Insurers consideration - 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? - CORRECT ANS Upon completion of the application Who elects the governing body of a mutual insurance company? - CORRECT ANS policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - CORRECT ANS Fair Credit Reporting Act What type of reinsurance contract involves two companies automa...

Virginia Property and Casualty Insurance Exam Review (Latest 2024/ 2025 Update) Practice Questions and Verified Answers| 100% Correct| Grade A Q: What is high risk coverage purchased from an unauthorized company? Answer: Surplus Lines Insurers Q: How are insurance companies defined? Answer: Where they are located, chartered, or incorporated. Q: What protects policy holders from an insurer's insolvency? Answer: Property and Casualty Insurance Guara...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

TN HEALTH AND LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS Which of the following reimburses its insureds for covered medical expenses? - health maintenance organizations - preferred provider organizations - commercial insurers - service providers - correct answer COMMERCIAL INSURERS - Commercial insurance companies function on the reimbursement approach. Policyowners obtain medical treatment from whatever source they feel is most appropriate and submit their charges to their insur...

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...

Virginia Life Insurance and Annuities Questions and Answers Rated A+ Methods of Handling Risk (STARR) 1. Sharing (each member of group pays portion of loss) 2. Transfer (spreading risk among customers) 3. Avoidance (not engaging in certain activity) 4. Reduction (lessening chance) 5. Retention (indiv pays for loss) Elements of Insurable Risk (CANHAM) 1. Calculable (based on prior loss stats) 2. Affordable (for avg consumer) 3. Non-catastrophic (no widespread loss events) 4. Homogen...

Texas Life and Health Insurance Exam (Answered) Verified Solution At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? Upon completion of the application Who elects the governing body of a mutual insurance company? policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the Fair Credit Reporting Act What type of reinsurance contract involves two c...

National Association of Insurance Commissioners (NAIC) - ANSWER is an association of all of the state insurance commissioners active in insurance regulatory problems and in forming and recommending model legislation and requirements. The NAIC does not directly MAKE laws, as laws are made at the state level. They do work on suggesting standards for states to adopt with the goal of a standardizing the insurance industry throughout the United States of America. State Guaranty Association - ANSWE...

IDAHO PROPERTY & CASUALTY INSURANCE EXAM 2024 WITH 200 QUESTIONS AND ANSWERS (100% CORRECT VERIFIED ANSWERS) IDAHO PROPERTY & CASUALTY INSURERS LICENSE EXAM TEST BANK (NEW!!) Department of Insurance (DOI) - ANSWER-is a regulatory agency created to regulate the business of insurance in Idaho. Which of the following terms describes a legal agreement between two competent parties that promises a certain performance in exchange for a certain consideration? A. An offer B. an acceptance ...

Wisconsin Casualty Questions and Answers Already Passed A situation in which a person can experience only a loss and no gain presents what type of risk? Pure Risk A tornado that destroys a property would be an example of what? Peril What type of authority is based on the agent's actions, or words? Apparents If an insurer holds a Certificate of Authority, it is know as what type of insurer? Authorized or admitted What document is required for an insurance company to transact ...