Which risk is insur - Study guides, Class notes & Summaries

PRIMERICA LIFE INSURANCE EXAM QUESTIONS AND ANSWERS An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - ANS A. mutual funds not paid out after paying claims and other operating costs are returned to the p...

What is a hazard? CORRECT ANSWER 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. CORRECT ANSWER 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 CORRECT ANSWER mutual company Jewel Canford's home is insured by XYZ Insurance Company. Last year she made the final mor...

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 the actual cash value as a pair and as a single Which of the following...

Illinois Casualty Insurance Exam Review 2024 Questions and Answers 100% Pass Premium - Correct Answer ️️ -money paid by the insured to the insurance company in exchange for the insurance policy Lapse - Correct Answer ️️ -when a policy is terminated due to non-payment of premiums First Party Claimant - Correct Answer ️️ -is an insured making a claim under their own policy for damage to their insured property Third Party Claimant - Correct Answer ️️ -is a person or organiza...

AIC 30 Exam Practice Questions and Answers 100% Pass First Party Focus - Correct Answer ️️ -Coverage and Amount of damage Second Party - Correct Answer ️️ -Insurance Company First Party - Correct Answer ️️ -Insured Third Party - Correct Answer ️️ -Claimant Third Party Focus - Correct Answer ️️ -Liability, Coverage, and Amount of damage Third Party Administrator (TPA) - Correct Answer ️️ -an organization that provides admin services associated with risk financing a...

XCEL TESTING SOLUTIONS – LIFE & HEALTH INSURANCE WEIGHTED EXAM WITH 100% CORRECT QUESTIONS AND ANSWERS 2024. 2 / 16 1. The Do Not Call Registry offers exemptions for calls placed from all of thefollowing EXCEPT: insurance sales calls Charities, political organizations, and surveys are all offered exemptions fromTheDo Not Call Registry 2. The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called: cance...

WFG Final Exam Questions and Answers 100% Correct John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - Correct Answer ️️ -"Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are elimi...

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

Auto Assigned Risk Plan - The Commissioner must develop a Assigned Risk Plan. Applicants who are in good faith entitled to but are unable to procure auto insurance through the ordinary market. All auto Insurers must subscribe to the Assigned Risk Plan. Autos - Proof of Financial Responsibility - Show proof of insurance requested by a police officer; and at the time of of accident. Insurers must provide each policyholder with an Insur ID card, Personal auto policies must be issued for a peri...

PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS 1. Specific insur- ance 2. Blanket insur- ance This type of insurance designates a particular item to be insured This type of insurance covers more than one item of property at a single location or one more items of prop- erty at multiple locations. 3. Speculative possibility of both gain and loss. Not insurable. 4. Pure only the possibility of loss. Insurable. 5. What are the 5 methods of man- aging or handling risk? avo...