4/11/25, 9:19 WEBCE Regulation of Property Insurance Flashcards |
PM
WEBCE REGULATION OF PROPERTY
INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATE
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Notice of cancellation of or refusal delivered electronically; or
to renew a fire insurance policy mailed by registered or certified mail to the address stated in the policy.
insuring an owner-occupied
dwelling is effective when
-nonpayment of premium;
-conviction of a crime connected with acts increasing the probability
that an insured loss will occur;
Fire policies insuring owner-
-fraud or material misrepresentation;
occupied dwellings may be
-willful acts or omissions increasing the probability that an insured loss will occur;
canceled for
-physical changes in the property making the property uninsurable; or
foreclosure of the property.
Fire insurance policies may be end of policy term
nonrenewed only at
- state the date of proposed termination, at least 30 days after mailing
or delivery, unless the action results from nondays which changes it
A written notice of cancellation or to at least 10 days
refusal to renew must: - state reasoning
- advise insured that within 10 days, they may request the
commissioner to review the action
- advise the insured of possible eligilbity
Insurers must maintain records of at least one year
cancellation and refusal to renew and
copies of every notice sent to
insureds for how long?
- concealment and fraud
- insurance and exempted property
- perils not included
- other insurance
- conditions suspending or restricting insurance
- other perils
- added provisions
- waiver provisions
VA fire insurance policies must - cancellation of policy
contain
the following provisions - mortgagee interests and obligations
pro rate liability
- requirements in case loss occurs (within 60 days)
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2
PM
WEBCE REGULATION OF PROPERTY
INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATE
Leave the first rating
Save
Notice of cancellation of or refusal delivered electronically; or
to renew a fire insurance policy mailed by registered or certified mail to the address stated in the policy.
insuring an owner-occupied
dwelling is effective when
-nonpayment of premium;
-conviction of a crime connected with acts increasing the probability
that an insured loss will occur;
Fire policies insuring owner-
-fraud or material misrepresentation;
occupied dwellings may be
-willful acts or omissions increasing the probability that an insured loss will occur;
canceled for
-physical changes in the property making the property uninsurable; or
foreclosure of the property.
Fire insurance policies may be end of policy term
nonrenewed only at
- state the date of proposed termination, at least 30 days after mailing
or delivery, unless the action results from nondays which changes it
A written notice of cancellation or to at least 10 days
refusal to renew must: - state reasoning
- advise insured that within 10 days, they may request the
commissioner to review the action
- advise the insured of possible eligilbity
Insurers must maintain records of at least one year
cancellation and refusal to renew and
copies of every notice sent to
insureds for how long?
- concealment and fraud
- insurance and exempted property
- perils not included
- other insurance
- conditions suspending or restricting insurance
- other perils
- added provisions
- waiver provisions
VA fire insurance policies must - cancellation of policy
contain
the following provisions - mortgagee interests and obligations
pro rate liability
- requirements in case loss occurs (within 60 days)
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2
