Captive agent - Study guides, Class notes & Summaries

Agent one who receives the authority to act on behalf of someone else Sales agent Contracted to sell and service insurance policies on behalf of the insurer Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:54 Full screen 6 Ways to Show Appreciation for Your Child's Teacher Adjusters Contracted to settle claims that arise against the insurer Power to bind What the agent says or does can bind the insurer Agents should take the utm...

Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? a) 30 b) 60 c) 90 d) 100 - -b How is the Commissioner of Insurance placed in office? a)By NAIC nomination b)Through a bid process c)An election at the same time that other state officials are selected d)An appointment by the Governor - -d An ins...

Virginia Life Insurance and Annuities Questions and Answers Rated A+ Methods of Handling Risk (STARR) 1. Sharing (each member of group pays portion of loss) 2. Transfer (spreading risk among customers) 3. Avoidance (not engaging in certain activity) 4. Reduction (lessening chance) 5. Retention (indiv pays for loss) Elements of Insurable Risk (CANHAM) 1. Calculable (based on prior loss stats) 2. Affordable (for avg consumer) 3. Non-catastrophic (no widespread loss events) 4. Homogen...

1. If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation ANS Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. 2. When must a certificate of Authority be renewed each year in the State of Colorado ANS June 30th 3. Estoppel ANS Prevents a party from enforcing a right that it volunta...

220 EXAM - FLORIDA STATUTES VERIFIED SOLUTIONS All of the following are grounds for compulsory refusal, suspension, or revocation EXCEPT: A. Unlawfully rebating B. Fraudulent submission of a Workers' Comp app C. Lack of reasonably adequate knowledge D. Soliciting insurance in other areas of the state D. Soliciting insurance in other areas of the state How long is a temporary license good for? A. 12 months B. 6 months C. 4 months D. 2 months B. 6 months Brainpower R...

California Life, Accident, and Health Licensing Exam Questions and Answers 100% Pass Co-insurance - Correct Answer ️️ -The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - Correct Answer ️️ -The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - Correct Answer ️️ -When a disability income policy provides coverage for injuries wh...

FL Life, Health and Annuities Licensing 2-15 Latest 2024 Already Passed 3 ways insurance contracts are different than other legally binding documents Number one. They are aleatory. Meaning the insured pays a premium but may not receive anything back. Number 2. They are contracts of adhesion meaning the contract was prepared by one party. number 3. They are unilateral meaning only the insurance company promises anything in the contract How long life insurance has to challenge the validity of a c...

PA Life Insurance Exam – Latest 2024 Graded A+ Risk Uncertainty or chance of loss. When you buy or purchase insurance, you transfer the risk of Financial Liability to the Insurer (Risk Transferred). Self Insured You are considered to be Self-Insured if you do not purchase insurance. Risk Retention Not transferring the risk to the insurer. If you are Self Insured, then you are practicing Risk Retention. Pure Risk Chance of LOSS with NO chance of gain. Insurance is based upon th...

RMIN 4000 Exam 2 Study Guide Solutions Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - ANSWER--a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, libert...

Nevada Property and Casualty Questions and Answers Rated A+ A insurance binder is effective for no more than 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? Consideration Which of the following structure...