Fred loya insurance - Study guides, Class notes & Summaries

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 Test Guide with Questions & 100% Correct Answers

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 Insurance Questions With Verified Answers Personal injury protection (PIP) - answerCovers in case of a car accident no matter who's at fault. It covers medical bills for you and your passenger's. It pays up to $2,500 for each person hurt in vehicle. Uninsured motorist (UM) - answerCovers in case you are involved in a car accident, the accident is the other persons fault and they DO NOT have insurance. You have coverage for your passengers and your vehicle. For one person hurt...

Fred Loya Insurance Test with with Questions Solved 100% with Correct Answers

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 Limited Lines State Test Questions With Verified Answers 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? -an amendment -an expressed warranty -a policy provision -an implied warranty - answerimplied warranty What does it mean if an agent's license is inactive? - answerthe a...

Fred Loya Insurance Exam Questions With Verified Answers Liability: - answeris the minimum the state of California requires you to have in order to drive a vehicle. In case you are involved in an accident that is your fault, the company pays: up to $15,000 in medical expenses for 1 person injured in the vehicle you hit, up to $30,000 if it's more than one person injured, and up to $10,000 for any property you may damage. Comprehensive & Collision: - answercovers your vehicle in case of fi...

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 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...