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Property & casualty insurance(ohio) Study Guide Exam And Actual Answers.
Reinsurance - Answer A contract one insurance company (the reinsurer) indemnfies another insurance company (ceding company) for part or all of its liablities Insurance transaction - Answer Solicitation, negotiations; sale, advising and individual concerning coverage or claims Insurance - Answer Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the cost of unexpected loss is to many individuals. Risk - Answe...
- Exam (elaborations)
- • 2 pages •
Reinsurance - Answer A contract one insurance company (the reinsurer) indemnfies another insurance company (ceding company) for part or all of its liablities Insurance transaction - Answer Solicitation, negotiations; sale, advising and individual concerning coverage or claims Insurance - Answer Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the cost of unexpected loss is to many individuals. Risk - Answe...
Ohio State Law Supplement - Practice Exam Questions With All Correct Answers.
Which property form, when filed with the Superintendent, does NOT require a 30-day waiting period before it becomes effective? A. Dwelling B. Commercial property C. Homeowners D. Inland marine - Answer D. Inland marine When paying commissions or other compensation, an appointed agent may pay: A. a corporation for purchasing insurance B. a partnership for purchasing insurance C. an authorized/admitted insurer D. another agent who is licensed but not appointed - Answer D. another ...
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- Exam (elaborations)
- • 11 pages •
Which property form, when filed with the Superintendent, does NOT require a 30-day waiting period before it becomes effective? A. Dwelling B. Commercial property C. Homeowners D. Inland marine - Answer D. Inland marine When paying commissions or other compensation, an appointed agent may pay: A. a corporation for purchasing insurance B. a partnership for purchasing insurance C. an authorized/admitted insurer D. another agent who is licensed but not appointed - Answer D. another ...
Ohio Property Insurance Revision Exam Questions With Already Passed Answers.
180 days - Answer maximum days for a temporary license $10,000 - Answer max civil penalty for violating superintendents cease and desist order FTC - Answer created the do not call registry Fair Credit Reporting Act - Answer requires insurance company to supply the applicant with the name and address of the consumer reporting company Consumer Report - Answer provide the underwrite with information about consumer credit: Credit, character, reputation, habits Changing ...
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- Exam (elaborations)
- • 6 pages •
180 days - Answer maximum days for a temporary license $10,000 - Answer max civil penalty for violating superintendents cease and desist order FTC - Answer created the do not call registry Fair Credit Reporting Act - Answer requires insurance company to supply the applicant with the name and address of the consumer reporting company Consumer Report - Answer provide the underwrite with information about consumer credit: Credit, character, reputation, habits Changing ...
Ohio Personal Lines (Insurance Exam) Questions With Guaranteed Pass Solutions.
Stock Insurance Company - Answer Issues non-participating policies and is owned by stockholders who received taxable corporate dividends as a return profit Reinsurance - Answer The transfer of risk between insurance companies. The reinsurer assumes some or all of the risks of the ceding, or primary, insurance company Domestic - Answer Insurer organized under the laws of the resident state Foreign - Answer Insurer organized under the laws of another state within the United St...
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- Exam (elaborations)
- • 22 pages •
Stock Insurance Company - Answer Issues non-participating policies and is owned by stockholders who received taxable corporate dividends as a return profit Reinsurance - Answer The transfer of risk between insurance companies. The reinsurer assumes some or all of the risks of the ceding, or primary, insurance company Domestic - Answer Insurer organized under the laws of the resident state Foreign - Answer Insurer organized under the laws of another state within the United St...
Ohio Life, Accident & Health Insurance Exam (Series 11-35), General Insurance Questions Fully Answered.
The requirement that agents must account for and properly remit all insurance funds collected is known as what type of agency? - Answer Fiduciary What document is required for an insurance company to transact insurance? - Answer Certificate of Authority In forming an insurance contract, when does acceptance usually occur? - Answer When the insurer approves a prepaid application If an insurer meets all the state's financial requirements and is approved to transact business in...
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- Exam (elaborations)
- • 4 pages •
The requirement that agents must account for and properly remit all insurance funds collected is known as what type of agency? - Answer Fiduciary What document is required for an insurance company to transact insurance? - Answer Certificate of Authority In forming an insurance contract, when does acceptance usually occur? - Answer When the insurer approves a prepaid application If an insurer meets all the state's financial requirements and is approved to transact business in...
Property and casualty insurance Exam Questions and Answers Already Passed Answers
Which of the following are the authorities that an agent can hold? - Answer Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - Answer Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? - Answer Temporary worker The major portion of the premium of an equipment breakdown policy pays? - Answer For inspections and examinations An insured owns a ...
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- Exam (elaborations)
- • 26 pages •
Which of the following are the authorities that an agent can hold? - Answer Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - Answer Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? - Answer Temporary worker The major portion of the premium of an equipment breakdown policy pays? - Answer For inspections and examinations An insured owns a ...
Ohio Property and Casualty Study Guide Exam And Actual Answers.
Timing of Renewal of License - Answer Apply biennially on or before the last day of the licensee's birth month Temporary License-How many days? - Answer Period not to exceed 180 days Notice of Administrative Action-Timing - Answer Notify the Superintendent within 30 days after the final disposition of the matter Notice of Criminal Prosecution - Timing - Answer Within 30 days after the initial appearance before a judge Final Disposition of the Prosecution - Timing - Ans...
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- Exam (elaborations)
- • 31 pages •
Timing of Renewal of License - Answer Apply biennially on or before the last day of the licensee's birth month Temporary License-How many days? - Answer Period not to exceed 180 days Notice of Administrative Action-Timing - Answer Notify the Superintendent within 30 days after the final disposition of the matter Notice of Criminal Prosecution - Timing - Answer Within 30 days after the initial appearance before a judge Final Disposition of the Prosecution - Timing - Ans...
Ohio Property and Casualty Insurance Exam Questions And Correct Answers.
Financial Responsibility Law - Answer drivers have proof that they have money to pay for accident where they are at fault fraud - Answer lie planned to trick others and make it leave other value insolvency - Answer you can't pay your claim mine subsidence - Answer damage to house (only) by cave in collapse of mine negotiate - Answer talk with prospective client of set type of insurance about their benefits to negotiate you must be? - Answer Licensed sell - ...
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- Exam (elaborations)
- • 33 pages •
Financial Responsibility Law - Answer drivers have proof that they have money to pay for accident where they are at fault fraud - Answer lie planned to trick others and make it leave other value insolvency - Answer you can't pay your claim mine subsidence - Answer damage to house (only) by cave in collapse of mine negotiate - Answer talk with prospective client of set type of insurance about their benefits to negotiate you must be? - Answer Licensed sell - ...
Ohio Property and Casualty Exam Questions And Already Passed Answers.
What do individuals use to transfer their risk of loss to a larger group? - Answer Insurance What are the four elements of an insurance contract? - Answer Agreement (Offer and Acceptance), Consideration, Competent parties, and legal purpose. In the agent/insurer relationship, who is considered the principal? - Answer Insurer Insurance contracts are aleatory in nature. What does that mean? - Answer Unequal values are exchanged between the parties to a contract. What are th...
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- Exam (elaborations)
- • 20 pages •
What do individuals use to transfer their risk of loss to a larger group? - Answer Insurance What are the four elements of an insurance contract? - Answer Agreement (Offer and Acceptance), Consideration, Competent parties, and legal purpose. In the agent/insurer relationship, who is considered the principal? - Answer Insurer Insurance contracts are aleatory in nature. What does that mean? - Answer Unequal values are exchanged between the parties to a contract. What are th...
Final Exam - Ohio Property and Casualty Insurance Questions With Verified Solutions.
Sarah has a homeowner's policy which covers stolen property, and she has a computer stolen. Her insurer pays her 1k to replace the computer. Two weeks later, Sarah's computer is recovered by the police. Which of the following would be true in this scenario? - Answer Sara would have a choice of returning either the benefit or the computer to her insurer Colin is driving the company car on the way to meet a new client when he is involved in an accident. The accident claim would fall un...
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- Exam (elaborations)
- • 41 pages •
Sarah has a homeowner's policy which covers stolen property, and she has a computer stolen. Her insurer pays her 1k to replace the computer. Two weeks later, Sarah's computer is recovered by the police. Which of the following would be true in this scenario? - Answer Sara would have a choice of returning either the benefit or the computer to her insurer Colin is driving the company car on the way to meet a new client when he is involved in an accident. The accident claim would fall un...
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