Insurance Regulation Flashcards
What is a misrepresentation that could void a policy
Information that may change the insurer’s interest in issuing the policy if known at the time of application
A prospective insured makes statements on an insurance application they believe are true to his best knowledge and belief. These statements are called …
Representations
What allows insurance agents to issue policies on behalf of their company?
Draft Authority
Which of the following is replacement cost valuation?
Cost new without depreciation at the time of loss
Which process reassigns a person’s rights to collection in the settlement of a claim?
Subrogation
Misrepresentation may void an insurance policy ONLY under what circumstance?
It involves a material fact
Before taking legal action, what third party can help end disputes over the value of a loss?
Arbitrator
Which of the following is excluded as a covered loss under DP-3 coverage?
Damage by ice to outdoor radio and television antennas and aerials
What is the maximum amount reimbursable for tree debris removal coverage for one occurrence under all homeowners forms?
$1,000
What is the purpose of a causes of loss form that lists specific inclusions?
to state which perils are insured against
What is a qualified plan?
401k
The insured is mowing his lawn when a stranger is noticed in the backyard. The stranger claims to be a substitute delivery person. Several days later a gold watch cannot be found. Which of the following describes the loss?
Mysterious dissappearance
Example of flood
Mudflow
What is true about emergency flood insurance under the national flood insurance program>
the insured may buy limited amounts of flood insurance coverage at subsidized rates for buildings only.
Watercraft and boatowners who wish to insure for values over $1,500 can find coverage in all the following forms except?
Homeowners policy
