Idaho Property & Casualty Exam Bundle

Which one of the following symbols used in business auto coverage is correctly described? - Answer Symbol 9- nonowned autos only According to the conditions of a workers compensation policy, the insurer has the right to inspect the insurers workplace - Answer At any time A claim is considered ...

Director examination of insurer at least once every ________ years - Answer 5 Maximum fine of ________ for an individual for each insurance code violation, imprisonment for ________ months or both - Answer $1000, 6 Maximum insurer insurance code fine per violation - Answer $5000 Maximum fin...

A violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: - Answer $5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: - Answer 25/50/15 A violation of unfair insurance claims practices will result in whi...

If I want Replacement Cost coverage on my $200,000 home, I need to purchase how much insurance? a.$60,000 b.$100,000 c.$160,000 d.$200,000 - Answer 80% of $200,000 is $160,000. The HO only provides Replacement Cost coverage on the structures if they are insured to 80% of value. The correct an...

The three ratios/components to a book of business are - Answer loss ratio, expense ration, combined ratio what is the purpose of a rate - Answer premium determination Rate is based on - Answer exposures Which of the following would satisfy the NFIP certification requirements - Answer 3 hour...

another name for insurance agent is: principal producer broker recorder - Answer producer another name for insurer is: principal producer broker policymaker - Answer principal The Broad Form Products Coverage endorsement in commercial auto policies does which of the following? A...

Insurance Transaction - Answer Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation - Answer offer advice/communicate directly with purchaser regarding benefits Sale - Answer effectuation of a contract of insurance Insurance Contract - Answer Ag...

Insurable interest - Answer Any actual, lawful, and substantial economic interest in the safety or preservation of the property insured free from loss, destruction, or pecuniary damage or impairment. Policy Contents - Answer Parties to the contract; subject of the insurance; risks insured against...

Complete continuing education hors and pay a renewal fee - Answer What are producers required to do in order to renew their license? Defamation - Answer If a producer makes maliciously critical statements about another insurer what is this illegal practice called? A person authorized to sell, ...

Insurance - Answer The transfer of risk through a legal contract Property - Answer Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty - Answer covers non-property losses (3rd Party) Personal lines - Answer Insurance...

Bailee - Answer An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Answer Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - Ans...