Virginia property - Study guides, Class notes & Summaries

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 ex...

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What is based on the principle of Risk Transfer - Spreading the results of a financial loss among many persons, so the cost to any one person is small What kind of risk has an outcome that is uncertain? - Speculative Risk What is the reason for a claim? - A loss is the reason a claim against an insurance company. What is the measure of a loss? - Exposure Units Name three types of hazards. - 1. Physical Hazard 2. Moral Hazard 3. Morale Hazard What is a cause of a loss? - Perils are the ...

History Final: American YAWP 1-15 The first American arrived on the North American continent approximately - 12-20 thousand years ago Agriculture arose in North America - Nearly simultaneously as in Asia/eastern hemisphere The crops most commonly grown by Native Americans, also called the "Three Sisters," include all of the following except - Wheat What is the best term to describe Native Americans ancestry/descent? - Matrilineal What was the name of the largest city in the Mi...

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The insured auto dealer has opted to include part IV - garage physical damage coverage to her policy. Which of the following symbols must be indicated on the declarations page of the policy for physical damage coverage to apply? - Symbol 31 What is the West Virginia individual agent/producer license fee? - $50 Under a commercial property policy, all of the following types of outdoor property are covered under the additional coverage for collapse if they are damaged directly by the collapsed...

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...

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