Study guides, Class notes & Summaries

Producer Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer An agent who holds an insurance license in the state in which they live Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen non-resident producer Agents who hold an insurance license in a different state than the one they live Broker agents...

Assisted Living Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? $4,000 ($100,000 x.04) Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen...

South Carolina Motor Vehicle Financial Responsibility Act Requires that all automobile drivers be able to show proof that they can pay for damages done to others up to a minimum amount if involved in an accident Required auto limits 25000/50000 for bodily injury and 25000 for property damage Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Uninsured Motorist a driver involved in a vehicle accident who ...

Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. 6 Ways to Show Appreciation for Your Child's Teacher 0:14 / 0:54 Accide...

A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay 100% of the billed amount What does Coordination of Benefits allow? Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen A waiver of premium ...

Accumulated Depreciation The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Actual Cash Value (A...

6 loss valuation methods actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value waiver & estoppel a person has given up a known or legal right Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen 4 components of a legal contract agreement, consideration, competent parties, legal purpose 6 classes of insurers authorized(admitted), unauthorized(n...

The process an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rate is known as? Underwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for the cost of the examination? Foreign company Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Driver A has a personal ...

Part A Hospital Insurance, helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care Part B Medical Insurance, financed from monthly premiums paid by insureds and from the general revenues of the federal government Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Part C Allows people to receive all of their health care services through availa...

Abandonment the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability Liability that arises from an extremely dangerous situation. Often found in cases involving explosives. Also known as "strict" liability. For example, you are absolutely liable if you keep a wild animal as a pet. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Ac...