To be issued a business entity producer license by the commissioner the business entity must have how many partners or officers licensed as producers Correct Answer: atleast 1
The occurence form trigger is based on w
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To be issued a business entity producer license by the commissioner the business entity must have how many partners or officers licensed as producers Correct Answer: atleast 1
The occurence form trigger is based on which of the following? Correct Answer: the date where injury and damage occur
How are surety bonds different from insurance? Correct Answer: Surety bonds guarantee specific duties or obligations will be fulfilled and insurance pays for losses
What is the deductible of a personal liability umbrella policy called? Correct Answer: The SIR - self insured retention
What is self insured retention Correct Answer: SIR is an initial part of a loss the insured pays before the umbrella pays if no other policy covers the loss
Which of the following is a common exclusion found in part D coverage for damage to your auto of a PAP? Correct Answer: mechanical breakdown
Damage due to wear and tear, freezing, mechanical or electrical break down, and road damage to tires is a common exclusion to the physical damage coverage section. The risk of loss may be classified as Correct Answer: pure risk and speculative risk
What is an insuring agreemet? Correct Answer: insurance company's promise to pay
What is additional supplementary coverage Correct Answer: additional amount of coverage for specific losses
An insured's building has an actual cash value of 200k and he has insured the property for 120k with an 80% coinsurance clause. A 40k loss occurs. How much will the policy pay? Correct Answer: 30,000
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