Download Georgia Claims Adjuster Exam: Insurance Companies - Chapter 2 Review Questions and Answers and more Exams Insurance law in PDF only on Docsity!
University of Georgia
(Risk Management and Insurance Program)
State Insurance Claims Adjusters Certification
Georgia Claims Adjuster Exam
Course Title and Number: Claims Adjuster Exam Exam Title: Board Exam Exam Date: Exam 2024- 2025 Instructor: [Insert Instructor’s Name] Student Name: [Insert Student’s Name] Student ID: [Insert Student ID]
Examination
180 minutes Instructions:
- Read each question carefully.
- Answer all questions.
- Use the provided answer sheet to mark your responses.
- Ensure all answers are final before submitting the exam.
- Please answer each question below and click Submit when you have completed the Exam.
- This test has a time limit, The test will save and submit automatically when the time expires
- This is Exam which will assess your knowledge on the course Learning Resources.
Good Luck!
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State Insurance Claims Adjusters Certification 2024- Georgia G.A Claims Adjuster Pre-Licensing Exam Insurance Companies - Chapter 2 Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - Domestic Insurer - =Answer>> Under the laws of a particular state Foreign Insurer - =Answer>> Formed in the U.S. but outside the state where the insurance is to be written Alien Insurer - =Answer>> Formed in a country other than the U.S., districts, territories, commonwealths etc (Panama Canal Zone) Stock Company - =Answer>> Owned by stockholders Pay portion of their earning to stockholders as dividends Permit their stockholders to elect Board of Directors Do not pay their policyholders a dividen Mutual Company - =Answer>> Incorporated insurance company without permanent stock or stockholders, exist for the benefit of the policyholders, owned by them All owners are insureds and vice versa Lloyd's of London - =Answer>> Not an insurance company. Members of the association form syndicates to underwrite Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Self-insurance - =Answer>> Some companies choose to self- insure, some or all of the risk falls back upon the individual. Some have the resources to withstand losses Exclusive agency system - =Answer>> Insurance company contracts with agencies (independent businesses) to represent and sell insurance They only sell for that insurance company Direct writer system - =Answer>> The insurance company's agents are employees of the insurance company. They can receive a salary or be paid by commission, or a combination of both. Direct response system - =Answer>> No agents. Sell through mail or through the phone Independent agency system - =Answer>> Agencies are independent contractors with multiple direct companies to represent and sell their insurance. (Independent or Nonexclusive agents) They represent more than one company. Company Rating Organizations - =Answer>> A.M. Best, Standard & Poor's and Moody's A++, A+ - =Answer>> Superior-strongest position A, A- - =Answer>> Excellent Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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B++, B+ - =Answer>> Very good B, B- - =Answer>> Good C++, C+ - =Answer>> Fair C, C- - =Answer>> Marginal D - =Answer>> Below minimum standards E - =Answer>> Under state supervision F - =Answer>> In liquidation Insurance producer - =Answer>> Licensed salesperson working in an agency to acquire new clients and sell policies CSR - =Answer>> customer service representative Insurance Agent / Principal Agent - =Answer>> Producers can act on behalf of the agency Captive agent - =Answer>> Represents a single insurance company and is its employee Independent agent - =Answer>> Represents multiple insurance companies Insurance broker - =Answer>> Represents the client who is seeking to buy an insurance policy Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Every person or entity that transacts insurance - =Answer>> Must hold a license Controlled Business - =Answer>> State insurance laws determine the amount of insurance a producer may write in a given period. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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