Property and casualty la - Study guides, Class notes & Summaries

Hearings and Judicial Review Correct Answer: The Commissioner may suspend or revoke a business entity's license if a hearing finds that a licensee's violation was known or should have been known by at least one of the entity's partners, officers, or managers and the violation was neither reported to the Commissioner nor sanctioned to prevent further noncompliance. A person whose license is surrendered or lapsed may nonetheless be held accountable for misconduct while the license w...

PENNYSYLVANIA PROPERTY AND CASUALTY LICENSING EXAM(ACTUAL EXAM) WITH CORRECT 150+ QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 ALREADY GRADED A+

Powers and Duties of the Director Correct Answer 1. Approve all policy forms, but cannot approve or disapprove premium rates on most types of insurance. 2. Create rules and regulations that support the law. 3. Conduct investigations, examinations and audits to determine if the law has been violated. 4. Take action to enforce the law, such as, issuing fines, revoke or suspend a license or deny an application for a license. 5. Refer a case to the State Attorney General for criminal prosecution...

Insurance commisioner •Appointed by the governor •6 year term •must sever all ties with any insurance company except as a claimant. Examination of insurers •Must examine each domestic insurer at least once every five years, and as often as deemed necessary. •May examine an alien or foreign insurer licensed to transact insurance in this state at least once every five years. Insurance examination cost The cost must be paid by the company being examined. Refusal of examina...

Unit 21: Kentucky Laws an Regulations Pertaining to Property and Casualty Insurance Department - correct answer Department of Insurance in Kentucky Commissioner - correct answer Commissioner of the Kentucky Department of Insurance Crop Insurance - correct answer Insurance provided by the private insurance market protecting against damage to crops from unfavorable weather conditions, fire or lightning, flood, hail, insect infestation, disease, or other yield-reducing conditions or perils, ...

State of Illinois Property and Casualty Laws All Answers Correct Powers and Duties of the Director ️1. Approve all policy forms, but cannot approve or disapprove premium rates on most types of insurance. 2. Create rules and regulations that support the law. 3. Conduct investigations, examinations and audits to determine if the law has been violated. 4. Take action to enforce the law, such as, issuing fines, revoke or suspend a license or deny an application for a license. 5. Refe...

The West Virginia Insurance Guaranty Association may do all of the following EXCEPT: Invest the assets of troubled insurers. The Commissioner is given all of the following powers EXCEPT: Prosecuting people To be licensed as an excess lines broker, an agent must do all of the following EXCEPT: Cease operating as an agent When a personal automobile policy has been in force for less that 60 days, it may be cancelled by the insurer: For any reason

What is Insurance? - Transfers the risk of loss from individual to insurance co. What is Risk? - Chance of loss occuring What are 3 types of Hazzards? - Physical, Moral, Morale What is a Peril? - Causes of loss insured against What does Indemnify mean? - Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - Right to seek damages from 3rd party so that the insured cannot collect 2xs. What is an accident? - Sudden unplanned event resulting i...

Property and Casualty Laws TN questions and answers verified 2024

Unit 21: Kentucky Laws an Regulations Pertaining to Property and Casualty InsuranceDepartment - correct answer Department of Insurance in Kentucky Commissioner - correct answer Commissioner of the Kentucky Department of Insurance Crop Insurance - correct answer Insurance provided by the private insurance market protecting against damage to crops from unfavorable weather conditions, fire or lightning, flood, hail, insect infestation, disease, or other yield-reducing conditions or perils, or...