A producer represents - Study guides, Class notes & Summaries

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - ANSWER Upon completion of the application Who elects the governing body of a mutual insurance company? - ANSWER policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - ANSWER Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their ri...

Insurance is defined as... - the transfer of PURE risk to the insurance company in consideration for a premium Pure risk is... - the chance of loss without any possibility for gain Speculative risk is... - the possibility for gain or loss and is not insurable Risk is defined as... - the chance for loss An exposure is... - a condition that could result in a loss A hazard is... - something that increase the chance of loss The presence of a physical hazard... - increases the chance of a loss...

Commissioner's general duties and powers - ️️-supervise insurance business -licensing -approve policies + forms -enforce insurance laws and impose penalties for violations -conduct examinations, investigations, and hearing Reporting of actions - ️️A licensee must report any administrative action taken against him in another jurisdiction or state within 30 days of the final disposition of the matter. The report, filed with the Superintendent must include a copy of any relevant ...

Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

BIOD 101 Exam 2 (Questions and Answers A+ Graded 100% Verified) List the 7 most widely accepted characteristics of living organisms CORRECT ANS: Order, evolutionary adaptation, regulation, energy processing, growth and development, response to the environment, and reproduction Describe evolutionary adaptation and give an example CORRECT ANS: refers to smaller, genetic changes that allow for better survival of an organism. An example would be camouflage because if an animal can camo...

AINS 101 Questions with 100 % verified correct answers 1. Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the:ANS: Direct writer marketing system 2. Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a:ANS: Contract of adhesio...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Solution Manual for Managerial Economics and Business Strategy 10th Michael Baye, Jeff Prince 1. This situation best represents producer-producer rivalry. Here, Southwest is a producer attempting to steal customers away from other producers in the form of lower prices. 2. The maximum you would be willing to pay for this asset is the present value, which is 3. a. Net benefits are N(Q) = 20 + 24Q – 4Q2 . b. Net benefits when Q = 1 are N(1) = 20 + 24 –...

Connecticut Producer's Examination for Life/Accident and Health Insurance 2024 New Review Licensing Process - 1) Be 18 years or older 2) Be a U.S. citizen or a legally admitted alien 3) Complete all educational requirements 4)Pass exam 5) Be a legal resident at the time of application 6) Satisfy the Commission as to honesty, trustworthiness, integrity, and competency. Honesty, trustworthiness, and integrity will be established by the background check on the initial application. Types...

The Superintendent has the authority to take all of the following actions, except: a. Foster growth in the financial industry b. Create insurance laws c. Mediate consumer complaints d. Create rules to implement and enforce insurance laws - ANSWER-b. Create insurance laws The New York Assembly creates laws in this state. The Superintendent may create rules and regulations to carry out those laws. How many years must insurers typically maintain books and records, producer licensing rec...