Worksheetslimited lines agent
Total questions: 15
Worksheet time: 8mins
The possibility that a loss will occur
Peril
Hazer
Loss
Risk
What is a peril
when someone is in a car accident
Someone car is on fire/ when they have a flood/ collision
Unforeseen damage to property
Increases chance that a loss will occur
A contract that transfers the risk of financial loss from an individual or business
Insurance
Deductible
Indemnity
Extensions of coverage
Not covered by insurance and can be a possibility of a loss or gain
Limits of liability
Hazer
Speculative Risk
Pure Risk
When fumes escaping from an activity on the insured's premises eventually damage the paint on a neighboring house is called..?
commission sharing
Cause of loss
Occurrence
Ethic
What is a loss. . .
your friend house on fire
Being in an accident
A flood
unforeseen damage to property, injury, amount paid
Protect consumers from adverse action based on their credit reports
Fair credit Reporting Act
Insurance regulation
Commissioner of insurance
Fraud
where is deductible found
Occurrence
Bank
Declaration page
ethic
Involves only the possibility of a loss, can be cover by insurance
speculative
pure risk
loss
direct loss
who has settled the insureds loss in order to recover from an at fault third party?
Marketing
The principle of indemnity
Subrogation- The right of the insurer and The right of recovery- prevents from collecting twice
Additional coverage
An indemnity state that the insured will be place back to the per-loss economic condition
Indemnity
Accident
Limits of liability
deductible
Cease and desist order is. . .
Faced with the determination that a violation of the unfair trade practices laws has occurred, the Commissioner would be most likely to
Violation of cease and desist order
If the hearing determines the person has engaged in an unfair method of competition or an unfair or deceptive act, the board will issue a cease and desist order
Enforcement of the insurance code
who undertake a high level of trust when acting in the interests of another person
Insured
agent
Fiduciary
commissioner
The agent or insurance company's customers and policyholders
Agent Act
book of business
Policy
Policyholders
Implies or tells and insured that they have a coverage under a policy when actually it don't exists.
Insurer
Agent
personal lines
Insured
