Fred Loya Bundled Exams with complete solution

Liability: - Answer-is the minimum the state of California requires you to have in order to drive a vehicle. In case you are involved in an accident that is your fault, the company pays: up to $15,000 in medical expenses for 1 person injured in the vehicle you hit, up to $30,000 if it's more than...

What course of action does a party to a contract have if the other party is found to be in breach of that contract? - Answer-Damages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? -an amendment -an expressed warranty -a ...

Personal injury protection (PIP) - Answer-Covers in case of a car accident no matter who's at fault. It covers medical bills for you and your passenger's. It pays up to $2,500 for each person hurt in vehicle. Uninsured motorist (UM) - Answer-Covers in case you are involved in a car accident, the...

EXPRESSED AUTHORITY - Answer-The type of authority granted to an agent that is applied in writing or verbally IMPLIED AUTHORITY - Answer-Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the prin...

If an agent, while selling a policy tells the prospect he is fully covered and everything will be taken care of, when this is not the fact, the agent is guilty of - Answer-Misrepresentation What would NOT be an unfair claim practice? - Answer-Using an arbitrator to resolve a dispute. A homeowner ...

risk - Answer-Uncertainty concerning the occurrence of a loss Exposure - Answer-what the insured is exposing to the insurer to premium calculations - Answer-the higher the risk is, the greater the premium Speculative Risk - Answer-a risk in which there is a chance of either loss or gain pure ris...

Automobile Insurance - Answer-A contract between two parties... the policyholder and the company. Agent - Answer-Licensed individual or organization authorized to sell/service insurance policies. License - Answer-Certificate of authority to transact insurance buisness. Insured - Answer-The policy...

What course of action does a party to a contract have if the other party is found to be in breach of that contract? - Answer-Damages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? - Answer-implied warranty What does it mea...