Definitions broker - Study guides, Class notes & Summaries

Definitions - Broker - ANSWER Means a person who, being a licensed agent, procures insurance for a party other than himself through a duly authorized agent or an insurer that is licensed to do business in this State bur for which the broker is not authorized to act as an agent. Definitions - Limited Representative - ANSWER Means a person is authorized by the Commissioner (Wayne Goodwin) to solicit or negotiate contracts for particular kinds of insurance (Motor Club, Dental, Travel) and which ...

A customer has consumed contaminated food manufactured by the U-Eat company. It is discovered that the manufacturer failed to properly clean some of the equipment and as a result the food was spoiled. This is an example of: - strict liability This is an example of strict liability and is most commonly applied in Products Liability claims. Certain parties are held liable without regard to fault or negligence. If the claimant can prove that a product was defective and that the defect caused t...

1. bank 2. commercial bank 3. savings & loans 4. credit union 5. mortgage broker 6. mortgage banker - 1. bank - full service 2. commercial bank - originate largest amount of loans without using depositor's funds. 3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. AKA savings bank or thrift 4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors and low loan rates to borrowers. 5....

An agent is a ____________ of the company, while the broker represents the __________ - ANSWER Legal representative, client The chance of loss or uncertainty of a loss - ANSWER Risk True or False: Promises made to a client by a broker are legally binding on the company. - ANSWER False The chance of loss one accepts in the hope of realizing a gain. - ANSWER Speclative risk True or False: The insurance company does not take on the risk itself but serves as sort of a middleman, spreadin...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS & ANSWERS/ VERIFIED. The "Conway-Bogue" decision includes all the following statements: - -the actions of licensed real estate agents in the State of Colorado would be considered practicing law, the documents must be prepared on commonly used printed standard and approved forms, and that the broker may not charge for preparing documents that are part of the transaction. Conway-Bogue decision created what rule? - -F-2 which allow...

WV Real Estate License Law Latest Version Graded A+ 30-40-1 laws are created to protect the public for the common good 30-40-3 a license is required to be a real estate broker, associate broker or salesperson 30-40-4 definitions Applicant any person making application for a license Associate Broker a broker that works under the supervision of another licensed broker, must have 2 years of experience with adequate experience, must take another 90 hr course, must pass the state ...

Colibri Real estate express chapter 3 Questions and Answers 100% Accurate The Department of State may take any of these actions against a licensee in violation of the license law except? A. Suspension B. Revocation C. Fine D. Imprisonment D. Imprisonment If a complaint has been filed against a licensee and the licensee refuses to mediate the complaint, what will happen? A. The licensee will be fired from the firm where he or she is employed. B. The DOS will revoke the licensee...

PSI CA Property and Casualty Practice Examination Questions and answers, 100% Accurate, rated A 1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - -The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - -EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All of the following are to be sp...

Colorado state Real Estate Exam Graded A+ The Amend/Extend Contract With Broker is used to change : ️Any contract to which the broker is a party According to Rule F on Commission Approved Contracts what sections may be omitted from the Contract to Buy and Sell Real Estate: ️non-applicable financing conditions In preparing a Contract to Buy/Sell, a broker can not put exculpatory language into: ️Additional Provisions of a commission approved contract "MEC" in a contract means...

EXPRESSED AUTHORITY - Answer-The type of authority granted to an agent that is applied in writing or verbally IMPLIED AUTHORITY - Answer-Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal. APPARENT ATHORITY - Answer-words and actions INSOLVENCY - Answer-the inability to the insurer to pay debts when they are due INSURER - Answer-insurance company INSURED - Answer-A person cov...