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This could be someone who mows the lawn. However, if a residence employee is covered under
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Pro Rata Liability Clause is included in an insurance policy to deal with the problem of ✔✔Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability ✔✔If a loss occurs that is covered by more than 1 insurance policy that was purchased by the insured, then each policy pays a portion of the loss that is proportional to the amount of that policy over the total amount of all policies for the loss—each policy pays its pro rata share. What is meant by Res Ipsa Loquitur? ✔✔Res ipsa loquitur means, roughly, "the thing speaks for itself." Courts developed the concept of Res Ipsa Loquitur to deal with cases in which the actual negligent act cannot be proved, but it is clear that the injury was caused by negligence. What territories are covered by commercial auto insurance? ✔✔The coverage territory granted in commercial auto insurance is the United States, its territories and possessions, Puerto Rico and Canada. What does automobile insurance Supplementary Payments refer to? ✔✔Payment of defense and other expenses by the insurance company beyond the limits of liability.. Any expense the insurance company wishes to incur in the processing of a claim is outside the limits of coverage. The insured is not penalized. Medical Payments coverage under a Homeowner policy are available for expenses resulting from an injury to: ✔✔A residence employee.. Workers Compensation Coverage then the Medical Payments Coverage would not apply.
what does Homeowners - Coverage C exclude? Coverage does not apply to the insured or member of the household. Roomers, boarders and tenants are not covered as well ✔✔The Homeowners forms exclude certain types of property. Pets are not covered for loss by an insured peril. The policy also excludes coverage for property that is more specifically insured. Property of tenants is also excluded. George Wilson has a personal auto policy. What coverage that would apply when a deer leaps onto Mr. Wilson's car and causes extensive damage? ✔✔Comprehensive (other than collision). Contact with a bird or animal is considered to be an "other than collision" loss. insurance producer ✔✔an insurance agent, insurance broker, reinsurance intermediary, excess lines broker, or any other person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance home state ✔✔the District of Columbia or any state or territory of the United States in which an insurance producer maintains his, her or its principal place of residence or principal place of business and its licensed to act as an insurance producer who represents the insurer in an insurance transaction? ✔✔agent who do independent adjusters work on behalf of? ✔✔insureds when do property and casualty agents' licenses expire on? ✔✔their birthdays the continuing education requirement in New York requires hours of continuing education every. ✔✔15 ; biennium (specified period of two years)
correspondence work or similar instruction (90 hours for Property/ Casualty agent or broker) attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular licensed insurer, fraternal benefit society or health maintenance organization ✔✔solicit in order to qualify for an insurance license: ✔✔1. submit an application to the superintendent and declare that all statements are true, accurate and complete to the best of the applicants knowledge and belief
- resident of NY
- at least 18
- fulfill the pre- licensing education requirement of classroom work or equivalent in
- pay the applicable fees
- pass the applicable examination for each line of authority licensing examination exemptions (don't have to take the written examination) ✔✔1. ticket selling agent or representative (airline, bus, train, or sea) for one-time issuance of baggage or accident insurance
- any individual who's license has been revoked or suspended (at the discretion of the superintendent)
- an individual seeking to be a rep of a fraternal benefit society as its agent
- in connection with any certificate of appointment for an additional insurer, as long as it is under the same line of authority already licensed
- a non resident licensee currently licensed in another state with reciprocity
- at the superintendents discretion, applicants who are chartered life underwrites (CLUs). all or part of the examination may be waived as well as the pre-licensing requirement
- Fraternal benefit representatives do not have to be licensed if 50% or less of their time is addressed to life sales
when can the superintendent refuse to issue any insurance agent license? ✔✔if the proposed licensee is found to not be trustworthy or competent, or has not compiled with any prerequisites when is it not necessary to have an insurance producer license? ✔✔any officer, director, or employee of an insurer or organizations employed by insurers, provided they are not directly or indirectly involved with the actual sale of an insurance contract and do not receive any commission insurance agent insurance broker business entity consultant adjuster non resident temporary ✔✔types of licensees a person authorized by an insurer, fraternal benefit society or health maintenance organization (HMO) to solicit, negotiate and obtain insurance, HMO or annuity contracts. REPRESENTS THE INSURER NOT THE INSURED ✔✔agent any person, firm, association or corporation who solicits, negotiates, or obtains insurance for an insured (other than herself) in exchange for a commission. represents the insured no the insurer ✔✔broker offer advice to the public about the benefits, advantages and disadvantages of insurance policies for a fee. ✔✔consultant any person, firm, association or corporation, who, for commission, acts on behalf of an insurer in the work of investigating and adjusting claims ✔✔independent adjuster
has very broad powers, both expressed and implied with the business of insurance,that extend to all financial service providers can recommend, withdraw, or amend regulations ✔✔superintendent formed to protect policy owners, insureds, beneficiaries, and anyone entitled to payment under an insurance policy from an incompetence and insolvency of insurers ✔✔Guarantee Association certificate that states that the appointed agent is trustworthy and competent to transact insurance business ✔✔certificate of appointment of agent any coverage written on a producers own life, health, or property, and/or that of the producers immediate family or business associates ( cannot be above 10%)
. ✔✔controlled business any inducement offered in the sale of insurance products that is not specified in the policy ✔✔rebating intended to permit the superintendent and the department to utilize their expertise to investigate and discover insurance frauds, halt fraudulent activities more effectively, and receive assistance from federal and state law enforcement agencies ✔✔insurance frauds prevention act written and or oral information regarding a consumers credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources ✔✔consumer reports establishes procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant, and properly used ✔✔Fair Credit Reporting Act
provides information on the consumer's character, reputation, and habits but the information is obtained through an investigation and interviews with associates, friends, and neighbors of the consumer ✔✔investigative consumer report prohibited information on consumer reports ✔✔bankruptcies more than 10 years old, civil suits, records of arrest or convictions of crimes, or any other negative information that is more than 7 years old the intentional misrepresentation or intentional concealment of a material fact used to induce another party to make or refrain from making a contract, or to deceive or cheat a party ✔✔fraud federal law makes it illegal for any individual convicted of a crime involving dishonesty, breach of trust or violation of violent crime control and Law Enforcement Act of 1994 to work in the business of insurance affecting commerce unless what? ✔✔there is a written consent from an insurance regulatory official (1033 waiver) no person, firm, association, corporation or joint stock company may conduct insurance business unless authorized by who? ✔✔certificate of authority every license must contain ✔✔the name of the licensee home office address the state or country under whose laws it was organized the kinds of insurance business it will provide and term of license transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals ✔✔insurance the uncertainty or chance of a loss occuring ✔✔risk
