unit 3

natalie has an insurance policy that specifically does not cover flood damage. this information can be found in which of the following sections of the policy

exclusions section

a car speeds through the red light at an intersection, totaling the insured's car, after his insurer paid for the total loss of his car, his insurance company brings suit against the negligent party to recover the amount paid for the loss. this is known as

subrogation

brady and his wife julie had an insurance policy that was canceled by the insurer before the expiration date. they will receive a portion of their premium back on

a prorated basis

an existing auto insurance customer calls your office and says she has bought a car and needs immediate coverage. what can you give your customer to provide immediate coverage in this situation

a binder

all of the following statements about the fair credit reporting act are true except

a notice to the applicant must be sent within five days after the report is requested

the penalty for early cancellation of an insurance policy by the insured is applied on

a short-rated basis

Nathan and allison have two insurance policies on their home. policy a has a coverage limit of $100000. policy b has a coverage limit of $200000. when nathan and allison have a house fire and have a $100000 claim, policy a paid $50000. this is an example of which other insurance provision

contribution by equal shares

the declarations section of a policy contains all of the following information except

covered perils

which of the following is not part of the underwriting process

evaluating premium expense loads

glenns insurance policy was canceled by the insurer on the effective date. this is called

flat cancellation

according to the gramm

leach bliley act, anyone who has an ongoing relationship with a financial institution is considered to be - a customer

which of the following is not an example of an insurable interest

person's interest in property she sold

all of the following statements about property insurance are correct except

property insurance primarily provides coverage for damage to the property of others

casualty insurances

protects an insured from legal liability arising from injury or damage to the property of others

all of the following statements about cancellation and non

renewal of an insurance policy are true except - the named insured can only cancel the policy on the renewal or expiration date

all of the following are included in the duties after loss provision except

salvage damaged property

which of the following states that a policy may not be transferred to anyone else without the written consent of the insurer

the assignment condition

which part of the polcy states the rules of conduct, duties, and obligations that are required for coverage

the conditions section

the amount of money that the insurance company makes by providing insurance for a designated period is called

the earned premium

the person that is listed on the declarations page when there are multiple people insured in a policy, and may have a higher level of duties or rights in the policy, is known as

the first-named insured

which of the following is not a factor that determines premium rates

the insurer's credit

a promise to pay and perils covered is described in

the insuring agreement

which of the following statements about the deductible in an insurance policy is correct

the lower the deductible, the higher the premium

randall has an insurance policy that states that his policy began at 10am est on january 17th of the current year and ends at 12:01am est on january 17th of the following year. these details are known as

the policy period

the provision that states, where a loss must occur for it to be covered, is known as

the policy territory provision