Wisconsin casualty - Study guides, Class notes & Summaries

Wisconsin Property & Casualty Questions and Answers Already Passed Request for hearings must be made within _____ of an order. 30 days Hearings must be held within 10 to _____ following the request for hearing. 60 days Maximum fine per day for noncompliance with an order $5,000 Failure to obey an order (Civil Penalty) $1,000 Violation per law or regulation (Civil Penalty) $1,000 Penalty to firm for acts by its agent (Civil Penalty) $1,000 Maximum corporate fine per offence ...

Property and Casualty Insurance Test Questions and Answers 100% Pass What is a peril? A Peril is a cause of loss What is a hazard? Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considere...

Binder - Temporary insurance Usually given by the agent—verbal or in writing Can be canceled by the company Does not guarantee a policy will be issued Automatically ends if a policy is issued by the underwriter Assigned risk plans - A plan through which people can buy insurance if they are unable to purchase insurance in the regular or voluntary market, because of their high risk or other factors. An insurer who terminates an appointment, employment, or other relationship of an agent mu...

FAIR - ️️Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. - ️️• Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration - ️️Money and statements made on application Legal Purpose - ️️Risk transfer doesn't violate the law Offer - ️️Insured submits application and first month premium to insurer Insurer accepts or insurer declines the risk Counteroffer - ️️Agrees to issue policy but wi...

Property and Casualty Insurance Test Question NotesWhat is a peril? - correct answer A Peril is a cause of loss What is a hazard? - correct answer Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - correct answer Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - correct answer Retention (loss or portion of loss) If a fire causes dama...

FAIR - Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. - • Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration - Money and statements made on application Legal Purpose - Risk transfer doesn't violate the law Offer - Insured submits application and first month premium to insurer Insurer accepts or insurer declines the risk Counteroffer - Agrees to issue policy but with higher premium or restrictions/ exclusions ...

Property and Casualty Insurance Test Question Notes with 100% Correct Answers What is a peril? - Correct Answer ️️ -A Peril is a cause of loss What is a hazard? - Correct Answer ️️ -Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Correct Answer ️️ -Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Correct Answer ️️ - Re...

Property and Casualty Insurance Test QuesWhat is a peril? - ANSWER A Peril is a cause of loss What is a hazard? - ANSWER Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - ANSWER Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - ANSWER Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire conside...

Property and Casualty Insurance Test Question Notes with 100% Correct Answers What is a peril? - Correct Answer ️️ -A Peril is a cause of loss What is a hazard? - Correct Answer ️️ -Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Correct Answer ️️ -Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Correct Answer ️️ - Re...