Short rate cancellation - Study guides, Class notes & Summaries
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AL P&C University of Alabama Study Guide
- Exam (elaborations) • 38 pages • 2023
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If a company cancels an auto policy mid-term, the refund will be made on a : 
 
A. pro rata basis 
B. short rate basis 
C. retroactive basis 
D. coinsurance basis - Answer- A. Pro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period? 
 
A. Cancellation 
B. Nonrenewal 
C. Separation 
D. Exclusion - Answer- B. Nonrenewal 
 
Which is the best example of an indirect loss? 
 
A. Sequential loss 
B. Liability loss 
C. Employee theft 
D....
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AL P&C University of Alabama Study Guide Graded A+
- Exam (elaborations) • 57 pages • 2024
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AL P&C University of Alabama Study Guide Graded A+ 
If a company cancels an auto policy mid-term, the refund will be made on a : 
A. pro rata basis 
B. short rate basis 
C. retroactive basis 
D. coinsurance basis A. Pro Rata Basis 
What is the term used to describe terminating the insurance relationship at the end of the policy 
period? 
A. Cancellation 
B. Nonrenewal 
C. Separation 
D. Exclusion B. Nonrenewal 
Which is the best example of an indirect loss? 
A. Sequential loss 
B. ...
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A D Banker Property and Casualty Chapter 2 Updated Questions with 100% Correct Answers | Latest & Verified
- Exam (elaborations) • 9 pages • 2024
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Accident - CORRECT ANSWER-A sudden, unforeseen, unintended, and 
unplanned event from which loss or damage results. 
Occurrence - CORRECT ANSWER-An accident includes continuous or repeated 
exposure to the same general harmful conditions. 
Cancellation - CORRECT ANSWER-The termination of an insurance policy 
before its expiration date. Once cancelled, a policy provides no coverage. A 
policy may be cancelled by the insured or insurer. 
Pro Rata Cancellation - CORRECT ANSWER-A proportionate cance...
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University of Alabama AL P&C Study Test with Correct Solutions 2024
- Exam (elaborations) • 56 pages • 2024
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University of Alabama AL P&C Study Test 
with Correct Solutions 2024 
If a company cancels an auto policy mid-term, the refund will be made on a : 
A. pro rata basis 
B. short rate basis 
C. retroactive basis 
D. coinsurance basis - Answer -A. Pro Rata Basis 
What is the term used to describe terminating the insurance relationship at the end of the policy period? 
A. Cancellation 
B. Nonrenewal 
C. Separation 
D. Exclusion - Answer -B. Nonrenewal 
Which is the best example of an indirect loss? 
...
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Alabama Property and Casualty | 99 Questions and Answers(A+ Solution guide)
- Exam (elaborations) • 18 pages • 2023
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If a company cancels an auto policy mid term, the refund will be made on 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis - Pro Rata Basis 
What is the term used to describe terminating the insurance relationship at the end of the policy period 
? 
a. cancellation 
b. nonrenewal 
c. separation 
d. exclusion - Nonrenewal 
Which is the best example of an indirect loss ? 
a. sequential loss 
b. liability loss 
c. employee theft 
d. loss of use - Loss of Use 
Which...
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Alabama State Licensing Property And Casualty Latest Exam And Verified Complete Answers 2024.
- Exam (elaborations) • 12 pages • 2024
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a company in chartered in Guam or Puerto Rico doing regular business in new York would be considered by new yorkers to be a 
 
1. domestic company 
2. foreign company 
3. alien company 
4. international company - Answer 2. foreign company 
 
If a company cancels an auto policy mid-term, the refund will be made on a 
 
1. Pro rata basis 
2. short rate basis 
3. retroactive basis 
4. coinsurance basis - Answer 1. pro rata basis 
 
What is the term used to describe terminating the insuran...
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Property And Casualty NY License Questions & Answers Fully Solved 100%
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Broker - ANSWER-acts on behalf of insured in negotiating insurance. they work for clients. have no binding authority- can't put risk in place 
 
Agent - ANSWER-acts on behalf of insurance company with whom they are contracted. signs contract. never work for clients only company. 
 
Agents binding authority 3 sources - ANSWER-Expressed- actual written agency contract 
Apparent- companies supplied signs, business cards, etc. 
Implied- accepting premiums after cancellation 
 
2 Types of Agents - A...
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Alabama Property and Casualty Exam 2024 (A+ GRADED)
- Exam (elaborations) • 12 pages • 2023
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If a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis correct answers Pro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ? 
a. cancellation 
b. nonrenewal 
c. separation 
d. exclusion correct answers Nonrenewal 
 
Which is the best example of an indirect loss ? 
 
a. sequential loss 
b. liability loss 
c. employee thef...
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Fundamentals Of Insurance (BC) Exam /400 Questions and Verified Answers 2023/2024 All Correct Assured
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Fundamentals Of Insurance (BC) Exam /400Questions and Verified Answers 2023/2024 All Correct Assured A+. 
Insurance plays an important role in managing financial risk. The main purpose of 
Insurance is to: 
A. Enable the consumer to obtain loan or mortgage. 
B. Provide employment and investment capital. 
C. Allow spread of risk. 
D. Reduce losses through loss prevention and loss reduction. - correct answer C. Allow 
spread of risk. 
When the insurer terminates an insurance policy, ALL of the fol...
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Alabama Property and Casualty Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024
- Exam (elaborations) • 18 pages • 2024
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Alabama Property and Casualty Exam | 
Questions with 100% Correct Answers | 
Verified | Latest Update 2024 
If a company cancels an auto policy mid term, the refund will be made on 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis - - Pro Rata Basis 
What is the term used to describe terminating the insurance relationship at the end of the policy 
period ? 
a. cancellation 
b. nonrenewal 
c. separation 
d. exclusion - - Nonrenewal 
Which is the best example of a...
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