Non insurable risk - Study guides, Study notes & Summaries

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...

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...

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - ANSWER Upon completion of the application Who elects the governing body of a mutual insurance company? - ANSWER policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - ANSWER Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their ri...

CA PSI SITE -LIFE,ACCIDENT AND HEALTH AGENT EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM 100% Admitted Insurance Company vs. Non-Admitted Insurance Company - ANS---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...

PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM ALREADY PASSED Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter a...

NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+ Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. For a loss that would otherwise be covered for th...

CA Life and Health Exam Questions and Answers Already Passed What is insurance? Insurance is the legal contract where two parties agree that if something will happen, a value will be exchanged. What's the difference between pure risk and speculative risk? Pure risk is when you'll lose it all or there will be no change. Speculative risk you can either win or lose. What is peril? peril is the causes of loss insured against in an insurance policy What is hazard? conditions that increase the pr...

SOLUTIONS MANUAL An Introduction to Payroll Administration By Alan Dryden TABLE OF CONTENTS: Chapter 1: Introduction to Canadian Payroll Chapter 2: Labour and Employment Standards Chapter 3: Calculation of Gross Earnings Chapter 4: Pensionable, Insurable, and Taxable Earnings Chapter 5: Non-Statutory Withholdings from Payroll Chapter 6: Calculation of Net Pay Chapter 7: Employer Payroll Taxes and Premiums Chapter 8: Accounting for Payroll Chapter 9: Payroll Information Systems Chap...

Insurance - Answer-transfer of risk Speculative risk - Answer-has a possibility of both loss and gain Pure risk - Answer-only has a possibility of loss (no gain) Exposure - Answer-risks for which an insurance company would be liable expressed in units Peril - Answer-cause of a loss Hazard - Answer-an increase in the chance of loss Moral hazard - Answer-arise from people's character (faking a loss) Morale hazard - Answer-state of mind or careless attitude (accidentally le...

Insurable Risk - ️️- a risk the insurance company is willing to accept - characteristics of an insurable risk 1. Low probability of a loss occurring 2. Less than catastrophic results 3. The loss must be measurable 4. The loss must be significant 5. The loss must be accidental and unintended Mutual Insurance Companies - ️️- owned by policyholders; each policyholder "owns" a part of the company proportionate to their share - elects a board of directors who appoint officers ...