overall

Question 1

What section on the personal auto policy covers Damage to YOUR auto

Answer 1

Part D of the personal auto policy covers damage to your auto.

Question 2

what dwelling policy is the most basic with only three covered perils.

Answer 2

DP-1 is the barebones policy that covers fire, lightning, adn internalk explosion.

Question 3

liability and theft must be added by endorsment on what kind of policy.

Answer 3

liability and theft must be added by endorsment on dwelling policies.

Question 4

a binder can also be known as an acceptance of what.

Answer 4

a binder can also be known as an acceptance of an offer.

Question 5

1 property with 2 policies with different coverages are known as what.

Answer 5

nonconcurring

Question 6

a type of authority that is written is what

Answer 6

express

Question 7

one assuming its own risk is know as

Answer 7

self insurance

Question 8

group owned companys that primary task is risk sharing are?

Answer 8

reciprocal

Question 9

between moral/morale hazards which one shows intent rather than indifferance.

Answer 9

Moral hazard includes intent to cause damage. where morale is the indifferance that somnething bad could happen.

Question 10

what dwelling coverage offers the broadest coverage.

Answer 10

DP-3

Question 11

on an auto policy whats the most you can get for loss of earnings due to hearings.

Answer 11

200 a day

Question 12

if an insurer has recieved a certificate of authority from the state the y are known as what

Answer 12

admitted/authrorized.

Question 13

who determines the probability of loss and sets premium rates

Answer 13

actuary

Question 14

which insurance department accepts the insurance risks

Answer 14

underwriting

Question 15

if appointment of a producer is terminated he still may service old policies until when

Answer 15

until the replace, cancel or expire.

Question 16

you may not sell, negotiate or solicite insurance if you are not what.

Answer 16

licensed

Question 17

Change of Name and Address. how long to notify

Answer 17

30 days

Question 18

Report of Actions, notify within how many days of occurence.

Answer 18

30 days

Question 19

Notice of Denial. how many days for commissioner to notify the applicant.

Answer 19

30 days

Question 20

Notice of Hearing, how long to notify the person involved.

Answer 20

15 days

Question 21

Without prior hearing, the Commissioner may order summary suspension of a license. how many days after must the hearing be held

Answer 21

20 days

Question 22

whats another way to think about misrepresentation

Answer 22

False Information and Advertising

Question 23

knowingling withholding or stating incorrect information that may affect premium rates are known as what and what is the fine for violating this.

Answer 23

False statements, 1500 per violation

Question 24

what is the prison term and fine for commiting a fraudulent insurance act.

Answer 24

4 years and 50,000 possibly both.

Question 25

what is the fine for conspiring to defraud a health care provider.

Answer 25

10 years and 50,000 possibly both

Question 26

what is the fine for the false report of death or sickness

Answer 26

1000 or three months in jail town.

Question 27

for an INSURER to cancel a fire policy how many days to they have to notify the insured.

Answer 27

10 days to cancel a fire policy by the INSURER

Question 28

min. liability in michigan is 50/100/10. but what is the default limit

Answer 28

250 per person 500 per occurence and 10 propertyy damage liabilty

Question 29

The intent of the Personal Effects Floater is:

Answer 29

To provide coverage worldwide for travelers

Question 30

Some flood policies are written in the voluntary property market as a result of which program?

Answer 30

Write Your Own

Question 31

Which type of insurer consists of an unincorporated group of members who share losses and provide insurance to each other?

Answer 31

Reciprocal exchange

Question 32

The purpose of FAIR Plans (Fair Access to Insurance Requirements) is to do what?

Answer 32

Make property insurance available to risks that were otherwise considered uninsurable because of environmental hazards

Question 33

The name of a liability insurance policy that provides high limits of coverage above underlying coverage and may fill a number of insurance gaps is

Answer 33

An umbrella policy.

Question 34

A device that is used to minimize small nuisance claims and that helps to keep insurance premiums down is called what?

Answer 34

Deductible