Direct writer agent - Study guides, Class notes & Summaries

LOUISIANA P&C ADJUSTER EXAM PREP LATEST 2024 QUESTIONS WITH COMPLETE SOLUTIONS The one who receives the authority to act on behalf of someone else? Agent what does a sale's agent receive authority for? to sell An insurance agent receives authority to what? Settle claims brought against the insurer How do agents receive their authority? written contract What is the power to bind? an agent's authority can bind: -what an agent says or does can bind insurer -agents should take the ...

Indiana Adjuster Pre-Licensing Exam Questions and Answers Graded A+ What is an Agent? -Answer-One who receives authority to act on behalf of someone else Who are the two agents? -Answer-Sales Agent & Insurance Adjuster What is Power to Bind -Answer-What the agent says or does can bind the insurer What are the three responsibilities? -Answer-Adhere/follow the contract, Use good judgment and care at all times, Provide necessary info to the insurer. What are the three types of Authority? -A...

The one who receives the authority to act on behalf of someone else? Agent what does a sale's agent receive authority for? to sell An insurance agent receives authority to what? Settle claims brought against the insurer How do agents receive their authority? written contract What is the power to bind? an agent's authority can bind: -what an agent says or does can bind insurer -agents should take the utmost care in what they say or do -even if insure makes mistakes, the insurer may hav...

USAA Chapter 2 Exam With 100% Correct Answers 2024 Agent - answerOne who recieves the authority to act on behalf of someone else. Contracts - answerAgents recieve authority by written __________________. What does it mean that the agent has authrotity to bind? - answerThe agent should take the utmost care with his words and actions because the insurer may have to live with the agents decisions and mistakes. What are the three major responsibilities of contracted agents? - answerAdhree to ...

USAA Chapter 2 Test Questions with Complete Solutions Agent - Answer-One who recieves the authority to act on behalf of someone else. Contracts - Answer-Agents recieve authority by written __________________. What does it mean that the agent has authrotity to bind? - Answer-The agent should take the utmost care with his words and actions because the insurer may have to live with the agents decisions and mistakes. What are the three major responsibilities of contracted agents? - Answ...

Actual authority Correct Answer anything a principal authorizes the agent to do Aleatory contract Correct Answer contract in which the amounts exchanged are not equal Conformity to statute Correct Answer a policy provision that says the policy follows a state's law if the law and policy language are in conflict Contract of adhesion Correct Answer contract drawn by one party and offered to another on a "take it or leave it" basis Direct writer agent Correct Answer an agent that is ...

Actual Cash Value - Replacement Cost-Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and dam...

3 Degrees of Liability - Answer-1.)Full Liability - The insured party is 100% at fault for damages to a third party. 2.)Partial Liability - the insured party is only partially at fault or shares fault with a third party. 3.)No Liability - the insured party has 0% or no liability in the damage to a third party. 3 Major Responsibilities of Contracted Agents - Answer-1.) Adhere to of follow the contract 2.) Use reasonable judgement and care 3.) Provide all necessary information and documentat...

How is professional liability insurance typically provided to an engineer? - Answer-A standalone policy is required What is the caregiver benefit limit? - Answer-$250 per week and an additional $50 for each dependant Where would an agent/broker find the exact details of what constitutes a condominium unit? - Answer-The declaration of the specific condominium corporation The ability for an agent or broker to provide a full range of insurance protection to a client, is the description for w...

RMIN 4000 Test 2 Daniel Brown Questions & Answers Stock Insurer - ANS-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANS-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London - ANS-Specialized lines of business. Brokers - ANS-represent policyholders to arrange ...