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Qbank Q&A

Exam Questions from Unit 1, 2, 3, 4

QuestionAnswer
What risk is insurable Pure Risk
Individuals who agree to share each others losses are who? Reciprocal companies
A contract in which 1 insurer cedes all or part of a risk to another insurer is known as... Reinsurance
Which type of authority does an insurer give to its agents by means of the agents contract? Express
Which department within an insurance company organization is typically responsible for helping to cover the insurers exposure to loss? Reinsurance department
An insurance company owned by its policyholders, who receive a return of unused premiums in the form of policy dividends is a... Mutual Company
Examples of insurable risks are... Due to chance Accidental to the customer Has a determinable value
Agents have the responsibility to... Field underwriting each risk Review insured's coverage Explain coverages
Jim Smith knowingly and willfully obtained personal information from an insurer under false accusations, he may be fined up to... $25,000, imprisoned 9 months, both
In the WI Insurance Plan (WIP), what is the max limit of coverage for Basic property insurance on a covered dwelling? $200,000
Rebating is an example of... Unfair Inducement
If someone's insurance policy has less favorable terms, the insurer must notify the insured within how many days? 60 days
Insurance companies are allowed to __________ to domestic abuse victims. Not renew coverage based on excessive claims occurred
What is not required when reinstating a revoked license? Completion of relicensing education
A nonrenewal has to be sent to the policyholder with how many days before contracts expiration date? 60 days
In Wisconsin, policy RATES are... Use and File
In Wisconsin, policy FORMS are... File and Use
In WI, initial premium rates and rate changes for property and casualty ins. must be filled with the office of Commissioner 30 days after they become effective. For this, WI is known as... Use and File
Insurance Security Fraud is not obligated to pay more than.... (unless for workers comp) $500,000
If something was a total loss (without criminal fault of the insured), the amount of loss will be... Whatever the policy limits are
If an insured has a nonpayment of a premium, how much notice does the insurer need to give insured for cancellation 10 days
A surplus lines agent does not need to ___________ when writing a contract for surplus lines. Make certain that the insurer has been authorized by the Commissioner as a reliable insurer.
Within how many days must an intermediary report a change in address to the Commissioner? 30 days
SR-22 is used for what purpose? To certify Motor Vehicle Department that a driver has insurance coverage meeting the minimum limits required
Farmers are considered employers if the have ___ amount of employees for ___ consecutive days 6 employees for 20 consecutive days
The Department of Insurance does what? Enforces Insurance laws
Domestic insurers' examinations are paid for by the _______? Insurance company
Any ambiguity in the contract should be interpreted in favor of the _____? Insured
Why do insurance policies define who is considered an insured under a policy To specify who is covered in addition to the name insured
In describing the concept of subrogation, the insurer claims the right to... Collect from a negligent 3rd party
"We will pay damagers a client becomes liable to pay because of bodily injuries to others" is an example of... An insuring agreement
The list of perils covered under a policy is found in what part of the policy? Insuring agreement
What describes a short-rate cancellation? Upon cancellation, the insurance company keeps all earned premium plus overhead expenses incurred
A Fair Credit Reporting Act's notice must be given to the consumer within how many days after the report is requested 3 days
A Compulsive Forfeiture is a fine of how much? $5,000 each day a violation continues after 2 weeks
What information is important to the underwriter? Consumer reports, Government Bureaus, and Agent/Producer comments
The purpose of the Conditions Section of an insurance policy is to... list the obligations of the insured and insurer
What are the (4) basic parts of an insurance contract? Declarations, insuring agreement, conditions, and exclusions
When an insurance company cancels a policy, what is the method used to determine the premium due? Pro Rata
Coinsurance Formula (insurance carried)/(insurance required) X (loss) = (claim payment) - (deductible)
What is the purpose of coinsurance? Ensures the property is insured to a certain value
The amount of payment that comes into play when an insured fails to carry the sufficient amount of insurance is sometimes referrred to as Coinsurance Penalty
Liability insurance covers.... 3rd party losses
What is the purpose of liability insurance? To protect the insured from financial loss incase he becomes responsible to pay for damages caused to others
What are the (4) that establish negligence legal duty owned, breach of legal duty owned, proximate clause, and damages
Created by: marerickson
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