Captive insurer Study guides, Class notes & Summaries
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ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024
- Exam (elaborations) • 14 pages • 2023
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ADJUSTER PRO - INSURANCE 
ADJUSTER TEST(QUESTIONS AND 
REVIEWED ANSWERS) 2023-2024 
What is insurance? - CORRECT ANSWER-protection against financial loss 
what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an 
insurance policy. 
What are premiums used for - CORRECT ANSWER-premiums are collected into a 
"pool" or "reserve to pay out claimants when needed. 
how can insurance companies afford to pay for an individuals catastrophic loss? - 
CORRECT ANSWER-the insurer collect...
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Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score.
- Exam (elaborations) • 14 pages • 2023
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Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. 
 
 
 
 
 
 
 
 
 
(1)Surplus Lines premiums typically expand during: 
A) A soft Market 
B) A Hard Market - correct answers.A Hard Market. 
 
Surplus lines premiums typically expand during a hard market. 
 
(2) During the time of a hard market, insurers will: 
A) Tighten their underwriting standards 
B) Loosen their underwriting standards - correct answers.A) Tighten their underwriting standards. 
 
Tighten and ra...
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WebCE Exam Questions with correct Answers
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Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. 
Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. 
 
Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. 
Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...
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N.C. Claims Adjuster Exam Latest 2023 Rated A+
- Exam (elaborations) • 80 pages • 2023
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N.C. Claims Adjuster Exam Latest 2023 Rated A+ Inception/Expiration Date an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. 
Occurrence Date Date of which the loss occurred 
Identification of parties involved The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s)....
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Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update)
- Exam (elaborations) • 52 pages • 2024
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Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update) 
 
Q: what is loss exposure 
state of being subject to a passible loss 
 
 
 
Q: what does it mean to be defineable 
 
 
Answer: 
definite as to time, cause and location 
 
 
 
Q: what does it mean to be measurable 
 
 
Answer: 
companies will state how much they will pay for a covered loss 
 
 
 
Q: is loss due to war covered 
 
 
Answer: 
no 
 
 
 
Q: can accidental b...
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Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A
- Exam (elaborations) • 69 pages • 2023
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Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A 
 
 
An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? 
 
a) 30 
b) 60 
c) 90 
d) 100 - -b 
 
How is the Commissioner of Insurance placed in office? 
 
a)By NAIC nomination 
b)Through a bid process 
c)An election at the same time that other state officials are selected 
d)An appointment by the Governor - -d 
 
An ins...
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Michigan Life and Health Insurance Exam With Complete Solutions 2023
- Exam (elaborations) • 4 pages • 2023
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Michigan Life and Health Insurance Exam With Complete Solutions 2023
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Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed
- Exam (elaborations) • 28 pages • 2023
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Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed 
Peril Something that causes a loss. 
Hazard Something that increases the probability that a loss will occur. 
Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. 
Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 
Concealment The fail...
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RMIN 4000 uga test 1 Updated 2024/2025 Actual Questions and answers with complete solutions
- Exam (elaborations) • 15 pages • 2024
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4 types of hazards - 1) physical hazard 
2) moral hazard 
3) attitudinal hazard 
4) legal hazard 
6 characteristics of an insurable risk - 1) there must be a large number of exposure units 
2) the loss must be accidental and unintentional 
3) the loss must be determinable and measurable 
4) the loss should not be catastrophic 
5) the chance of loss must be calculable 
6) the premium must be economically feasible 
active retention - active risk retention means that an individual is consciously aw...
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Life, Accident and Health Insurance Ohio Questions and Answers (2024 / 2025) (Verified Answers)
- Exam (elaborations) • 71 pages • 2024
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Life, Accident and Health Insurance Ohio Questions 
and Answers (2024 / 2025) (Verified Answers) 
Which is a FALSE statement? 
a. Agents act in a fiduciary capacity when handling premiums. 
b. Misrepresentation on an application can void coverage, if 
material. 
c. Mutual life insurers cannot guarantee their future dividend 
scale. 
d. You can protect future dividends on a non-participating policy. - 
CORRECT ANSWER D. 
Only participating policies might pay dividends to policy owners. 
Stock ...
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