Property And Casualty NY License Questions & Answers Fully Solved 100%
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Course
NY License
Institution
NY License
Broker - ANSWER-acts on behalf of insured in negotiating insurance. they work for clients. have no binding authority- can't put risk in place
Agent - ANSWER-acts on behalf of insurance company with whom they are contracted. signs contract. never work for clients only company.
Agents binding a...
Property And Casualty NY License Questions &
Answers Fully Solved 100%
Broker - ANSWER-acts on behalf of insured in negotiating insurance. they work for
clients. have no binding authority- can't put risk in place
Agent - ANSWER-acts on behalf of insurance company with whom they are contracted.
signs contract. never work for clients only company.
Agents binding authority 3 sources - ANSWER-Expressed- actual written agency
contract
Apparent- companies supplied signs, business cards, etc.
Implied- accepting premiums after cancellation
2 Types of Agents - ANSWER-captive- represent only 1 company
independent- more than 1 (should have brokers licence)
Fare Credit Reporting Act - ANSWER-helps assure fare, accurate and confidential
reporting. signed disclosure to assure compliants with the act. consumers may demand
to know the info
Contract or Policy Insurance - ANSWER-Insurance contracts are 2 party contracts:
insured and insurer
2 types of insurance contracts - ANSWER-Indemnity- for loss or damage to ones own
property
Liability insurance- protection from lawsuits of others
parts of a policy:DICED - ANSWER-Declarations
Insuring aggrement
Conditions
Exclusions
Definitions- terms used in a policy
Contracts - ANSWER-Aleatory- insurance contracts are AC in unequal value are
changed
Unilateral- are UCs in at only 1 side makes legally enforceable promises
Adhesion- policy construction and interpretation
Elements of a contract - ANSWER-Competent parties
Legal in purpose
Offer and acceptance
Consideration
, Binder - ANSWER-temporary contract of insurance. valid for 30 days
Daily - ANSWER-copy of contract of insurance. copy for brokers records
Insurable Interest - ANSWER-to collect under a policy of indemnity insurance
Classes of Insurable Interest - ANSWER-1. Ownership or part ownership
2. Creditor/ Detor relationship
3. posession such as tenant or a life tenant
4. Bailor/ Bailee relationship
Premiums (considerations) - ANSWER-the money insured pays for the undertaking by
the insurance company
2 basic parts of premiums - ANSWER-1. gross premium- total amt. paid by the insured
2. net- gross premium minus commission
3. earned- in proportion to the unexpired policy term
Short rate cancellation - ANSWER-cancellation w/out a penalty
Flat cancellation - ANSWER-cancellation w/out any charge
Negligence - ANSWER-failure to act as a reasonable and prudent person. never an
intentional act. (Oops!)
act of carelessness, money damages
Inferred negligence (Vicarious responsibility) - ANSWER-found guilty of negligence
even though had nothing to to do with act
Proximate cause - ANSWER-that peril which can be traced back in an unbroken chain
of events that cause the loss
Subrogation - ANSWER-substitution of the insurance company into the place of the
insured with respect of any rights or claims which the insured may have against 3rd
parties
Peril - ANSWER-possible cause of loss
Hazard - ANSWER-increased the frequency on severity of a loss or chance a loss will
occur
4 types of hazards - ANSWER-Physical- something physical ex. icy roads, broken
Morale- acts of indifference, attitude
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