A producer represents - Study guides, Class notes & Summaries

Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

Insurance is defined as... - the transfer of PURE risk to the insurance company in consideration for a premium Pure risk is... - the chance of loss without any possibility for gain Speculative risk is... - the possibility for gain or loss and is not insurable Risk is defined as... - the chance for loss An exposure is... - a condition that could result in a loss A hazard is... - something that increase the chance of loss The presence of a physical hazard... - increases the chance of a loss...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

BIOD 101 Exam 2 (Questions and Answers A+ Graded 100% Verified) List the 7 most widely accepted characteristics of living organisms CORRECT ANS: Order, evolutionary adaptation, regulation, energy processing, growth and development, response to the environment, and reproduction Describe evolutionary adaptation and give an example CORRECT ANS: refers to smaller, genetic changes that allow for better survival of an organism. An example would be camouflage because if an animal can camo...

AINS 101 Questions with 100 % verified correct answers 1. Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the:ANS: Direct writer marketing system 2. Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a:ANS: Contract of adhesio...

GED Test 740 Questions with Verified Answers "WOW! Mom rides a kayak at noon." How are the underlined words alike? - CORRECT ANSWER They are palindromes Who was the author of Common Sense: Thomas Paine or Thomas Jefferson? - CORRECT ANSWER Thomas Paine What is NOT a real shark: hammerhead, shovelhead, or tigerhead? - CORRECT ANSWER tigerhead What is the force that slows down an object or stops its motion? - CORRECT ANSWER friction Which is greater than 90 degrees: an acute angle...

Adjuster Pro - Florida Certified Adjuster Glossary Exam Prep 2023. Accumulated Depreciation - ANSWER The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER One of the characteristics of an insurance contrac...

Connecticut Producer's Examination for Life/Accident and Health Insurance 2024 New Review Licensing Process - 1) Be 18 years or older 2) Be a U.S. citizen or a legally admitted alien 3) Complete all educational requirements 4)Pass exam 5) Be a legal resident at the time of application 6) Satisfy the Commission as to honesty, trustworthiness, integrity, and competency. Honesty, trustworthiness, and integrity will be established by the background check on the initial application. Types...

The Superintendent has the authority to take all of the following actions, except: a. Foster growth in the financial industry b. Create insurance laws c. Mediate consumer complaints d. Create rules to implement and enforce insurance laws - ANSWER-b. Create insurance laws The New York Assembly creates laws in this state. The Superintendent may create rules and regulations to carry out those laws. How many years must insurers typically maintain books and records, producer licensing rec...

AINS 101 Prep Exam Tested Questions With Revised Correct Detailed Answers GRADED PASS 1) Adjuster Toni is evaluating damages in a bodily injury liability claim where she has determined that the insured is completely at fault for the accident. The claimant suffered a sprain and strain injury to his neck. His special damages total $1,500. He was out of work for a week, was disabled and prevented from performing some regular activities for a month, and attended physical therapy...