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One distinguishing feature between independent agency systems and other marketing systems is the... agency expiration list Foreign Insurer An insurer licensed to operate in a state but incorporated in another state Domestic Insurer An insurer doing business in the jurisdiction in which it was incorporated Alien Insurer An insurer domiciled in a country other than the US Direct Response Marketing System Greatly reduces compensation costs but has higher advertising costs Agency Expiration L...

The best description of a first-party claim is a claim Select one: A. Made by the insurer against the policyholder. B. Made by the liable party against the policyholder. C. Made by the policyholder against someone to whom the policyholder may be liable. D. Made by the policyholder against the insurer. D One who offers claim handling services to insurance companies for a fee isSelect one: A. An independent adjuster. B. A public adjuster. C. A staff claim representative. D. An outside cl...

Workers compensation benefits include which one of the following? Rehabilitation benefits 3 multiple choice options When a clothing manufacturer decides to expand the sale of its clothing line by offering internet purchases, it creates new exposures not otherwise covered, or not fully covered, by a traditional policy. These include Loss or damage caused by computer viruses. 3 multiple choice options Which one of the following supply chain exposures can a business mitigate by carefully wo...

Danforth Grocery Store specializes in fresh produce and is open 24 hours year-round. The store has contracts with suppliers to deliver produce and foods by 5am daily, so the parking area at the rear of the store is congested from 4:30am to 5:30am. Customer traffic is heaviest from 7am to 9am, and again from 3pm to 6pm. The store has had six slip and fall claims from customers in the past year. Danforth Grocery Store is most exposed to which one of the following types of liability loss? A. ...

Which one of the following best describes real property? Select one: A. Property being shipped to or from others. B. Business personal property that includes furniture, machinery and equipment, and stock/inventory. C. Tangible property that includes land, structures permanently attached to the land, and whatever is growing on the land. D. Vehicles, merchandise, furniture, tools, and similar items. C. Tangible property that includes land, structures permanently attached to the land, and w...

In property insurance, the term "property in transit" refers to which one of the following? C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? B. Cost to rent temporary office space Radley Contracting Company is installing new signage on the front of...

Arbitration An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding. Attachment The act of seizing property to secure a judgment. Catastrophe A single event that causes widespread losses. Civil law A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others. C...

Property loss exposure A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest. Real property (realty) Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property All tangible or intangible property that is not real property. Ded...

The two main sectors of the insurance industry are Property-casualty insurance and life-health insurance. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a Contract of utmost good faith. Earned premiums are shown on an insurer's income statement because they are Revenues Destructive competition in the insurance industry could result in Insurance Shortages 3 multiple choic...

Actual cash value (ACV) The cost to replace property with new property of like kind and quality less depreciation. Adverse selection Insuring individuals with a high probability of loss at a cost lower than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved. Binder A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued. Book of business A group of policies with a common characteristic, su...