Michigan property - Study guides, Class notes & Summaries

Michigan Property & Casualty ExamFIO - correct answer (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - correct answer Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance - correct answ...

FIO - Answer (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - Answer Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance - Answer Insurance available when coverage cannot be obta...

$.55 - County Transfer Tax $10,000 - Fine for violating a cease and desist order issued by the commissioner 30 days - An agent must report a change in his or her mailing address to the Department of Insurance within 36 - How many sections are in a township 40 years - How long is the Michigan Marketable Title Act 40 years - To obtain marketable record title to real property, an owner needs an unbroken chain of title for how many years 6 miles - The space between range lines 640 acres - A...

FIO - ANSWER-(Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - ANSWER-Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance - ANSWER-Insurance available when coverage cannot be obtained f...

Michigan Property & Casualty Exam Question and answers correctly solved 2023/2024 FIO - correct answer (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - correct answer Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets th...

Abandonment - ANSWER-The abdication of insured property into the hands of another, or into the possession of no one in particular. Accident - ANSWER-An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - ANSWER-The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. Additional Coverage - ANSWER-A provision in an insurance policy that allows for mor...

Middleton Real Estate Final Exam Questions all of the following statements would be true of TRID except? - ANSWER TRID requires a closing disclosure to be provided to the buyer 2 days before the settlement date. which of the following is not required when recording the deed with the county clerks office? - ANSWER two witnesses which of the following was added to the federal fair housing act in 1988 when it was amended? - ANSWER familial status and handicapped calculate the transfer tax ...

MICHIGAN PROPERTY & CASUALTY EXAM 150 QUESTIONS LATEST WITH DETAILED ANSWERS

Michigan Property & Casualty Insurance ExamRisk - correct answer The possibility that a loss will occur Speculative Risk - correct answer Chance of loss or gain Pure Risk - correct answer only the possibility of loss Peril - correct answer cause of loss Exposure - correct answer The potential for accidents and other losses Direct Loss - correct answer Loss that is a direct result of a peril, such as fire. Indirect Loss - correct answer Loss that is a result or consequence of a ...

FIO - Answer- (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - Answer- Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance - Answer- Insurance available when coverage cannot be obtaine...