Short rate cancellation - Study guides, Class notes & Summaries

If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis - Answer- A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion - Answer- B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. Liability loss C. Employee theft D....

AL P&C University of Alabama Study Guide Graded A+ If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. ...

Accident - CORRECT ANSWER-A sudden, unforeseen, unintended, and unplanned event from which loss or damage results. Occurrence - CORRECT ANSWER-An accident includes continuous or repeated exposure to the same general harmful conditions. Cancellation - CORRECT ANSWER-The termination of an insurance policy before its expiration date. Once cancelled, a policy provides no coverage. A policy may be cancelled by the insured or insurer. Pro Rata Cancellation - CORRECT ANSWER-A proportionate cance...

University of Alabama AL P&C Study Test with Correct Solutions 2024 If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis - Answer -A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion - Answer -B. Nonrenewal Which is the best example of an indirect loss? ...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion - Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee theft d. loss of use - Loss of Use Which...

a company in chartered in Guam or Puerto Rico doing regular business in new York would be considered by new yorkers to be a 1. domestic company 2. foreign company 3. alien company 4. international company - Answer 2. foreign company If a company cancels an auto policy mid-term, the refund will be made on a 1. Pro rata basis 2. short rate basis 3. retroactive basis 4. coinsurance basis - Answer 1. pro rata basis What is the term used to describe terminating the insuran...

Broker - ANSWER-acts on behalf of insured in negotiating insurance. they work for clients. have no binding authority- can't put risk in place Agent - ANSWER-acts on behalf of insurance company with whom they are contracted. signs contract. never work for clients only company. Agents binding authority 3 sources - ANSWER-Expressed- actual written agency contract Apparent- companies supplied signs, business cards, etc. Implied- accepting premiums after cancellation 2 Types of Agents - A...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis correct answers Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion correct answers Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee thef...

Fundamentals Of Insurance (BC) Exam /400Questions and Verified Answers 2023/2024 All Correct Assured A+. Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - correct answer C. Allow spread of risk. When the insurer terminates an insurance policy, ALL of the fol...

Alabama Property and Casualty Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024 If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - - Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion - - Nonrenewal Which is the best example of a...