Package deal
PROPERTY AND CASUALTY PACKAGE DEAL|GRADED A|GUARANTEED SUCCESS
PROPERTY AND CASUALTY PACKAGE DEAL|GRADED A|GUARANTEED SUCCESS
[Show more]PROPERTY AND CASUALTY PACKAGE DEAL|GRADED A|GUARANTEED SUCCESS
[Show more]Marketing Practices: Disparaging comparisons and statements. 
Advertisements cannot directly or indirectly make unfair, or incomplete comparison to the policies of other insurers. 
 
 
 
Marketing Practices: False or Malicious statements 
False or malicious statements are considered a misdemeanor wi...
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Add to cartMarketing Practices: Disparaging comparisons and statements. 
Advertisements cannot directly or indirectly make unfair, or incomplete comparison to the policies of other insurers. 
 
 
 
Marketing Practices: False or Malicious statements 
False or malicious statements are considered a misdemeanor wi...
Example of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
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Add to cartExample of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
Example of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
Preview 2 out of 7 pages
Add to cartExample of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
Michigan Laws: Property and Casualty Only 
Ahead 
 
 
 
Guaranty Association 
Protects insureds against insurer insolvencies. Covers: 
- Auto 
- Homeowners 
- Fire 
- Commercial Property 
- Worker's Compensation 
- General Liability 
*Personal Protection Insurance and Worker's Compensation: Paid i...
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Add to cartMichigan Laws: Property and Casualty Only 
Ahead 
 
 
 
Guaranty Association 
Protects insureds against insurer insolvencies. Covers: 
- Auto 
- Homeowners 
- Fire 
- Commercial Property 
- Worker's Compensation 
- General Liability 
*Personal Protection Insurance and Worker's Compensation: Paid i...
Bailee 
An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage 
 
 
 
Hazard 
Something that increases the chance or likelihood of a loss occuring. 
 
(physical or moral or morale) 
 
 
 
 
 
 
00:01 
 
01:49 
Mark...
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Add to cartBailee 
An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage 
 
 
 
Hazard 
Something that increases the chance or likelihood of a loss occuring. 
 
(physical or moral or morale) 
 
 
 
 
 
 
00:01 
 
01:49 
Mark...
Which of the following are the authorities that an agent can hold? 
Express and implied 
 
 
 
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? 
Permanent partial disability 
 
 
 
 
 
 
00:00 
 
01:49 
Who is NOT considered an employee in an comme...
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Add to cartWhich of the following are the authorities that an agent can hold? 
Express and implied 
 
 
 
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? 
Permanent partial disability 
 
 
 
 
 
 
00:00 
 
01:49 
Who is NOT considered an employee in an comme...
The businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? 
1 Year 
 
 
 
Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? 
Moto truck cargo policy- truckers form 
 
...
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Add to cartThe businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? 
1 Year 
 
 
 
Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? 
Moto truck cargo policy- truckers form 
 
...
____ is uncertainty of loss 
risk 
 
 
 
____ is a transfer of risk from the insured to the insurer 
insurance 
 
 
 
____ risk means there is no chance of gain. It is insurable. 
pure 
 
 
 
____ risk means there is a chance of a loss or a gain. It is not insurable. 
speculative 
 
 
 
a ____ is so...
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Add to cart____ is uncertainty of loss 
risk 
 
 
 
____ is a transfer of risk from the insured to the insurer 
insurance 
 
 
 
____ risk means there is no chance of gain. It is insurable. 
pure 
 
 
 
____ risk means there is a chance of a loss or a gain. It is not insurable. 
speculative 
 
 
 
a ____ is so...
Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this ...
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Add to cartCoverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this ...
Insurance 
The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals 
 
 
 
Law of Large Numbers 
The larger the number of people with a similar exposure to loss, the more predicta...
Preview 2 out of 13 pages
Add to cartInsurance 
The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals 
 
 
 
Law of Large Numbers 
The larger the number of people with a similar exposure to loss, the more predicta...
INSURANCE 
The method of spreading the risk of a financial loss among a large number of people. When spreading the risk reduces the financial impact of an individual loss. 
 
 
 
INSURANCE COMPANY 
entity that agrees to indemnify (make financially whole again) Insureds against covered losses 
 
 
 
...
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Add to cartINSURANCE 
The method of spreading the risk of a financial loss among a large number of people. When spreading the risk reduces the financial impact of an individual loss. 
 
 
 
INSURANCE COMPANY 
entity that agrees to indemnify (make financially whole again) Insureds against covered losses 
 
 
 
...
Insurer 
insurance company or carrier 
 
 
 
Insured 
the person who bought insurance or client 
 
 
 
principle of indemnity 
this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit from an insurance payout. This consider...
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Add to cartInsurer 
insurance company or carrier 
 
 
 
Insured 
the person who bought insurance or client 
 
 
 
principle of indemnity 
this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit from an insurance payout. This consider...
Insurance 
The transfer of risk through a legal contract 
 
 
 
Property 
Covers real property and personal property against damage or loss resulting from covered causes of loss called perils 
 
 
 
casualty 
covers non-property losses (3rd Party) 
 
 
 
Personal lines 
Insurance for families and in...
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Add to cartInsurance 
The transfer of risk through a legal contract 
 
 
 
Property 
Covers real property and personal property against damage or loss resulting from covered causes of loss called perils 
 
 
 
casualty 
covers non-property losses (3rd Party) 
 
 
 
Personal lines 
Insurance for families and in...
Licensing Purpose 
For the protection of the public of this state. 
 
 
 
Individuals must satisfy the following to be eligible to get a license: 
-18 years of age or older 
-Resident of state 
-Passed exam and pay fees 
-Filed application and submitted a fingerprint card 
-Not license for the purpo...
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Add to cartLicensing Purpose 
For the protection of the public of this state. 
 
 
 
Individuals must satisfy the following to be eligible to get a license: 
-18 years of age or older 
-Resident of state 
-Passed exam and pay fees 
-Filed application and submitted a fingerprint card 
-Not license for the purpo...
Act as an agent, maintain and office, record business transactions, effect insurance , preform recognized insurance business, solicit, negotiate, and procure, make or propose to make and insurance contract, take applications for insurance, bind risks, receive premiums or commissions for insurance, s...
Preview 2 out of 6 pages
Add to cartAct as an agent, maintain and office, record business transactions, effect insurance , preform recognized insurance business, solicit, negotiate, and procure, make or propose to make and insurance contract, take applications for insurance, bind risks, receive premiums or commissions for insurance, s...
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