Fred loya - Study guides, Class notes & Summaries

risk - Answer-Uncertainty concerning the occurrence of a loss Exposure - Answer-what the insured is exposing to the insurer to premium calculations - Answer-the higher the risk is, the greater the premium Speculative Risk - Answer-a risk in which there is a chance of either loss or gain pure risk - Answer-is insurable. it is when you can only lose, not win. ARRTS - Answer-Avoid, Reduce, Retain, Transfer, share Deductible - Answer-An amount the insured must pay before benefits become payabl...

Fred Loya Exam Questions With 100% Correct Answers EXPRESSED AUTHORITY - answerThe type of authority granted to an agent that is applied in writing or verbally IMPLIED AUTHORITY - answerAuthority 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 - answerwords and actions INSOLVENCY - answerthe inability to the insurer to pay debts when they are due INSURER - answe...

Fred Loya Practice Exam 2 Questions With 100% Correct Answers If an agent, while selling a policy tells the prospect he is fully covered and everything will be taken care of, when this is not the fact, the agent is guilty of - answerMisrepresentation What would NOT be an unfair claim practice? - answerUsing an arbitrator to resolve a dispute. A homeowner discovers that a valuable painting was stolen from her home, what type of loss would this be considered? - answerDirect loss An example...

Fred Loya Insurance Exam Questions And Answers (Verified And Updated) risk - answerUncertainty concerning the occurrence of a loss Exposure - answerwhat the insured is exposing to the insurer to premium calculations - answerthe higher the risk is, the greater the premium Speculative Risk - answera risk in which there is a chance of either loss or gain pure risk - answeris insurable. it is when you can only lose, not win. ARRTS - answerAvoid, Reduce, Retain, Transfer, share Deductible - a...

Fred Loya Insurance Exam Questions With Verified Answers Pure Risk - answerNo possible gain risk - answerThe certainty of a future outcome Speculative Risk - answerInvolves gain or loss Peril - answerThe cause of a loss Ex; accident, fire wind ,hail,collison Hazard - answerincrease possibility of a loss Loss - answerchance of loss because of an exposure premium - answermoney collected from insured exposure - answerpossibility of a loss retention - answeragreement to be able to retain ...

Fred Loya Practice Test Questions And Answers (Verified And Updated) What course of action does a party to a contract have if the other party is found to be in breach of that contract? - answerDamages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? - answerimplied warranty What does it mean if an agent's license is inactive? - answerthe agent cannot transact any insurance business for which is valid, active license...

Fred Loya Practice Exam 2 Questions With 100% Correct Answers If an agent, while selling a policy tells the prospect he is fully covered and everything will be taken care of, when this is not the fact, the agent is guilty of - answerMisrepresentation What would NOT be an unfair claim practice? - answerUsing an arbitrator to resolve a dispute. A homeowner discovers that a valuable painting was stolen from her home, what type of loss would this be considered? - answerDirect loss An example...

Fred Loya Insurance Exam Questions And Answers (Verified And Updated) Automobile Insurance - answerA contract between two parties... the policyholder and the company. Agent - answerLicensed individual or organization authorized to sell/service insurance policies. License - answerCertificate of authority to transact insurance buisness. Insured - answerThe policy-holder entitled to covered benefits in case of an accident or loss. Insurer - answerThe insurance company who issues the insuran...

Fred Loya Insurance Exam Questions With Verified Answers Pure Risk - answerNo possible gain risk - answerThe certainty of a future outcome Speculative Risk - answerInvolves gain or loss Peril - answerThe cause of a loss Ex; accident, fire wind ,hail,collison Hazard - answerincrease possibility of a loss Loss - answerchance of loss because of an exposure premium - answermoney collected from insured exposure - answerpossibility of a loss retention - answeragreement to be able to retain ...