Managing general agent - Study guides, Class notes & Summaries

What must happen with all funds in a sale - ️️All money that belongs to clients or customers must be deposited in the brokerage trust fund as soon as possible ASAP after receipt . A property's value is $ 125,000 and its land value is $ 10,000 . Assuming a depreciation term of 35 years , what is the amount of annual depreciation ? - ️️depreciation ? Total value $ 125,000- $ 10,000 land = $115,000 improvements / 35 years = $ 3,286 annual depreciation 21. MATH PROBLEM : GROSS RENT MU...

California Property and Casualty Insurance Exam Questions and Answers 100% Pass What is the required rate discount under a Good Driver Discount policy? - Correct Answer ️️ -20% below the rate the insured would have been otherwise charged for the same coverage All the following are authorized activities for the Limited Automobile Insurance Agent EXCEPT if the agent - Correct Answer ️️ -Charges and collects a brokers fee for service What is the procedure for refusing uninsured moto...

Washington Real Estate Practices Exam Questions & Answers Budgeting and Planning - Ans ️️ -New agents should treat the beginning of their career like starting a new business. This means having a business plan, developing a budget, purchasing equipment, and planning for other expenses. The Real Estate Brokerage Relationships Act - Ans ️️ -is the Washington statute that governs agency relationships in real estate transactions. For the most part, it supersedes general agency law in t...

Licensing Purpose CORRECT ANSWER For the protection of the public of this state. Individuals must satisfy the following to be eligible to get a license: CORRECT ANSWER -18 years of age or older -Resident of state -Passed exam and pay fees -Filed application and submitted a fingerprint card -Not license for the purpose of selling to themselves, family, or employees Refuse to issue any license if: CORRECT ANSWER -Material misrepresentation or fraud in application -Record of dishonesty o...

charges and collects a broker's fee for service. - CORRECT ANSWER-All of the following are authorized activities for the Limited Lines Automobile Insurance Agent EXCEPT if the agent The Managing General Agent - CORRECT ANSWER-Who is authorized to adjust or pay claims in excess of an amount determined by the commissioner? delivering policies to the insured - CORRECT ANSWER-All of the following are duties of a Managing General Agent EXCEPT The percentage of CAARP policies required is equal...

Wisconsin Laws and Rules Latest Update Graded A+ Commissioner of Insurance the commissioner of insurance is responsible for administering and enforcing Wisconsin's insurance laws. The commissioner is appointed by the governor with the Senate's advice-and-consent. the commissioner's Duties are 1. To enforce the provisions of Wisconsin Insurance statutes. conduct examinations or investigations of any insurance matters 2. Examine or investigate insurance companies, adjusters, and in...

Licensing Purpose - For the protection of the public of this state. Individuals must satisfy the following to be eligible to get a license: - -18 years of age or older -Resident of state -Passed exam and pay fees -Filed application and submitted a fingerprint card -Not license for the purpose of selling to themselves, family, or employees Refuse to issue any license if: - -Material misrepresentation or fraud in application -Record of dishonesty or misappropriation of customer funds -...

P+C practice test questions and answers 100% score Which type of protection can a casualty licensee offer in addition to protecting against loss or damage of property? - Correct Answer ️️ -They can provide coverage to protect against legal liability. The Managing General Agent negotiates and binds ceding insurance on behalf of whom? - Correct Answer ️️ -The insurer Who is able to place business through the California Automobile Assessed Risk Program? - Correct Answer ️️ -only ...

Indiana broker Ralph hasn't been the most trustworthy real estate agent, and a hearing before the Real Estate Commission found him guilty of several license law violations. Among other things, he's assessed a civil penalty of $3,000. Ralph refuses to pay, even though he has plenty of money to cover it. What's NOT true about this situation? The amount of the civil penalty will increase by 2.5% monthly until it's paid. The civil penalty covers at least three separate violations. The c...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...