Property Insurance
What is true about rates and premiums?
rates are used to calculate premiums
An Insurer domiciled in a foreign country is?
Alien
Under the Do Not Call LIst Rules, telemarketers may only call cusumers between the hours of:
8am-9pm
Which of the following is considered to be a "participating" insurer?
A mutual insurer
Representations given by the insured to the insurer are located in the
Application
Which section of the policy contains the Insured's duties in the event of a loss?
Conditions
Which section of the policy contains the Insured's right to bring legal action against the Insurer?
Conditions
Which insurer doesn't use agents?
Direct Response
Which marketing distribution system relies primarily on phone, mail and internet?
Direct Response
Which section of the policy limits the scope of coverage?
Exclusions
Which marketing distribution system utilizes agents that represent a single insurer?
Exclusive Agency
Which federal agency monitors and regulates the Do Not Call LIst?
Federal Trade Commision
What section of the policy determines the coverage?
Insuring Agreement
Which of the following is an insurance marketplace made up of members who are grouped into syndicates?
Lloyd's of London
Consideration is evidenced by
Paying a premium
The Do Not Call Registry lists:
Phone numbers only
Which covers only listed perils?
Specified (Named) Perils
A Peril is
The proximate cause of the loss
Which law deals with money laundering and insurance companies?
USA Patriot Act
A licensee may violate federal law and be subject to a fine and prison for doing what?
Under the Federal Violent Crime Control Act a licensee can't send threatening letters to a state insurance regulator.
Reinsurance is insurance that is purchased by:
a cedant
The insured intentionally did not inform the insurer that the insured owned only 35% of the property. This is an example of:
concealment
Molly has been driving a car which has tires that are severely worn and should be replaced. The tires are an example of a:
hazard because it increases the likelihood that a peril will occur.
What components are used to develop rates?
loss costs, business expenses, profits
A clogged exhaust vent on the kitchen's deep-fat fryer in a friend chicken restaurant is a?
physical hazard
Coinsurance formula: (did carry/ what) x loss= amount of recovery
required coverage
The Proof of Loss includes each of the following except? a. The names of all persons with an insurable interest. b. Sworn statement regarding other insurance. c. lienholder identification d. the policy's limit of liability
the policies limit of liability
A written statement of fact guaranteed to be true is a/an:
warranty