Insurance company answ - Study guides, Class notes & Summaries

An agent is a ____________ of the company, while the broker represents the __________ - ANSWER Legal representative, client The chance of loss or uncertainty of a loss - ANSWER Risk True or False: Promises made to a client by a broker are legally binding on the company. - ANSWER False The chance of loss one accepts in the hope of realizing a gain. - ANSWER Speclative risk True or False: The insurance company does not take on the risk itself but serves as sort of a middleman, spreadin...

Risk - ANSWER the possibility of an unexpected result. Premium - ANSWER A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company - ANSWER A company that provides protection against the risk of financial loss caused by specific events. Life insurance - ANSWER A type of insurance under which the insurer promises to pay a

PSI Life Insurance Test Questions With Correct Answer 2024 Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? - Correct Answer variable universal life Which annuity settlement option provides a stated monthly amount to the annuitant and upon the annuitant?s death the same or a lesser amount paid for the lifetime of the survivor? - Correct Answer Joint and survivorship option In which of the following must a beneficiary change reque...

Describe the Loss Development Factor and explain its use - Answer factors applied to a current valuation of losses to determine an estimate of ultimate losses; these factors are calculated by comparing the period-to-period changes in values of loss reserves, under the assumption that current losses will be paid according to the same pattern as prior losses at similar states of development (history will repeat itself); loss development factors are frequently calculated separately for incurred los...

Blue Cross Blue Shield Exam Questions and Answers | 100% Pass BS was formed in palo alto, california in 1939 as a prepaid health plan for what type of services - Answer️️ -physician what year did BC and BS combine personnel under the leadership of a single president, responsible to both boards of directors - Answer️️ -1977 what year did BC and BS merge into a single corporation called BlueCross BlueShield Association - Answer️️ -1986 an organization or corporation that return...

Which of the following is NOT a feature of a guaranteed renewable provision? -ANSWER- The insurer can increase the policy premium on an individual basis The main difference between immediate and deferred annuities is: -ANSWER- When the income payments begin A hospital indemnity policy will pay: -ANSWER- A benefit for each day the insured is in a hospital The insured's health policy only pays for medical costs related to accidents. Which or the following types of policies does the insur...

Dwelling Policy - ANSWER-Only insures property DP-1 - ANSWER-Basic Form DP-2 - ANSWER-Broad Form DP-3 - ANSWER-Special Form Dwelling Coverage A - ANSWER-Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B - ANSWER-Other Structures- Insures buildings on premise but separate from the dwelling. Dwelling Coverage C - ANSWER-Personal Property- Covers the insured's personal property and must be requested. If rental...

Subrogation - Correct Answer-One insurance company sues another to recover cost to repair insured's car Release - Correct Answer-Two insurance companies agreed or insured agrees ACV - Correct Answer-Actual Cash Value, cost new less depreciation Arbitration - Correct Answer-Only way in insurance policy to dispute claim amount. Two appraisers agree or go to umpire LQK - Correct Answer-Like, Kind, Quality Solenoid - Correct Answer-Located between battery and starter motor Exhaust - Correct...

FSRT Course 2023 Questions and Answers | Verified Answers Technicians should not decide they will be able to restore a damaged item until they have ________________ the item and communicated with the customer ** Answ** Pretested The restoration company works for the property owner, who is the primary customer. A secondary customer is the insurance carrier when the property owner is an ___________. ** Answ** Insured

The insurer and insured agree to a specific value of insured item - ANSWER-Agreed Value Policies Someone who has care, custody or control of another's property - ANSWER-Bailee Claim filed by policy holder against his _ - ANSWER-First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - ANSWER-Negligent Entrustment Hazard that results from...