california property and casualty exam / Complete Solutions with 100% Verified Answers A+ Graded (Best Answers)

california property and casualty exam / Complete Solutions with 100% Verified Answers A+ Graded (Best Answers) Quiz_________________? "other-than collision" coverage of personal auto policy covers which of the following types of losses? - Answer the windshield of the vehicle is damaged while left overnight on a city street within 5 miles of the insured's residence Quiz_________________? "other-than-collision" coverage of a personal auto policy includes which of the following types of losses - Answer theft of any of these would be covered Quiz_________________? "risk" is one of the most important terms in the insurance industry. How is it defined - Answer the uncertainty of a loss Quiz_________________? "umbrella polices "provide coverage for and are best defined as which of the following? - Answer excess liability coverage, on a broader basis, above an underlying primary policy Quiz_________________? • A fire and casualty managing general agent can do all of the following EXCEPT - Answer none of these are excluded from the power and authority given to fire and casualty managing general agent Quiz_________________? • A licensed fire and casualty broker-agent when properly appointed may transact all of the following except - Answer health insurance Quiz_________________? • All fire and casualty broker-agents must not only be licensed with the DOI but they must also be appointed with the insurance companies they will be representing. When does this authority resulting from the insurer appointment to transact insurance business become effective - Answer when the notice of appointment is signed by the insurer Quiz_________________? • All licensees must be appointed by the insurance companies they represent in order to sell the lines of insurance that a particular insurer may offer. Assuming that a licensed fire and casualty broker/agent has received the proper appointment - Answer what type or types of insurance, from the following list, may this individual sell, auto, property insurance Quiz_________________? • All of the following are characteristic of ideally insurable loss exposure EXCEPT: - Answer losses that are catastrophic Quiz_________________? • All of the following factors can be used according to the insurance code in California to determine auto insurance policy rates in addition to any other factors the insurance commissioner is allowed to adopt; and include by regulation - Answer 1and 3 only Quiz_________________? • An insurance company pays a loss and continues coverage under an auto policy under the following circumstances. An insured honestly thinking that he received his last traffic ticket more than 36 months ago. Applies for an auto policy stating that he has had not ticket or accidents in the past 36 months. Several days after the policy is issued the insured's car is stolen. While the claim is being processed the insurance company discovers that the insured had received his most recent traffic ticket for speeding 32 months ago. Why is the claim paid and the policy - Answer the concealed facts were not material, they would paid the claims anyways Quiz_________________? • Entitles or organizations that provide coverage for medical expenses in California are subject to the jurisdiction of the state department of insurance (with several exceptions) unless these entities or organizations can demonstrate that during the course of providing these services - Answer they are subject to the, all of the above Quiz_________________? • For more serious offenses and conviction an application for a license can be denied without a hearing which of the following circumstances would allow for an application to be denied for an insurance license WITHOUT A HEARING - Answer the applicant for the insurance has had no previous license denied for cause with previous 5 years Quiz_________________? • How do insurance regulators view a statement made by an agent to a prospective insured that the dividends of an insurance contract are guaranteed each year? - Answer this would be considered a misrepresentation Quiz_________________? • How is an "insurance broker" defined according to the California insurance code? - Answer an individual who receives compensation for transacting insurance on behalf of another person, but not on behalf of an insurance company Quiz_________________? • How is an admitted insurer defined according to California DOI? - Answer it transact insurance according to laws of the state of California Quiz_________________? • If an insured signs a claim form a claim which is fraudulent the insured may be guilty of - Answer perjury Quiz_________________? • In the state of California how is a domestic insurer defined according to the California DOI code? - Answer organized, chartered, or incorporated under the law of state of California Quiz_________________? • Insure' especially those with higher premiums very often have the immediate funds to pay required premiums such as automobile liability insurance. In many cases insurers will provide premium financing. Which of the following statements is correct regarding this financing according to the requirements of the California insurance code? - Answer any agent that provides premium financing service is required to maintain all records regarding the financing if compensation is received for financing of the premium for three years after transaction. Quiz_________________? • It can be very tempting for commission based insurance salespeople to perform unethical activities in order to make a sale. of the following which would not be a reason why and agent might be tempted to act unethically? - Answer maintaining the best interest of customers first and foremost