Insurances - Study guides, Class notes & Summaries

5 Ways Insurance companies spread risk - ️️-Share risk with other insurance companies (for very large risk, several insurers subscribe to percentage of risk) -Reinsure the risk -deductible -spread risk over diverse geographical region (soften risk of localized disasters) -form risk pools (syndicates of insurance and reinsurance companies, organized to underwrite particular risk) Two principles of insurance - ️️1. Premiums of the many are used to pay the losses of the few (risk t...

All of the following information about a customer must be used in determining annuity suitability EXCEPT a) financial experience b) annual income c) beneficiary's age d) tax status - c A claimant, whi is totally and permanently disabled, is eligible for Social Security Disability benefits after an elimination period of a) 24 months b) 0 months c) 5 months d) 12 months - c A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the polic...

Missouri Title Insurance Producer Exam Guaranteed Success Title Insurance Terms and Definitions 1. Title Insurance ️ - An insured statement of the condition of title or ownership of real property. For a one-time-only premium, the named insured and their heirs are protected against title defects, liens, encumbrances existing as of the date of the policy and not specifically excluded from it. In the event of a claim, the title company provides legal defense for the policyholder and pay...

Alletory Contract - Equal value is not given by both parties in the insurance contract. Either insured collects more claims than premiums or insurer collects more premiums than claims paid. All of the following must have an intermediary license except: A) A town mutual insurance agent who sells only crop insurance. B) A town mutual insurance agent who sells auto insurance. C) A town mutual insurance agent who sells only property insurance. D) A person who sells health insurance for a non-p...

NJ Property/ Casualty Insurance Exam Set Questions And Answers 100% Guaranteed Success. Why was the commercial Insurance Deregulation Act Created? - correct answer. To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - correct answer. Commercial policies When must rate amendments & policy forms be file...

Binder - Temporary insurance Usually given by the agent—verbal or in writing Can be canceled by the company Does not guarantee a policy will be issued Automatically ends if a policy is issued by the underwriter Assigned risk plans - A plan through which people can buy insurance if they are unable to purchase insurance in the regular or voluntary market, because of their high risk or other factors. An insurer who terminates an appointment, employment, or other relationship of an agent mu...

Primerica-Life Insurance, All questions and answers 100% guaranteed success. Stranger-oriented ylife yinsurance ypolicies yare yin ydirect yopposition yto ythe yprinciple yof a. ylaw yof ylarge ynumbers b. ygood yfaith c. yindemnity d. yinsurable yinterest y- y ycorrect yanswer. y y yd. yinsurable yinterest-STOLI ypurchaser ydoesn't yknow ythe yinsured, yor yhave yany yinterest yin ythe yinsured's ylongevity, yso yit yviolates ythe yprinciple yof yinsurable yinterest Which ...

Florida Insurance 2-14 Exam Terms Questions And Answers 100% Guaranteed Success. Insurance k- k kcorrect kanswer. k k kFinancial kprotection kagainst kloss kor kharm k- kAn karrangement kby kwhich kcompany kgives kcustomers kfinancial kprotection kagainst kloss kor kharm ksuch kas ktheft kor killness kin kreturn kfor kpremium kpayments. Life kInsurance k- k kcorrect kanswer. k k kIs kbased kon kactuarial kor kmathematical kprinciples kand kguarantees ka kspecified ksum kof kmon...

Commercial Basic Form - ️️FLEC VSVS Fire Lightening EC= WC Shavver Vandalism Sinkhole Volcanos Sprinkler Commercial Broad Form - ️️Basic + FAWCG Falling Accidental steam or water Water damage Collaps Glass breaking 4 Commercial Coverages - ️️*Building and Personal Property *Business Income *Extra Expense Coverage *Builders Risk Coverage Buildings and Personal Property Covergage - ️️It pays for direct losses to covered buildings and personal property 3 classes:...

By the end of the lesson you should be able to: - Correct Answer-Describe the difference bw agile and waterfall projects Identify key components of the project lifecycle Explain various roles in the project describe common project activities know the difference bw inception and delivery activities Describe the Guidewire Project Lifecycle Explain the components of the delivery model Understand the goal of each phase Describe the activities that occur during each step in the project li...