When examining an insurance company’s records, the Director has the authority to Require the company to create new books and records Appoint personnel to conduct the examination Prorate any examination expenses to the company’s captive agents Demand access to the company records on weekends
Q: Many administrative agencies have law enforcement responsibilities True False
A: Law enforcement is the action or activity of compelling observance of or compliance with the law. It…
Q: Which of the following statements regarding a nonresident insurance producer is CORRECT? 1.The…
A: Nonresident Agent — an agent who is authorized in a house in which the person doesn't reside.
Q: which option is resulting in a moral risk (dishonesty)? Policyholder’s history of prior losses in…
A: Moral hazard is a situation in which a person involves in some risky event by knowing that his/her…
Q: When developing an insurance scoring factor, a company may not consider Income Amount of…
A: Insurance score is a probability of an individual or household filling for claim when they are…
Q: A basic life insurance illustration of non-guaranteed elements must be accompanied by a statement…
A: Insurance refers to the policy or scheme that banks or firms give its customers in exchange for some…
Q: An insurance policy purchased directly online is not required to include Premium amount3 Coverage…
A: Answer - Given in the question- An insurance policy purchased directly online is not required to…
Q: PEOs enable small businesses to attain insurance and other benefits at lower costs because the PEO…
A: A professional employer organization (PEO) is a company that leases personnel to an employer,…
Q: A particular model of used car comes in four categories, with equal numbers in each category. The…
A: Akerlof's model was simple however strong. Assume that some cars are "lemons" and some are great. On…
Q: dentify IFRS standards that ordinary production company would need to apply while adopting IFRS for…
A: According to IFRS, an entity adopting IFRS Standards for the first time must prepare a full set of…
Q: Which of the following condition MUST apply to purchase coverage through a surplus lines carriers:…
A: In the insurance market, there are different forms of insurance provided by the insurance companies…
Q: Which problem is not an issue in a universal public insurance Moral hazard Adverse…
A: Answer is none of the above. Reason:moral hazard is issue as there is assymetric information…
Q: Many corporations require all staff accountants to hold not only a degree in accounting but also to…
A: Businesses do not reduce their clear finance cost by hiring bookkeepers without a CPA since they…
Q: Extra Expense coverage is included in which of the following forms? Condominium Association…
A: Extra expense coverage: It refers to the coverage that covers the non-ordinary expenses of the…
Q: WeWork was a startup that was founded 2008 but when the company went public soon it faced agency…
A: Agent and principals are the two main participants in any organization. Agents perform task on…
Q: Which of the following would best describe the insurance in risk, to an insurer resulting from a…
A: Insurance in risk refers to the insurance of risk against occurrence of something bad, harmful or…
Q: employee who owns an individual Disability Income policy is injured in an automobile accident and…
A: The term disability income (DI) insurance alludes to an insurance policy that turns out revenue to…
Q: A claims representative suspects that an insured has committed fraud in submitting a claim for…
A: Part one: Claims representative is responsible for maintaining the insurer's promise and…
Q: Medical arms race. Consider a two-hospital town with hospitals, unimaginatively named A and B. The…
A: a. If hospital B decides to purchase a machine, then hospital A will lose $200 if it will buy that…
Q: Employee compensation in the form of health insurance is currently subject to personal taxation,…
A: Introduction Insurance Insurance is one way to manage risk. When you buy insurance, you are buying…
Q: John Jones carries a Homeowners Policy on his dwelling, with Easy Money Mortgage Company listed as a…
A: PLEASE FIND THE ANSWER BELOW. LIABILITY: A liability is something a person or company owes,…
Q: Which of the following situation does not apply to claims presented under uninsured motorist…
A: Uninsured Motorist Coverage (UM) is a type of insurance that protects you if you are hit by an…
Q: Which of the following would be a covered loss under the medical payment coverage of a commercial…
A: Commercial general liability is a kind of insurance policy and it provides insurance coverage…
Q: Q: The cash payment by a consumer or employer to an insurance company is called: A. A premium…
A: Premium is the amount paid annually by the insured to the insurer to cover his risk. The liability…
Q: The owner of a chain of bicycle stores are uncertain whether on of their shops is covered under…
A: In a market, producers get some security or provision from the government to protect them…
Q: The part of the policy which may request an insured to submit as a proof of loss is called the…
A: In Insured policy, Conditions are provisions inserted in the policy that qualify or place…
Q: Distinguish between adverse selection and moral hazard as they relate to the insurance industry
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: As the owner of a successful business, you have just purchased an additional type of property…
A: Annual premium can be calculated by using the following formula.
Q: The discount for an automobile anti-theft mechanism installed in a motor vehicle insured for…
A: An insurance market is one where buyers and suppliers have n incentive to make negotiations based on…
Q: Use of credit information in rate determination for a new applicant requires Agreement of producer…
A: A credit agreement is a contract between a lender and a borrower.Creditworthiness or credit history…
Q: Commercial agencies are types of commercial professions that facilitate business transactions. True…
A: Commercial agencies are actually like service professionals that assist in business operations.
Q: Which of the following statements regarding a nonresident insurance producer is CORRECT? 1.The…
A: Insurance producers are authorised to sell and negotiate life, health, property, and other types of…
Q: The manager of your company’s pension fund is compensated based entirely on fund performance; he…
A: As the manager is remunerated uniquely based on the fund performance so he is responsible for its…
Q: The government is usually offering its services electronically to increase its operational cost.…
A: Government services are those services that are provided by the country's government to their public…
Q: Economics The presence of co-insurance has the following effect on price elasticity of demand:…
A: When talking about co-insurance, it can be said that it is the amount of money paid by an insured…
Q: Which of the following insurance carriers are required to participate in Illinois Worker’s…
A: Exemptions are available for sole proprietors, business partners, corporate officers, and members…
Q: Whcih of the following could help overcome the problem of adverse selection in the used car market?…
A: The answer is - The government could enact disclosure laws requiring that potential buyers be told…
Q: An employer faces two types of employees. Regular workers are 70% of the population and generate…
A: here we calculate the given by following method as follow'
Q: a) Please briefly articulate the problem of asymmetric information between venture capitalists and…
A: It's a circumstance in which there's a lot of uncertainty. In particular, it occurs when one side…
Q: Adverse selection occurs in insurance markets because: Multiple Choice the seller has more…
A: Adverse selection refers to the situation in which one party fails to make a optimal choice because…
Q: To maintain an insurance producer license, an insurance producer MUST do which of the following?…
A: An insurance producer sells insurance items to clients for an insurance organization. It is a…
Q: According to the due care theory of product liability Question 2 options: A company can be…
A: Product liability is the area of law that deals with the liability of the product and finds the…
Q: Which one of the statements on AgriInsurance is NOT correct? Question 37 options:…
A: Introduction Agri Insurance has used for uncontrollable disaster. All options: It is true, Agri…
Q: funds and collectively invest them based on their common objectives. The interest from their…
A: Collective investment is characterized by several investors coming together to invest in a single…
Q: The purpose of the coordination of benefit clause found in group policies is to: A: promote over…
A: The Coordination of Benefits (COB) clause in group policies is included to eliminate duplication of…
Q: An insured’s $3,000 outboard motorboat is struck by lightning. Under the insured’s homeowner policy…
A: Below is the given information: The sum insured for motorboat = $3000
Q: A lower deductible on an insurance policy is inefficient when its marginal cost is greater than the…
A: When marginal cost is greater than the marginal benefit, then additional coverage of insurance would…
When examining an insurance company’s records, the Director has the authority to
- Require the company to create new books and records
- Appoint personnel to conduct the examination
- Prorate any examination expenses to the company’s captive agents
- Demand access to the company records on weekends
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- H applied for a individual major medical policy. When H filed a claim within the first year of coverage and the underwriter noticed that the H's age on the claim form was different than what was listed on the application. The insurer will take which of the following actions regarding H's claim? A: Deny the claim and refund premiums B: Deny the claim, cancel the policy and keep all premiums C: Pay the claim in full and keep the policy as is D: Adjust the claim benefit amount to the insured's correct ageWhich of the following coverages will protect the insured against drivers who have inadequate or insufficient coverage to respond to claims? a Uninsured Other than Collision Сс At-Fault UnderinsuredAn applicant for life insurance must be informed of their rights under the Fair Credit Reporting Al al which of the following times? When tho producer makes the initial appoiniment to see the insured When the producer completes the insured's application When the producer delivers the policy When the insurer receives the initial premium
- Under the Consideration clause in a Major Medical policy, he insurance company's consideration to an insured is he promise to A.renew the policy annually on payment of premium B.pay benefils as staled in the policy C.return the premiums paid for up to 6 months after the effective dale if lhe insured is dissalisfied with the policy D.waive the Inconteslable clauseplease dont use table, use depriciation computingPls solve both questions for postive rating pls
- Health insurance is aAn insurance policy purchased directly online is not required to include Premium amount3 Coverage amount Issuing company’s name Producer’s nameWhat type of insurance plan does this insured hold ? O. Health Maintenance Organization O. Preferred Provider Organization O. Physician Hospital Organization O. Exclusive Provider Organization