Speculative - Study guides, Class notes & Summaries

Primerica Pre-licensing Course Solved Exam |Question and Answers| 100% Correct agent *Ans* legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured *Ans* the person covered by the insurance policy; this person may or may not be the policyowner broker *Ans* an insurance agent not appointed by an insurer and is deemed to represent the client insurance policy *Ans* a contract between ...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

Which of these is NOT considered to be a violation of the Unfair Competition Law in Indiana? monopolize or restrain trade making unsubstantiated criticisms about an insurance company pay insurance commissions to an unlicensed individual paying a finder's fee to an individual who provides a sales lead - correct answer paying a finder's fee to an individual who provides a sales lead A viatical settlement agent, according to the Indiana Department of Insurance, is an individual who f...

USAA P&C Insurance Adjuster EXAM QUESTIONS CORRECTLY ANSWERED Perils - ANSWER Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - ANSWER Condition that create or increases the chance or loss or contributes to the loss Physical Hazard - ANSWER Visible ( operational features of a risk) Moral Hazard - ANSWER Intentional dishonesty or illegal actions of a person (arson) Morale Hazard - ANSWER Carelessness or indifference ( attitud...

Florida Insurance 2-14 Exam Terms/ 2-15 Life, Health, And Variable Annuities. State of FL Exam

Perils correct answer: the cause of loss Policy Owner correct answer: the person who has the rights and privileges in the policy Risk correct answer: Uncertainty or chance of loss -Pure Risk(Insurable) -Speculative(Uninsurable) Insured correct answer: the person covered by the insurance policy insurer correct answer: a company that issues an insurance policy Law of large numbers correct answer: the larger the number of people with the same exposure to loss, the more predic...

RMIN EXAM 1 CH 1-4 QUESTIONS & ANSWERS The property and liability insurance industry is characterized by a receptive pattern of loose underwriting standards with low premiums followed by tight underwriting standards with high premiums. This repetitive patter is called the: a. underwriting cycle b. underwriting by exception method c. business cycle d. account underwriting method - ANS-a. underwriting cycle A situation or circumstance in which a loss is possible, regardless of whether a ...

Risk - correct answerThe chance or uncertainty of loss. Methods of Managing Risk - correct answer1. Avoid risk 2. Control risk 3. Retain a risk 4. Transfer a risk Avoid Risk - correct answerNever get into a car. Control Risk - correct answerTraining workers in the safe use of welding tools, or installing a sprinkler system in a factory. Retain a Risk - correct answerIf any loss occurs, people will pay for it themselves. Transfer a Risk - correct answerUse a Hold Harmless Agreem...

Florida Insurance 2-14 Exam Terms Answered Correctly!!

California Life Accident and Health Exam Practice 2024 A ABC INSURANCE -Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED -Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED -Answer-WHICH OF THE FOLL...