Fred loya - Study guides, Class notes & Summaries

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 discovers that a valuable painting was stolen from her home, what type of loss would this be considered? - Answer-Direct loss An example of a peril would be - Answer-A fire that damages the kitchen ...

2024 FRED LOYA PRACTICE TEST (106 QUESTIONS), LIMITED LINES EXAM.

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 principal. APPARENT ATHORITY - Answer-words and actions INSOLVENCY - Answer-the inability to the insurer to pay debts when they are due INSURER - Answer-insurance company INSURED - Answer-A person cov...

Pure Risk - Answer-No possible gain risk - Answer-The certainty of a future outcome Speculative Risk - Answer-Involves gain or loss Peril - Answer-The cause of a loss Ex; accident, fire wind ,hail,collison Hazard - Answer-increase possibility of a loss Loss - Answer-chance of loss because of an exposure premium - Answer-money collected from insured exposure - Answer-possibility of a loss retention - Answer-agreement to be able to retain a part of a loss avoidance - Answer-keeping away ...

Fred Loya Limited Lines State Test Questions With Verified Answers What course of action does a party to a contract have if the other party is found to be in breach of that contract? - answerDamages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? -an amendment -an expressed warranty -a policy provision -an implied warranty - answerimplied warranty What does it mean if an agent's license is inactive? - answerthe a...

Fred Loya Exam Questions With 100% Correct Answers EXPRESSED AUTHORITY - answerThe type of authority granted to an agent that is applied in writing or verbally IMPLIED AUTHORITY - answerAuthority 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 principal. APPARENT ATHORITY - answerwords and actions INSOLVENCY - answerthe inability to the insurer to pay debts when they are due INSURER - answe...

Fred Loya Practice Test (106 questions)

Fred Loya Practice Test Questions And Answers (Verified And Updated) What course of action does a party to a contract have if the other party is found to be in breach of that contract? - answerDamages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? - answerimplied warranty What does it mean if an agent's license is inactive? - answerthe agent cannot transact any insurance business for which is valid, active license...

What course of action does a party to a contract have if the other party is found to be in breach of that contract? - Damages for breach, reasonable attorney fees, and costs. A representation in an insurance contract qualifies as of the following? - implied warranty What does it mean if an agent's license is inactive? - the agent cannot transact any insurance business for which is valid, active license is required In the State of CA, no rate will remain in effect if it is considered to be ...