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