - ANSWER_The Financial Services Commission is composed of th...

What is Appraisal? -ANSWER_A SURVEY that determines value (not coverage) of property without legal action What is the definition of Assignment? -ANSWER_A transfer of legal rights under, or interest in, an insurance policy to another party How is assignment used or not used in insurance? -ANSWER_One cannot transfer policy to another without the company's written permission. Not valid without insurers consent in writing. What is the "Fair Credit Reporting Act"? -ANSWER_A federal act ai...

Renewal -ANSWER _45 days advanced written notice of the renewal premium mailed to the 1st named insured. Nonrenewal -ANSWER _The insurance company is limited as to reason it may non-renew, can NOT be an Act of God; an insured may choose not to renew by withholding payment. Non-renewal notice must state reason why policy is not to be renewed. Residential property, requires 120 days advanced written notice. Personal auto: 1st 90 days 20 days written notice; after 90 days Cancellation -ANSWER...

nonrenewal, cancellation, or termination - ANSWER-advance notice must be at least45 days other than nonpayment of premium. Premium Financing - ANSWER-agent may make reasonable service charges for financial insurance premiums on policies issued, . The service charge cannot exceed $3 per installment Citizens Property Insurance Corporation - ANSWER-offer coverage on properties in areas of Florida deemed especially susceptible to windstorm damages. Windstorm and hail are the only perils prov...

A.) The claims history showing when prior claims occurred and how much was paid to settle the claim. B.) The nature of the risk, such as the type of building and the number of families living in the building. C.) Existence of any hazards, such as nearby environmental risks D.) Whether the premium will be paid in full or billed to the insured. -ANSWER -D.) Whether the premium will be paid in full or billed to the insured. Underwriting considers the nature of the risk, hazards, prese...

Misrepresentation - ANSWER-an untrue statement by the insured, made in an application but does not become a part of the policy Broad Evidence Rule - ANSWER-a method of determing the true insurable worth of a structure or vehicle according to any measure that will prvoide the most accurate analysis of that property's value State - ANSWER-a jurisdiction other than the state of Florida (any state, district, territory, or commonwealth in the U.S.) authorized insurer - ANSWER-one authorized...

a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period -ANSWER -Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation of all insurance licenses -ANSWER -Aiding and Abetting an unathorized insurer insurer other than a domestic or foreign insurer -ANSWER -Alien "open perils" insurance - protecting the insured from loss arising from any peril other than those perils spe...