Which of the following is a typical requirement before an individual may apply for an insurance license? Must be a homeowner Must have an office inside the home Must meet minimum age requirements Must have 15 years' law experience
Q: Which of the following statements regarding a nonresident insurance producer is CORRECT? 1.The…
A: Nonresident Agent — an agent who is authorized in a house in which the person doesn't reside.
Q: When developing an insurance scoring factor, a company may not consider Income Amount of…
A: Insurance score is a probability of an individual or household filling for claim when they are…
Q: A basic life insurance illustration of non-guaranteed elements must be accompanied by a statement…
A: Insurance refers to the policy or scheme that banks or firms give its customers in exchange for some…
Q: An insurance policy purchased directly online is not required to include Premium amount3 Coverage…
A: Answer - Given in the question- An insurance policy purchased directly online is not required to…
Q: Which of the following is not a cause for the director of insurance to receive a producer’s license?…
A: Insurances are contracts that provide compensation against the losses that are mentioned in the…
Q: provision included in group disability income contracts bul NOT included in an individual disability…
A: To assist with provide income in case of handicap, numerous businesses offer their full-time workers…
Q: Besides the common practice of charging copayments, health insurers have no successful strategies…
A: Moral hazard refers to the risk associated with one part facing problems due to misleading…
Q: Which of the following statements is correct about a business income coverage form? it must be…
A: Business income coverage form is a type of an insurance policy.
Q: valid claim filed after the statute of limitations has expired is usually Select one: a. denied.…
A: The main aim of the statue of limitation is to provide the defendants and to provide the judgement…
Q: An application for homeowners insurance is denied based on a Consumer report furnished to the…
A: The Fair Credit Reporting Act (FCRA) is a federal regulation that governs how credit information is…
Q: Extra Expense coverage is included in which of the following forms? Condominium Association…
A: Extra expense coverage: It refers to the coverage that covers the non-ordinary expenses of the…
Q: 10. Lot-for-lot ordering in MRP provides coverage for some predetermined number öf periods. True…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: employee who owns an individual Disability Income policy is injured in an automobile accident and…
A: The term disability income (DI) insurance alludes to an insurance policy that turns out revenue to…
Q: A driver pays the car insurance company a fixed amount every month for coverage whether or not there…
A: Fixed Cost: The fixed cost is the cost that does not change over time or with the level of…
Q: An applicant for an insurance producer license is not required to Obtain a bond Successfully…
A: In an insurance market, an individual or a firm enters for their personal behavior and tries to…
Q: How are the unendorsed HO-3 and the HO-5 similar? А. Both are designed to cover condominiums. В.…
A: HO-3 policy:- In the instance of actual harm, a homeowners insurance (HO-3) policy protects the…
Q: The distinction between a and a mistake is significant in determining which contracts are voidable.…
A: In contract law, a mistake is an incorrect belief that certain facts are true at the time of…
Q: Nature of Insurance Insurance is a means to minimize the seriousness of a risk to an individual. A…
A: Insurance Insurance is a contract in which a person or business gets financial protection or payment…
Q: The Uniform Commercial Code contains both remedies for express and varranties. 1) True 2) False
A: Numerous organizations are associated with a lot of goods, or versatile property. Products are…
Q: An insured is injured while robbing a bank. If the insured's Accident and Health policy contains an…
A: The person who obtains insurance on his own possessions. It is the insured's responsibility to pay…
Q: Which of the following situation does not apply to claims presented under uninsured motorist…
A: Uninsured Motorist Coverage (UM) is a type of insurance that protects you if you are hit by an…
Q: The part of the policy which may request an insured to submit as a proof of loss is called the…
A: In Insured policy, Conditions are provisions inserted in the policy that qualify or place…
Q: comply with the CPD program under RA 10912 will automatically revoke the license of the CPA.
A: In the given question we are provided with certain statements. We are required to determine the…
Q: Use of credit information in rate determination for a new applicant requires Agreement of producer…
A: A credit agreement is a contract between a lender and a borrower.Creditworthiness or credit history…
Q: Substanlially true stalements made by an applicant on an Accident and Health application are known…
A: In the insurance market, there are numerous incidents that may lead to revocation of the contract…
Q: Which of he following sections of an insurance contract limits coverage? A.Waiver of Premium…
A: An insurance contract is an agreement between two parties, one of whom is known as the insurer and…
Q: A person may be considered negligent if they fail to do what a reasonable and prudent person would…
A: Negligence is the most widely recognized of misdeed cases. At its center Negligence happens when a…
Q: Which of the following statements regarding a nonresident insurance producer is CORRECT? 1.The…
A: Insurance producers are authorised to sell and negotiate life, health, property, and other types of…
Q: The insured has failed to respond to recommendations to correct the elimination of existing hazards…
A: Economics as a subject is used to study and plan the allocation of scarce resources among humans…
Q: Which of the following is not a methodology used to determine the amount of necessary life…
A: Life insurance is a monetary apparatus that can assist people with achieving an assortment of money…
Q: Define the characteristics of a vulnerable consumer. Considering ethics, should there be greater…
A: Ans. A vulnerable consumer is one who is yielded readily to damage or loss due to his/her financial,…
Q: Andrew and Ben own and live in condominium apartments in the same building. Ben's condo is directly…
A: Given:Andrew ability to smoke marijuana inside his condo=$100 per monthBen value fresh air in his…
Q: Please explain your understanding of the NSQHS Partnering with Consumers Standard and discuss with…
A: The National Safety and Quality Health Service (NSQHS) Standards provide a nationally consistent…
Q: The difference between retrospective versus prospective reimbursement is that: a. Prospective…
A: Retrospective Payment Framework A framework wherein repayment is made to the supplier dependent on a…
Q: An insurance producer who, for the first time, knowingly misappropriates $150 of fiduciary monies is…
A: Insurances are contracts that provide compensation against the losses that are mentioned in the…
Q: Which of the following is an advantage of variable universal life over traditional universal life…
A: Variable universal life (VUL) is a type of permanent life insurance policy which has has investment…
Q: AGRICULTURAL INSURANCE for a standard premium of one percent. Los ratios (indemnities divided by…
A: Agriculture insurance- Insurance is done to recover from the loss occur due to disaster which damage…
Q: To maintain an insurance producer license, an insurance producer MUST do which of the following?…
A: An insurance producer sells insurance items to clients for an insurance organization. It is a…
Q: H applied for a individual major medical policy. When H filed a claim within the first year of…
A: In the insurance market, there are different forms of insurances, based on different requirements of…
Q: In order to cover equipment used to maintain the premises under a commercial property policy the…
A: As economies and societies developed, the study of economics got more complicated. Hence, as a…
Q: All proceedings designed to satisfy procedural due process requirements must provide notice and an…
A: As per the procedural due process, it states that all the procedural due process are designed in a…
Q: The Life and Health Insurance Guaranty Association may NOT do which of the following? A). Take…
A: The National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) is a…
Q: All of the following are eligible for coverage under a Dwelling policy, except: A A residential…
A: Dwelling policy: A dwelling policy is sometimes called dwelling insurance. Under this insurance, the…
Q: Which type of coverage has the highest number of enrollees in US: Medicare Medicaid…
A: The employer-sponsored health insurance is the insurance provided by the employer which involves the…
Q: Best Buy is concerned about its inventory of Sony Magnolia 85” 4K Ultra HD TVs. It wants to have at…
A: Given Ordering cost Co=$20/order Demand D=50000 TVs/year Holding cost Ch=$20/TV/year Minimum stock =…
Q: A person being examined by the director of insurance shall provide the director with free access to…
A: An insurance company is one with high risk and there is a chance of market failure such industries.
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- Which of the followig is not one of the purposes of having a deductible in insurance contract: A) Reduce incidents of adverse selection B) Reduce moral and morale hazard C) Reduce premiums paid by the insured D) Eliminate small claims that are expensive to handle and processWhen developing an insurance scoring factor, a company may not consider Income Amount of outstanding debt History of late payment Payment history on credit cardsTyler just wrecked his new Nissan, and the accident was his fault. The owner of the other vehicle got two estimates for the repairs: one was for $803 and the other was for $852. Tyler is thinking of keeping the insurance companies out of the incident to keep his driving record "clean." Tyler's deductible on his comprehensive coverage insurance is $500, and he does not want his premium to increase because of the accident. In this regard, Tyler estimates that his semiannual premium will rise by $60 if he files a claim against his insurance company. In view of the above information, Tyler's initial decision is to write a personal check for $803 payable to the owner of the other vehicle. Did Tyler make the most economical decision? What other options should Tyler have explored? In your answer, be sure to state your assumptions and quantify your thinking.
- Please explain your understanding of the NSQHS Partnering with Consumers Standard and discuss with reference to your experiences, providing justification.specify which issues below are “Distributive”, “Compatible”, or “Integrative”. 1. First-year vacation: 2. Starting date: 3. Insurance effective date: 4. Annual salary: 5. Date of first salary review: 6. Professional Development: 7. Job Location:Best Buy is concerned about its inventory of Sony Magnolia 85” 4K Ultra HD TVs. It wants to have at least 3,000 TVs available at a given time. It costs the firm $20 to place an order. It sells 50,000 TVs a year and it costs $20 in storage/insurance per TV per year.How many TVs should Best Buy order at a time?
- The owner of a chain of bicycle stores are uncertain whether on of their shops is covered under their commercial general liability policy. To verify coverage, they should check which of the following policy provision? Condition Declaration other insurance insuring agreementTyler just wrecked his new Nissan, and the accident was his fault. The owner of the other vehicle got two estimates for the repairs: one was for $803 and the other was for $852. Tyler is thinking of keeping the insurance companies out of the incident to keep his driving record “clean.” Tyler’s deductible on his comprehensive coverage insurance is $500, and he doesnot want his premium to increase because of the accident. In this regard, Tyler estimates that his semi-annual premium will rise by $60 if he files a claim against his insurance company. In view of the above information, Tyler’s initial decision is to write a personal check for $803 payable to the owner of the other vehicle. Did Tyler make the most economical decision?What other options should Tyler have explored? In your answer, be sure to state your assumptions and quantify your thinking.As the owner of a successful business, you have just purchased an additional type of property insurance coverage known as business interruption insurance. This insurance protects the profits that a company would have earned had there been no problem. Business interruption insurance covers damages caused by all types of perils, such as fires, tornadoes, hurricanes, lightning, or any other disaster except floods and earthquakes. This insurance pays for "economic" losses incurred when business operations suddenly cease. These include loss of income due to the interruption and additional expenses (e.g., leases; relocation to temporary facilities; overtime to keep up with production demands; recompiling of business, financial, and legal records; and even the salaries of key employees). Your coverage provides insurance reimbursement for 80% of any losses. Your company pays the other 20%. The annual premium is 4% of the income and extra expenses that you insure. (a)If you have purchased…
- Please do it correctly!! I can't afford another wrong answPlease state why it’s wrong or uncertain if applicableQuestion content area Part 1 The potential market represents all active duty military members, allveterans, and their families. Assume that according to the United States Department of Defense, as ofDecember 31, last year there were 1 comma 361 comma 597 active duty personnel in all armed services.The veteran population totaled 21 million last year. Assuming the average cost of life insurance is $750 peryear and that potential customers purchase one policy per year, use the chain ratio method to calculatethe market potential for life insurance in the military market. Hint: see the Market Potential and SalesEstimates section of Appendix 3 Marketing by the Numbers in your textbook. Part 2 The number of buyersin the market can be estimated as 22,361, 597. (Round to the nearest whole number.) Part 3 Themarket demand is estimated as $16.77 million. (Round to the nearest whole number.)