Hawaii Insurance Review Exam with Right Answers

Who would be considered a named insured? - The insured's 30 year old sister who lives with the insured An order and notice of commissioner will not be effective unless: - Signed by the Commissioner or under the Commissioner's authority When an insurance company makes payment for loss of damaged property the salvage belongs to: - The insurer Who is covered under Workers' Comp? - Servant of homeowner that works less than 40 hours per week A person who license is revoked or suspended is required to provide: - Proof of financial responsibility When should an insured notify the insurer of a claim? - Promptly, urgently or ASAP What is the purpose of a joint underwriting plan? - To provide coverage to persons in high risk categories who cannot obtain insurance at a reasonable cost A statement given by an insured following a loss is called: - Proof of loss What is the difference between insurance and a bond? - A bond is an agreement between 3 people When and insured and insurer are in disagreement regarding the amount of loss, each will choose: - Appraisal When two policyholders' house burns down and they agree to give the proceeds to someone after a loss, this is called: - Assignment What is the definition of accident? - Sudden, unexpected and unforeseen Who sets the rates for the insurance company? - By individual company with their past experience