Pa property and casualty Study guides, Class notes & Summaries

Broker - Answer- According to the insurance law, who is the principal? 90 days - Answer- An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? a temporary license - Answer- issued for 180 days for surviving spouse, surviving inactive officer or partner, legal representative. Can be used upon death or incompetency of producer, or when individuals are serving in the military. Endorse Insur...

Which of the following is a mandatory part of an insurance policy that varies with each individual policy? correct answers Declarations In accordance with American Institute Hull Clauses, a pro rata return of premium will be given for all the following reasons EXCEPT correct answers If the policy is cancelled by the insured. In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri...

Exam FX (PA Property and Casualty - Ch. 1 General Insurance) | 76 Questions and Answers | 100% Correct

Property correct answers you can possess/ physically touch BI correct answers bodily injury PD correct answers Property damage Liability/casualty correct answers what you pay the other guy personal lines insurance correct answers cover needs of individual or family (auto,boat,camper,rv) commercial lines insurance correct answers needs of a business direct loss correct answers example - house burns down indirect loss correct answers example - additional money you will have to...

Property - ANSWER you can possess/ physically touch BI - ANSWER bodily injury PD - ANSWER Property damage Liability/casualty - ANSWER what you pay the other guy personal lines insurance - ANSWER cover needs of individual or family (auto,boat,camper,rv) commercial lines insurance - ANSWER needs of a business direct loss - ANSWER example - house burns down indirect loss - ANSWER example - additional money you will have to spend to live somewhere else while house is being rebui...

Earned Premium correct answer: Portion of the premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy. Exposure Units correct answer: used as a measure of the rating units or the premium base of a risk Exposure Unit Formula correct answer: exposure units x rate = premium homogeneity correct answer: the degree to which items are similar implied warranty correct answer: a legal term meaning a product is suitable and lives up to ...

Two requirements an individual must complete to obtain an insurance license - Completion of a 24 hour pre-licensing course and pass state licensing exam. Pre-licensing education is valid for how long? - One year Change of name, address, agency, administrative action, or charged with criminal conduct is must be reported within how many days? - 30 Days

What is the purpose of licensing? - correct answer Reinforces the purpose of insurance regulation - that the public is treated fairly and equitably by those who sell and distribute insurance. Licensing prerequisites - correct answer 24 credit hours of study in approved course (must have 3hrs ethics). Once your certificate is obtained you have 1yr to pass your exam followed by 1yr to have your license issued. *Passing does not guarantee you will get your license. What are the qualifications...

Casualty or Liability - correct answer refers to your legal responsibility to pay for damage that you do to the "other guy's" body or property. Personal lines insurance - correct answer written to cover the risk exposures of an individual or family (auto, home, boat, camper and RV) Commerical lines insurance - correct answer provide for the insurance needs of a business Named insureds - correct answer On a homeowner's policy, the policy owners(husband and wife) First name insured...

In a commercial general liability policy medical payment pay for medical expenses - correct answer Without regard to fault Which type of insurance protection guarantees protection against legal liability from any risk arising from the ownership, maintenance, or use - correct answer Professional liability In a commercial general liability policy medical payment pay for medical expenses - correct answer Without regard to fault Which type of insurance protection guarantees protection again...