Implied authority - Study guides, Class notes & Summaries

SC Property, Casualty, Surety, Marine Exam Questions and Answers 100% Answered!!Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by...

NEW HAMPSHIRE ADJUSTER EXAM PREP: SERIES 12-75 QUESTIONS WITH CORRECT UPDATED ANSWERS GRADED A++ Which of the following best defines "insured"? A. Transfer of the risk of financial loss from one party to another B. A legally binding contract in which the insurance company agrees to pay for specified losses in exchange for premiums C. An individual or organization that pays premiums in exchange for financial protection D. A company, group, or government agency offering financial prot...

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? Home health care Which of the following is NOT a federal requirement of a qualified plan? Employee must be able to make unlimited contributions Why are dividends from a mutual insurer not subject to taxation? Because dividends are considered to be a return of premium The treasurer of XYZ Insurance Company discovers that the treasurer's company is being in...

Professional - One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - What are the benefits of being ethical? True - Is this example an ethical issue? Rating a vehicle using the wrong classification No - Are you allowed to sign for the insured even if the insured gave permission? peer standards, Contracts (oral & written agreements), statutes - Legal duties are b...

Common Law - law derived from judicial decisions instead of from statutes English Common Law - most U.S. states have reception statutes/ you can rely on English common law in the U.S. Articles of Confederation - Weak central government, w/ 3 broad limitations: 1. economic disorganization 2. lack of central leadership 3. legislative inefficiencies Constitution aimed to address: - 1. Separation of Powers (3 branches) 2. Checks & Balances 3. Federalism (Supremacy Clause) Federalism - gove...

A funeral prearrangement life insurance agent must be supervised - Correct Answer-By a legal reserve life insurance agent whose company holds a seller's permit. The maximum initial guaranteed death benefit that a funeral prearrangement life insurance agent may sell is - Correct Answer-$15,000 A funeral prearrangement life insurance agent license expires when the agent - Correct Answer-Fails to submit a biannual renewal application and fee When an application for an insurance agent license...

Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? - Child Term Rider Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning this type of annuity? - During periods of inflation, annuitants will experience a decrease in purchasing power of their payments. In contrast to a guaranteed renewable policy, a noncancellable policy - may nev...

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

CON 3990 FAR Exam Practice Questions and Answers | Latest Update 2023/2024. FAR Part 2 -CORRECT ANSWER Definitions of Words and Terms FAR Part 3 -CORRECT ANSWER Improper Business Practices & Personal Conflicts of Interest FAR Part 4 -CORRECT ANSWER Administrative Matters FAR Part 5 -CORRECT ANSWER Publicizing Contract Actions FAR Part 6 -CORRECT ANSWER Competitive Requirements FAR Part 7 -CORRECT ANSWER Acquisition Planning FAR Part 8 -CORRECT ANSWER Required Sources of Supplies and Servic...