All exam fx flashcards - Study guides, Class notes & Summaries

Under absolute liability, does an injured party need to prove negligence? correct answer: No. Absolute liability exists when a condition or conduct is inherently dangerous, so proof of negligence is not required. What insurance principle does pro rata liability protect? correct answer: Indemnity What is the difference between vacancy and unoccupancy? correct answer: Vacancy - refers to an insured structure in which no people have been living or working and no property has been stored fo...

Exam FX Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines To whom may a certificate of authority be issued? To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? Authorized or admitted What type of licensee represents t...

To whom may a certificate of authority be issued? - To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? - Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? - Authorized or admitted What type of licensee represents the insured? - broker An agent offers a client free tickets to a sporting event ...

To whom may a certificate of authority be issued? - To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? - Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? - Authorized or admitted What type of licensee represents the insured? - broker An agent offers a client free tickets to a sporting event in exch...

To whom may a certificate of authority be issued? - To an insurer authorized to transact business in this state Who must be a member of insurance guaranty associations? - Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? - Authorized or admitted What type of licensee represents the insured? - broker An agent offers a client free tickets to a sporting event ...

Exam Fx Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines

Exam Fx Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines