Naic - Study guides, Class notes & Summaries

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking only covere...

National Association of Insurance Commissioners (NAIC) - ANSWER is an association of all of the state insurance commissioners active in insurance regulatory problems and in forming and recommending model legislation and requirements. The NAIC does not directly MAKE laws, as laws are made at the state level. They do work on suggesting standards for states to adopt with the goal of a standardizing the insurance industry throughout the United States of America. State Guaranty Association - ANSWE...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - Answer- 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - Answer- general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the validity of a li...

Lloyds of London was most known for insuring what product? Tobacco Shipments How did the Chinese families use the concept of pooling to protect their crops? Divided shipments to multiple ships The chinese were credited with being the first to create the concept of insurance. The main method used was to ship their goods on multiple ships instead of on one single vessel. What concept of insurance does this demonstrate? spreading the risk John just bought a boat. He has never owned...

NAIC390 UPDATED Actual Questions and CORRECT Answers Regarding indexed annuities, the participation rate is best described as: - CORRECT ANSWER- The percentage of increase in the index that will be used to calculate the index-linked interest rate.

Arkansas Property and Casualty License ExamThe National Association of Insurance Commissioners (NAIC) - correct answer Consists of all State and territorial insurance commissioners or regulators. The NAIC provides resources, research, legislative and regulatory recommendations and interpretations for state insurance regulators. The NAIC has no legal authority to enact or enforce insurance laws. The Federal Insurance Office (FIO) - correct answer This office monitors the insurance industry ...

NAIC 390 Exam | Actual questions and answers | updated 2024

Lesson 11: NC Statutes & Regulations Pertinent to Life Insurance Questions with Correct Answers Contract of Insurance - Correct Answers Agreement by which the insurer is bound to pay money or its equivalent, or do some act of value to the insured upon and as an indemnity or reimbursement for the destruction, loss, or injury of something in which the party has an interest. Commissioner - Correct Answers Commissioner of Insurance of NC or authorized designee -Heads state Department of Insuran...

NAIC390 EXAM QUESTIONS AND ANSWERS

Insurers and claim representatives must keep the promises specified in insurance policies, as well as those created by the law. In insurance transactions, the insured pays a premium for the insurer's promise to A. Handle claims in good faith. B. Comply with federal insurance laws. C. Compete fairly in the insurance market. D. Settle all losses in the insured's best interests. - A. Handle claims in good faith. In insurance transactions, the insured pays a premium for the insurer's promi...