Property and casualty pa - Study guides, Class notes & Summaries

What is the purpose of licensing? - correct answer Reinforces the purpose of insurance regulation - that the public is treated fairly and equitably by those who sell and distribute insurance. Licensing prerequisites - correct answer 24 credit hours of study in approved course (must have 3hrs ethics). Once your certificate is obtained you have 1yr to pass your exam followed by 1yr to have your license issued. *Passing does not guarantee you will get your license. What are the qualifications...

Pennsylvania Property and Casualty Law Supplement Questions and Answers Already Passed Agents and brokers must notify the Insurance Department of any change in their residence or business address within: 30 days Insurers issuing liability policies covering motor vehicles in Pennsylvania must offer all of the following coverages EXCEPT: A) injuries incurred on the job. B) accidental death benefit. C) funeral benefit. D) income loss benefit. A What is the maximum term of a tempo...

All of the following are requirements to be licensed in PA except: -Complete a four-week long pre-licensing course -Pass the appropriate exam -Apply for a license with the insurance department and pay the appropriate fee -Have your fingerprints taken and submitted CORRECT ANSWER Complete a four-week long pre-licensing course All of the following statements are correct except: -An applicant has up to one year to be licensed after successfully passing the exam -The fee for the PA Property...

Virginia Property and Casualty Insurance Questions and Answers Already Passed What is based on the principle of Risk Transfer Spreading the results of a financial loss among many persons, so the cost to any one person is small What kind of risk has an outcome that is uncertain? Speculative Risk What is the reason for a claim? A loss is the reason a claim against an insurance company. What is the measure of a loss? Exposure Units Name three types of hazards. 1. Physical Hazard...

Alabama Property and Casualty Sample Quiz 1-100 Already Passed What is a hazard? an increase in the possibility that a loss might occur transfer risk from a person or business to an insurance company that agrees to to pay for losses in exchange for a premium. insurance The type of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits is a mutual company Jewel Canford's home is insured by XYZ Insurance Company. Last year she made t...

Property and Casualty Practice PSI Exam Questions and Answers 100% Pass Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? -Employer liability -Exclusive remedy -Workman liability -No fault insurance - Correct Answer ️️ -Exclusive Remedy Which of the following would trigger coverage under business income form with extra expense coverage? -Carpet cleaning after a water ...

Exam Fx-Property and Casualty Exam Questions and Answers Already Passed To be considered an insurable risk, a loss may NOT be catastrophic Which of the following persons would be required to hold a producer license? a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? the difference in t...

Property and Casualty Part 6 (Commercial Lines) Practice Exam Questions Already Graded and Passed.

KY Property and Casualty Insurance Pre-Licensing Examexposures - CORRECT ANSWER being subject to a loss risk - CORRECT ANSWER chance/possibility of loss Law of Large Numbers - CORRECT ANSWER the more numbers used in a statistic, the more accurate the statistic will be pure risk - CORRECT ANSWER only the possibility of loss speculative risk - CORRECT ANSWER a situation in which either profit or loss is possible Risk Management Strategies - CORRECT ANSWER Avoid, Reduce, Retain, Shar...

Pennsylvania Property and Casualty (Applicable to All Lines of Insurance) Licensing Process 1. 24 credit hours 3. 3 of the 24 hours must be in ethics Licensing exam and relicensing education exemption 1. Business entities 2. Nonresident producers 3. Professional designators -CLU-Life and Health Licence -CPLU-Property and Casualty License -CIC-Life, Health, Property and Casualty Licenses -Line of authority is only limited line credit insurance -Line of authority restricted to ...