CIC insurance Bundled Exams with complete solutions;(Full solution pack % verified)

General uses of life insurance - create an estate;pay estate taxes;fund business transfer,pay mortgage,provide educ fund; legal elements of of life contract - agreement:offer/accept, consideration: pmt of prem, competent parties: legal capacity, legal purpose: insurable interest at beginning 3 t...

List and explain the specific rights and duties of the first Named Insured as stated in the Common Policy Conditions. - 1. Authorized To Cancel 2. Receive Notice Of Cancellation 3. Make Changes With Insurer Consent 4. Responsible For Payment Of All Premiums 5. Payee For Return Premiums List th...

Eligible Vehicles - Owned or Leased for 6 months or longer by: a) Individual (and spouse) b) Related Residents (other than spouse) c) Non-Related Residents d) Non-Resident Relatives Private Passenger Vehicles a) 4 wheels b) Not for public/livery conveyance c) Not rented to others Pickups/Va...

Premises Liability - applies to owners, landlords and tenants and arises out of the ownership, maintenance or use of the insured's premises How can Premises Liability be Limited? - when coverage only applies to a designated premises (premises has to be scheduled) (CG 21 44) Business Operations ...

Explain the Organizational Structures available to Agencies - Sales vs. Service Oriented Large Agencies vs. Small Agencies Publicly Traded vs. Privately Held Explain the Federal and State Regulations on Agencies - Licensing Regulations by State Regulators protect the consumer by making a viable ...

Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - 1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhauste...

What are commercial property loss exposures - Buildings, personal property of owner, others and off premises, business income. What are some causes of loss - Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts - potential for loss and probable...

Homeowners "Insured" - - You - Residents who are: a) Relatives b) <21 and in your care -Full time student: a) <24 and relative b) <21 and in your care Coverage B - What's Covered? - Other Structures - Things on residence premises not attached to building, or connected only by fen...

Endorsements used to modify coverage extensions (6) - 1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost -...

Three types of Insurance Company and Management Stuctures - 1. Stock Insurance Company 2. Mutual Insurance Company 3. Reciprocal Stock Insurance Company - an incorporated insurance company owned by STOCKHOLDERS the stockholders elect the corporation's board of directors stockholders may or may...