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The insurer and insured agree to a specific value of insured item - Answer- Agreed Value Policies Someone who has care, custody or control of another's property - Answer- Bailee Claim filed by policy holder against his _ - Answer- First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - Answer- Negligent Entrustment Hazard that resul...

What requirements must Wholesalers and Distributors meet in order to be eligible for a BOP? - Answer- 25% or less of floor space is available to the general public, and less than 25% of gross income may come from retail sales. The first step in the claim process is to - Answer- Determining time and cost of repairs In Florida, an insurer has ___ days to pay or deny a claim. - Answer- 90 Jerome was shopping at ABC Imports when a light fixture fell from the ceiling and hit him on the he...

Loss Control - Answer- actions taken and strategies implemented to reduce the frequency or severity of a loss. a loss is experienced to satisfy their contractual obligation to identify insureds against covered losses. - Answer- Insurance makes loss payments to insureds when Risk - Answer- the chance or uncertainty that a loss will occur Pure Risk - Answer- only type of risk considered to be potentially insurable. present the chance for loss - Answer- To be considered a pure risk, t...

Severability - Answer- Insurance applies separately to each insured as if other insureds did not exist. Abandonment - Answer- Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - Answer- One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization - Answer- States that if the insurer adopts a revision which would bro...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - Answer- D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on ...

A 42-year-old executive wants to purchase life insurance that will allow for increases or decreases to coverage as his/her needs change. Which of the following policies will best meet this need? -Endowment at Age 75 -Universal Life -Graded Benefit Whole Life - Modified Whole Life - Answer- Universal Life A policy of adhesion can only be modified by whom? -The agent -The applicant -The primary beneficiary -The insurance company - Answer- The insurance company S is close to retirin...

What law protects consumers from the circulation of inaccurate or obsolete information? - Answer- The Fair Credit Reporting Act What do individuals use to transfer their risk of loss to a larger group? - Answer- Insurance What term describes the fee a person pays an insurance company to start coverage? - Answer- Premium When a change needs to be made on the application for insurance, which is the best method for correcting the information? - Answer- complete a new application or ask ...

The accounting measurement of an insurer's future obligations to its policy holders - Answer- Reserves Who elects the governing body of a mutual insurance company? - Answer- Policyholders A group owned insurance company that is formed to assume and spread liability risks of its members is known as - Answer- Risk Retention Group Which of these describe a participating life insurance policy? - Answer- Policy holders are entitled to receive dividends Which of the following required ...

Who is obligated to make sure all questions are answered and all necessary signatures are collected on the application? The Agent An underwriter is reviewing an applicant with an extensive medical history. Which of the following would give the underwriter a better understanding of how the applicant has been treated for various illnesses? Attending physician's statement Brainpower Read More Previous Which of the following would NOT be eligible for coverage under key person? The owner ...

A Variable insurance policy: -guarantees a minimum rate of return -does not allow the policyowner to assume the investment risk -does not guarantee a return on its investment accounts -does not guarantee an assignment provision -does not guarantee a return on its investment accounts The individual most likely to buy a Medicare Supplement policy would be a(n) -unemployed 64-year old female -62-year old male covered by Medicaid -68-year old male covered by Medicare -uninsured 60-year...