Casualty insurance law Study guides, Class notes & Summaries

Illinois State Law Property/ Casualty insurance LAW, Illinois Casualty Insurance Exam Review 2023. Insurer is required to explain delay if claim unresolved beyond this period 45 Producer pays to county treasurer $____ for unfair practice of twisting 200-10,000 Illinois Insurance Guaranty Fund's liability limit to insureds, beneficiaries, annuitants, and other claimants in insurer insolvency $500,000 Insurer must provide ___ days' written notice to terminate an independent insurance ag...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

Iowa State Law Property & Casualty Insurance – Exam Questions and Answers

Personal Lines Insurance Practice Exam Questions and Answers Latest | 100% Correct. Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered ...

Wisconsin Casualty Insurance Law Questions & Answers 2024 ( A+ GRADED 100% VERIFIED)

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

Illinois State Law Property/ Casualty insurance LAW, Illinois Casualty Insurance Exam Review, Statutes and Regulations Casualty Insurance Illinois, Property & Casualty IL Law, IL Casualty Insurance Practice Test Questions, (Verified Answers)(Full Solution Pack) DOI time frame for hearing after cease and desist order 20 to 30 days Producer fine for cease and desist violation 100/day up to 5000 Producer fine per violation for refusal to obey unfair trade practice cease and desist order 1,000...