Insurance Licensing Study guides, Class notes & Summaries

All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions - CORRECT ANSWER-C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims - CORRECT ANSWER-D. Cumulative claims Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above - CORRECT ANSWER-B. Local government A good faith estimate must ...

All of the following are categories of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - 2) variable life insurance What term best describes the act of withholding material information that would be crucial to an underwriting decision? 1) concealment 2) withholding 3) leading 4) breach of warranty - 1) concealment Johanna purchased a National Flood Insurance policy 10 days after her community entered an emergency ...

Which one of the following statements about license issuance and renewal is NOT correct? A) Renewal applications must be accompanied by a $100 late renewal fee B) Licenses automatically expire if the renewal application and fee are not received by the expiration date C) An expired license must be reinstated within six months of the termination date D) Producer licenses expire every four years - C

Utmost Good Faith - Insurance can only work when the parties to the contract are completely honest with each other. That's why insurance contracts are what kind of contracts? Family, Friends, or a primarily a personal contract - An agent will violate the prohibition against controlled business is she sells most of her insurance polices to whom It excludes coverage even if a weather-related peril like rain leads to a mudslide. - Heavy rains cause a mudslide to weaken the foundation of Amy'...

Which would NOT be covered by the inside the premises- robbery or safe burglary other property coverage? - An employee caught stealing cash from the register The primary purpose of a surety bond is to - Make sure obligations are fulfilled An insurance agency could purchase an errors and omission insurance policy which would provide protection in the event of any of the following events EXCEPT - The agency loses commission income from policies that were not issued by the insure

Delivery receipt - signed document that starts a free look period 15 days - Once the insurance company receives a notice of claim, they have ____-____ to send the claim form. domestic - An insurance company that conducts business in Iowa and was incorporated in Iowa is called a(n) ______ insurer

With employer-paid group health insurance, premiums are A) not taxable for employees B) taxable for employees C) not taxable for employers D) not deductible for employers - A Which of the following entities would NOT be offered a blanket health insurance policy? A) A college B) The employees of a factory C) A soccer team D) An airline - B

An insured owns 4 stores. As inventory is sold, the insured transfers new inventory from other locations to the store making the sales. Which type of policy would best fit this insured's needs? A) Value reporting policy B) Specific policy C) Scheduled policy D) Blanket policy - D) Blanket policy

A notice regarding replacement on Medicare supplement policies must inform the applicant about a free look period of how many days? - 30 days Which of the following would NOT be considered an Activity of Daily Living (ADL) for insurance purposes? a.) Dressing b.) Driving c.) Bathing d.) Transferring - b.) Driving

Which of the following would be covered under the property section of a homeowners policy? a motorized wheelchair Because the Earthquake-California endorsement has been added to Esteban's homeowners policy, the major difference between his coverage for earthquakes and his coverage for other perils lies in the Deductible