Insuring agreement states - Study guides, Class notes & Summaries

What is the underwriter's goal? - Answer- To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - Answer- Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally ...

Risk - ANSWER-the chance or uncertainty of loss Risk - ANSWER-used within the insurance industry to refer to the subject of the insurance policy Possibility of loss - ANSWER-the concept of risk involves ___________________ Insurance - ANSWER-a formal social device used to accomplish the transfer of risk from an insured to the insurer Insurance policy - ANSWER-a legal contract in which the premium paid represents a small certain cost exchanged so that the insurer will cover the possib...

elements of a contract correct answers1. agreement 2. consideration 3. competent parties 4. legal purpose elements of an insurance policy correct answersDeclarations, Insurance Agreement, Conditions, Exclusions Declarations correct answersNamed Insurer and Insured Party, Policy Number, Location & Description of Insured Item, Value and Replacement Value of Insured Item, The inception and expiration dates of the insurance policy. Value and Replacement Value of Insured Item, The inception and...

Entire Contract Ans- is the provision that states that the producer does NOT have the authority to change the policy or waive any of its provisions Decreasing Term Ans- the automatic load provision can be incorporated into all of these policies except... variable life insurance Ans- insurance policy that has a level premium but allows the policy owner to choose from a selection of investment options pre-existing condition clause Ans- long-term care policy must be waived when a new p...

NC LIFE insurance state exam questions and answers 100% pass CREDIT LIFE a special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS a legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled. Otherwise known as a business continuation agreement INSURABLE INTEREST to purchase insurance the policy owner must face the possibility of losing mo...

RMIN 4000 Edmunds Test 3 Questions & Answers Basic Parts of an Insurance Contract - ANS-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANS-statements that provide information about the particular property or activity to be insured definitions - ANS-statements that provide information about the particular property or activity to be insured Insuring Agreement - ANS-Summary of the major promises of the insurer...

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...

State Farm License- Standard Fire Policy Exam Questions And Answers Standard Fire Policy - the policy written for both Personal Lines (residential home or dwelling) or as Commercial Lines (official building) are the same! - fire insurance is another name for property insurance - can insure the building structure and/or the personal property. - not a HO policy since it does not cover theft of content and does not have liability coverage - never sold w/o adding Endorsement to ...

pearson vue practice exam questions and answers 100% pass Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company - Correct Answer ️️ -B In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured...

A term life rider offer the insured Additional coverage The Department of business regulations may revoke a producer's license for each of the following offenses except Violating an insurer's internal control requirements The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insured's death is called a insuring agreement Which of the following statements is a producer Not permitted to say If my company fails to ...