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34 Cards in this Set
- Front
- Back
And ensuring neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the ensure violated? A. REPRESENTATION B. ADHESION C. CONSIDERATION D. GOOD FAITH |
C. Consideration |
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When the commissioner examines and ensure who pays the examination costs? |
Examinee |
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Every producer must maintain a place of business in this state A. WITH THE EXCEPTION OF THE resident licensee B. AND MAINTAIN A 60$ APPROVAL RATE C. THAT IS APPROVED BY THE DEPARTMENT D. ACCESSIBLE TO THE PUBLIC |
D. ACCESSIBLE TO THE PUBLIC |
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Who is a person who receives a fee or commission to attempt to negotiate settlements between a life insurance policy holder or certificate holder and one or more by viatical settlement providers? |
Viatical settlement broker |
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A policy may be issued for a term longer than 1A year or for an indefinite term as long as there is a clause in the policy providing for cancelation by giving how much notice prior to the anniversary date? |
60 days |
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How many days is considered prompt action? |
10 consecutive days |
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And ensure terminates an agent's appointment. Within how many days of termination must the intermediary be notified? |
15 |
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The ensure decide to cancel an insurance policy prior to its expiration due to nonpayment of premium. When can cancelation take place? |
10 days after the notice was delivered to the policy holder |
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What is not a goal of risk retention? |
To minimize the insureds level of liability in the event of a loss |
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What is the type of property not covered by a homeowner's policy |
Land on which the property is located |
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What is it called when a company circulates a flyer that falsely reports that its competitor markets a product that causes hair loss and skin rashes |
Libel |
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The broad theft coverage endorsement on the dwelling form specifies all of the following limitations except |
$1000 on silverware |
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All of the following are parts of a personal auto policy except |
Physical damage coverage |
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And insured has a homeowner's policy and is required to be a member of the homeowners association in her neighborhood the associations community house has burned down and the ensured has been assessed $1200 for her share of the rebuilding cost how much of the assessment will her homeowner's policy pay? |
$1,000 |
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Which of the following is not a mandatory provision for property policies issued in the state of Wisconsin? A. OBLIGATIONS IN THE EVENT OF A LOSS B. REPLACEMENT COST COVERAGE C. Description of the location D. replacement cost coverage |
B. Replacement cost coverage |
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The owner of a small business applies for a fire insurance policy with limits = 100% of the property's value. The owner has healed unsold inventories and a large personal gambling debt period from an underwriting standpoint this might indicate |
A moral hazard |
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Who must be a member of the Wisconsin insurance plan? |
All insurance companies authorized to write basic property insurance in the state |
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What type of information would be found in a policies insuring agreement? Policy limits, ensures address, renewal dates or location of promissis |
Renewal dates |
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When other insurance is written on the same basis as a commercial property policy the obligation of the ensure is to cover the loss on a primary basis, a share of the loss, all of the loss or the loss on an excess basis |
A share of the loss |
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Unless additional coverages are added to the business owner policy E the maximum amount of coverage on any outdoor sign, regard less of whether it is attached to a building or not, is limited to how much |
$1000 |
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Which method of los valuation is contrary to the basic concept of indemnity? Market value, agreed value, replacement cost or functional replacement cost |
Replacements cost |
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A loss has occurred before the 1st report has been filed on a value reporting coverage form. What is not true |
Never more than 75% of the loss is paid. |
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The amount in ensure will pay under coverage d which is the loss of use depends on what |
The amount of coverage on the dwelling |
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Under coverage C of a homeowner's policy the amount of insurance provided to cover personal property of the ensured is how much? |
50% of the amount provided as coverage a |
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What is a sworn written statement that must be furnished by the ensured to the ensure before any loss under a policy can be paid |
Proof of loss |
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An agent is presumed to have exceeded the okies no exchange of business if the agent place as more than how many insurance risks per calendar year with all insurers |
25 |
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How long is an insurance policy considered new? |
60 days |
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The commissioner may require a surplus lines agent or broker to supply a bond of up to how much? |
$100,000 |
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When other insurance is written on the same basis as a commercial property policy the obligation of the insure is to cover the loss on an excess basis, the loss on a primary basis, a share of the loss, or all of the loss |
A share of the loss |
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A neighbor's tree has fallen into the ensured the yard. The insureds homeowner policy will only pay to remove the tree if the damages more than $1000, the neighbor has no homeowners insurance, the tree has caused damage to the insured vehicle, or the tree is blocking the driveway |
The tree is blocking the driveway |
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And ensured has a personal auto policy of both comprehensive and collision. His car is stolen and recovered 5 days later. If the insured claims transportation expenses of $20 per day how much will the policy pay? |
$60. The policy will pay $20 per day after 48 hours not to exceed 30 days in total |
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The H03 homeowners policy provides |
Open peril coverage on the dwelling and broad form coverage on personal |
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What is the part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured |
Unknown |
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Using stationary with your name and company on it is - |
Apparent |