Direct writer agent - Study guides, Class notes & Summaries

actual authority anything a principal authorizes the agent to do aleatory contract contract in which the amounts exchanged are not equal conformity to statute a policy provision that says the policy follows a state's law if the law and policy language are in conflict contract of adhesion contract drawn by one party and offered to another on a "take it or leave it" basis direct writer agent an agent that is an employee of an insurer, rather than as an independe...

distribution- independent agency - usually represents several unrelated insurers agents are paid a commission which varies by the line of insurance the agency owns the expirations or renewal rights to the business agents may be authorized to adjust small claims and may provide loss control services to their insurers large brokerage firms - very important in commercial P&C coverage may have knowledge of highly specialized insurance markets may provide risk management and loss control servic...

AINS 101 Exam Prep Question with 100 % correct answers | Verified 2024/2025 Loss exposure - answerany condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium - answerthe price of the insurance coverage provided for a specified period Indemnify - answerto restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured - answerany person or organization who is insured under an insurance...

AINS 101 Exam Prep Question with 100 % correct answers | Verified 2024/2025 Loss exposure - answerany condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium - answerthe price of the insurance coverage provided for a specified period Indemnify - answerto restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured - answerany person or organization who is insured under an insurance...

Prospective Loss Costs (Pure Premium) - Amount needed to pay future claims and loss adjustment expenses. Class (Manual) Rating: Frequency*Severity Lloyd's of London - Specialized lines of business. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Syndicates - Offer insurance contracts in the market. Managing Agents - Manage the syndicates, who typically specialize in certain lines. Underwriters - Work for the syndicates to assess risks a...

What type of risk is unique to a specific industry, business enterprise, or investment type? - ANSWER-Nonsystematic risk Under which of the following circumstances is an investor in a position to acquire stock? - ANSWER-Buy a call, sell a call (The holder of a call has the right to buy stock at the strike price if exercised. The seller of a put is obligated to buy stock at the strike price if exercised) Options- a premium - ANSWER-the cost of an option contract, expressed in dollars per sh...

Actual authority - ️️Authority (express or implied) conferred by the principal on an agent under an agency contract. Agency - ️️A legal, consensual relationship that exists when one party, the agent, acts on behalf of another party, the principal. Agency expiration list - ️️The record of an insurance agency's present policyholders and the dates their policies expire. Agent - ️️In the agency relationship, the party that is authorized by the principal to act on the princi...

AINS 101 Exam Prep Question with 100 % correct answers | Verified 2024/2025 Loss exposure - answerany condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium - answerthe price of the insurance coverage provided for a specified period Indemnify - answerto restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured - answerany person or organization who is insured under an insurance...

How is professional liability insurance typically provided to an engineer? - ️️A standalone policy is required What is the caregiver benefit limit? - ️️$250 per week and an additional $50 for each dependant Where would an agent/broker find the exact details of what constitutes a condominium unit? - ️️The declaration of the specific condominium corporation The ability for an agent or broker to provide a full range of insurance protection to a client, is the description for wh...

ADJUSTER PRO 2 EXAM 2023/2024 Agent - CORRECT ANSWER-one who recieves the authority to act on behalf of someone else Sales Agent - CORRECT ANSWER-receives authority to sell -authority given by written contract Insurance Adjuster - CORRECT ANSWER-receives authority to settle claims brought against the insurer - authority given by written contract Three major responsibilities of contracted agents - CORRECT ANSWER-1. follow the contract 2. always use reasonable judgement & care 3....