Michigan property - Study guides, Class notes & Summaries

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 ...

Michigan Property & Casualty Insurance Exam Questions and Answers

Michigan Property & Casualty Limited Lines UPDATED Exam Questions and CORRECT Answers Personal Contract - Correct Answer- personal in nature, there must be an insurable interest Aleatory Contract - Correct Answer- "a one sided contract" equal value is not given by both parties in the contract. Policyowner pays small premium - insurer provides a substantial benefit Contract of Adhesion - Correct Answer- contract and its provisions are completed by one party - the insurer. Ambiguit...

Michigan Property & Casualty Exam Prep 2023/2024

15 days - File a notice of producer appointment within __ days 3 ways to assign rates - Judgement, Manual, Experience 30 days - Time for producer to respond to notification 60 - Insured must send a signed statement of loss to the insurance company within __ Abandonment - Insured cannot abandon property that can be repaired & expect to be paid as if it was a total loss Actual Cash Value (ACV) - replacement cost - depreciation Adverse Selection - risks that have a greater than average chanc...

all of the following statements would be true of TRID except? - ANSWER TRID requires a closing disclosure to be provided to the buyer 2 days before the settlement date. which of the following is not required when recording the deed with the county clerks office? - ANSWER two witnesses which of the following was added to the federal fair housing act in 1988 when it was amended? - ANSWER familial status and handicapped calculate the transfer tax that would be owed in Michigan on the sale ...

Created to serve as a complete, comprehensive code regulating the construction of single-family, two-family and buildings consisting of three or more townhouse units. - Answer IRC (International Residential Code) Administrative - Answer First 2 chapters of code book are True - Answer Plans or supporting documents are almost always required by the controlling authority prior to issuing a permit. T or F Yes - Answer Does the building official have the authority to render interpretations o...

Property & Casualty Michigan Practice Exam Questions and Answers

Michigan Property & Casualty ExamFIO - correct answer (Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - correct answer Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance - correct answ...