Captive agent - Study guides, Class notes & Summaries

Nevada Property and Casualty Questions and Answers Rated A+ A insurance binder is effective for no more than 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? Consideration Which of the following structure...

The one who receives the authority to act on behalf of someone else? - Agent what does a sale's agent receive authority for? - to sell An insurance agent receives authority to what? - Settle claims brought against the insurer How do agents receive their authority? - written contract What is the power to bind? - an agent's authority can bind: -what an agent says or does can bind insurer -agents should take the utmost care in what they say or do -even if insure makes mistakes,...

California Life, Accident, and Health Licensing Exam Questions and Answers 100% Pass Co-insurance - Correct Answer ️️ -The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - Correct Answer ️️ -The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - Correct Answer ️️ -When a disability income policy provides coverage for injuries wh...

RMIN 5100S Test 1 Atkinson Questions and Answers 100% Pass Risk Manager - "insured" buyer of insurance - Larger companies will have one personal one - Small to mid-sized companies will have someone else who serves this role - Must evaluate risks and determine the best approach to manage risks -- including Loss Control, Retention and transfer techniques Agent or Broker "Intermediary" Facilitates the purchase of insurance. Advises insured. Negotiates with the insurer. Independ...

4 Elements of a Legal Contract - Competent Parties Legal Purpose Agreement Consideration Actuarial Department - Gather and interpret stats to determine probability of loss and sets premium rates. Adverse Selection - An imbalance created when risks that are more prone to losses than the average (standard) risk are the only risks seeking insurance within a specific market place. Example: Only those living in earthquake-prone areas seek to buy earthquake insurance. Aleatory Contract - The ...

ABC is a Medicare Advantage (MA) plan sponsor. It would like to use its enrollees' protected health information to market non-health related products such as life insurance and annuities. To do so it must obtain authorization from the enrollees. Which statement best describes the authorization process? - ️️Authorization may be obtained by directing a beneficiary to a website to provide consent Agent Harriet Walker has recently begun marketing Medicare Advantage and related products ai...

A Domestic insurance company - is a foreign insurer to other states - is a domestic insurer w/i the U.S. - is a foreign insurer only to other countries -must be incorporated in at least 2 statesA domestic insurance co. is incorporated in the state within which it is located. It is a domestic insurer within its specific state - ie it is a foreign insurer to other states. A captive insurance co. exists primarily to underwrite the risks of the - parent owner - shareholders - partnersA capti...

1. What are the 3 CATEGORIES of AGENT, and what are the distinctions between those categories : 1. company employed agent, - works directly for insurer as staff. - paid salary with possible bonus or commission, or blend of compensation. - insurer owns client expiration list.` 2. Independent Agent - entrepreneur, maintains separate office from insurer, pays for own expense. - paid by commission or by a combination base salary and commission. - contract negotiated between agent and insur...

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristi...

Account Current Satment - ANSWER Definition A report submitted to the insurance company by the insurance agency which gives an accounting of the policies billed and shows the gross premium, commission, and net premium due Selling new coverage to an existing customer - ANSWER Selling new coverage to an existing customer Admitted Company - ANSWER An insurance company operating within the standard market; licensed by the state with forms and rates regulated; financial condition is monitored ...