Who can cancel a binder - Study guides, Class notes & Summaries

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

STATE FARM STATE TEST EXAM QUESTIONS AND CORRECT DETAILED ANSWERS | EVERYTHING YOU NEED TO PASS with A+ Who can cancel a binder? - ANSWER-The insurer When does the policy period begin? - ANSWER-When the agent binds the coverage Replacement cost value (RCV) - ANSWER-Calculation of loss by figuring the cost to repair or replace at todays labor and material costs.

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

Insurance - a plan of spreading the risk of possible loss over a large number of people (Law of Large Numbers) - protects against the risk (uncertainty) of when a financial loss might occur Speculative Risk - when there is a chance of gain as well as a chance of loss (ex: buying a stock, gambling) - insurance IS NOT intended to protect against this Pure Risk - when there is a chance of loss only - not all pure risks are insurable Insurable Risk - a risk the insurance ...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

A self-insurer deals with risk by: -Transferring the risk -Avoiding the risk -Retaining the risk -Eliminating the risk Retaining the risk A property and casualty agent must complete how many hours of CE? -12 hours each year -12 hours every 2 years by their due date -complete the approved courses as specified by the law every year -Complete the requirements for CLU or CPCU -12 hours every 2 years by their due date Actual Cash Value is defined as: -Original cost of the pro...

Auto Assigned Risk Plan - The Commissioner must develop a Assigned Risk Plan. Applicants who are in good faith entitled to but are unable to procure auto insurance through the ordinary market. All auto Insurers must subscribe to the Assigned Risk Plan. Autos - Proof of Financial Responsibility - Show proof of insurance requested by a police officer; and at the time of of accident. Insurers must provide each policyholder with an Insur ID card, Personal auto policies must be issued for a peri...

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Exam Questions And Answers All Verified the cost to replace an item or property at the time of loss, minus depreciation - ANS Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occurring w/in the policy period - ANS Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspension or revocation of all insurance licenses - ANS Aidi...

Nuclear Medicine: Exit Exam Practice Questions with 100% Correct Answers A patient with a chest tube arrives in the nuclear medicine department for an Imaging study. The technologist should: A. Cancel the procedure because the chest tube apparatus will interfere with the study B. Place the chest tubes external apparatus on the Imaging table next to the patient C.Hang the chest tubes external apparatus from an IV pole and raise it above the patient's chest D.Place the chest tubes external...

"Practicing Insurance" Without a License - 1) A producer or adjuster, with a suspended or revoked license, who continues to "practice insurance" (transact insurance) after losing his/her license due to a violation of the insurance code is subject to a felony and the following criminal penalties: -Civil fine imposed by a Court of Law (Not the OID) up to $5000 and/or jailed from 1 to 5 years. 2) A person never licensed as a producer or adjuster who "practice insurance" (transact insuranc...