You

What are the two components of an agreement? - Ans: Offer and acceptance. Elements of a legal contract - Ans: 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose Property and Liability Policy - Ans: Owned by the policy owner. It is a personal contract. Who is not considered to have legal capacity? - Ans: 1. Minors 2. Insane Persons 3. Individuals Under the Influence 4. Person Coerced 5. Enemy Aliens 6. Convict Unilateral - Ans: An act in exchange for a promise or a pr...

A claim in the property/casualty industry Is defined as: - Ans: an assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damages when you purchase insurance, you are buying: - Ans: peace of mind that if an insured event does occur, that the insurance company will keep its promise and provide the financial protection that you purchased in today's society, the most important factor in the pu...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - Ans: D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on worki...

Florida requires that coverage for newborns begins "from the moment of birth" and continues for 12 months 6 months 18 months 31 days - Ans: 18 months In Florida, a health policy that is paid on a quarterly basis requires a grace period of 7 days 31 days 45 days 10 days - Ans: 31 days In Florida, monthly-premium health insurance policies must provide a grace period of at least 31 days 7 days 10 days 14 days - Ans: 10 days Which action could result in a hearing being ord...

What is the primary purpose of a rating service company such as A.M Best? - Ans: Determine financial strength of an insurance company What is considered to be the primary reason for buying life insurance? - Ans: Provide death benefits Which of the following is NOT considered advertising? - Ans: A rating from a rating service company, such as A.M. Best A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called - Ans: A self-f...

Which of the following describes a participating life insurance policy? - Ans: A participating life policy is one in which the policyowner receives dividends deriving from the company's divisible surplus What type of reinsurance contract between two insurers involves an automatic sharing of the risks assumed? - Ans: Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business. At what point must a life insurance applicant be informed of th...

For the purpose of insurance, risk is defined as - Ans: The uncertainty or chance of loss What significance did Paul vs. Virginia have on the insurance industry? - Ans: It was decided that insurance was not interstate commerce and could not be regulated by the federal government The War, Military Act, and Terrorism Exclusion will only apply to an incident of terrorism in which the total of insured damage to all types of property in the United States, its territories and possessions, Puerto...

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? - Ans: Consideration Which of the following statements regarding HIV testing for insurance purposes is NOT true? - Ans: Insurers are barred from requesting HIV testing. All of the following are dividend options EXCEPT - Ans: Fixed period installments Which of the following documents delivered to the policyowner includes inform...

State Farm Auto External Claim Resource Certification Exam You're preparing an estimate on a customer's vehicle that requires refinishing of the hood and right front fender only. The hood is the first panel listed on the estimate. According to most Collision Estimating Guides, would refinish overlap be applicable on the hood? Choose the most correct statement. Select the single best answer: A. Overlap would not be applicable on the hood refinish time as it's the first major panel. A ...

Defined as the monotheistic faiths emphasizing God to be a transcendent Creator-figure and the source of moral law, with a shared narrative/history. **The word "__________" refers to the ancient prophet Abraham, who is respected as the first prophet of God. - Ans: Abrahamic Religion. Term used to refer to God? - Ans: Yahweh. Translates to "Hear, O Israel, the Lord is God, the Lord is one." - Ans: Sh'ma Yisrael. Written account of God's revelation to man. - Ans: The ...