The HIH Casualty & General Insurance Ltd. v. New Hampshire Insurance Co. and Ors case is a good example illustrating the problems that can arise when the pa Purchasing car insurance is costly. If you use Exchange Online, some users in your organization might be incorrectly configured with the same proxy address value. a It does not apply to contracts for the sale of goods. Ethical Guidelines for Academic Editors. If she terminates her group coverage, which of the following statements is INCORRECT? This website helped me pass! The annuitant assumes the risk on investment. Use evidence from your study of this Topic to support your answer. A temporary license may be issued to the surviving spouse of a disabled or deceased producer A. Which of the following is NOT the consideration in a policy? Last year, the couple got divorced. There are a few rules that Bob and the managing partners of the other agencies must follow. You can assign more than one product license to a group. Its like a teacher waved a magic wand and did the work for me. (When insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.). (Mutual companies are owned by policyholders, while stock companies are owner by stockholders. We'll bring you back here when you are done. Which of the following is TRUE? Which of the following statements about network economics is not true? (Perils are the cause of loss insured against in an insurance policy.). Updating license assignment on a user causes the proxy address calculation to be triggered, which can change user attributes. A. If we select the item details, it shows the following error message: "License operation failed. Which of the following may NOT be included in an insurance company's advertisement? \hline 2001 & 3.47 & 5.02 \\ Which of the following is TRUE regarding the interest earned on these investments? A group license is: 1) Used for large real estate brokerages 2) Allows licensees to work for various properties owned and developed by the same individuals(s), although the properties are owned in the name of different interlocking or affiliated entities 3) Allows brokers to be the broker of record for more than one real estate brokerage 4) Is available when a licensee chooses not to have an . However, for tax purposes, a sales associate is allowed by law to form a professional corporation (PA), and in this case, the DBPR will issue the license in the licensee's actual (legal) name and include the entity designation (PA) after the licensee's legal name. The plan must provide an offset for social security benefits. Primary vs. Net Listing in Real Estate: Concept & Examples | What Is a Net Listing? That was until several real estate entities learned about Bob's savvy sales techniques. Azure AD attempts to assign all licenses that are specified in the group to each user. To find all groups that contain at least one error, on the Azure Active Directory blade select Licenses, and then select Overview. B. Which of the following are part of the legal responsibility of maintaining an insurance license? D. Promptly forwarding premiums to the insurance company, audio not yet available for this language, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"General Insurance Exam Simulator","payreferer_url":"\/flashcards\/copy\/general-insurance-exam-simulator-5554536","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. To schedule a fingerprint reservation, please contact Pearson's third party vendor, IdentoGO By MorphoTrust USA (formerly known as L1 Enrollment). It is issued by the state department of insurance. 30 days, Which of the following types of policies may NOT exclude coverage for losses caused by fire or other perils resulting from acts of terrorism? When transacting business in this state an insurer formed under the laws of another country is known as a/an (Alien insurer is defined as an insurer formed under the laws of another country.). A. In response to the Great Recession, Federal Reserve leaders continue to keep the shortrun target interest rate near zero. A. B. drives farmers to grow soybeans. Insurers are liable for any loss resulting from the insured's being under the influence of any narcotic if: Such narcotic is administered on the advice of a physician. To see if there is a duplicate proxy address, execute the following PowerShell cmdlet against Exchange Online: For more information about this problem, see "Proxy address Insurance is a contract by which one seeks to protect another from (Insurance will protect a person, business or entity from loss.). The government pays subsidies to companies that produce ethanol, a fuel made from corn. Insurance companies may be classified according to the legal form of their ownership. Answer: . The application given to a prospective insured. For example, if you use both Office 365 Enterprise E1 and Office 365 Enterprise E3 for your users, you can create two groups to license Microsoft Workplace Analytics: one that uses E1 as a prerequisite and the other that uses E3. SECTION 3: Real Estate License Law And Commis, Chapter 1: Unit 6 - Misrepresentation & Fair, Fundamentals of Financial Management, Concise Edition, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. Agents have binding authority You need to either purchase more licenses for the product or free up unused licenses from other users or groups. B. lessons in math, English, science, history, and more. Who may work for a real estate owner developer? It is a period during which payments into the annuity grow tax deferred. One member must be a current member of the FREC, c. One member may be a previous Commission member. Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? Income tax on distributions and no penalty. \text { 3-Month } \\ Which of the following would be considered a nonmedical insurance application? (A warranty in insurance is a statement guaranteed to be true. a. at least 60 If thats the case, you dont have to worry anymore. B. When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representation. A. Please note that you will not receive a response to this feedback. Producer licenses expire every 2 years (biennially) on the producer's birth date. The insurer credits the cash value in the policy with a current interest rate. An insurer or producer may not assign commissions, The Commissioner may revoke, suspend, or refuse to renew a license for all the following, except: group coverage IS NOT . In the Microsoft 365 admin center, go to the Active groups page (underneath "Groups" in the left-hand navigation) and select Add a group. Upgrade to Microsoft Edge to take advantage of the latest features, security updates, and technical support. To change information on your vehicle title, you need: Certificate of title (original only, no copies) A completed title amendment form. Policy loans must available after the policy has been in effect for 6 months. $4,500, With regard to the FAIR Plan, which of the following is false concerning agents? Fungi, Wet Rot or Dry Rot; Virus or Bacteria; Electrical Apparatus, Consequential losses, steam apparatus, frozen plumbing, dishonesty, pollution, and neglect are excluded, The Insurance Commissioner is: The number of units introduced into the process this period. An insurance producer cannot act as an insurer's agent unless that producer becomes appointed with the insurer Whether an insurable interest exists between the individuals. Which of the following is a feature of a variable annuity? policy. Add-ons require a prerequisite service plan to be enabled for a user or a group before they can be assigned a license. Consider the following annualized rates for 3 -month Treasury yields and 10-year Treasury yields. The insurer must be able to rely on the statements in the application, and the insured must be able to rely on the insurer to pay valid claims. (a) legal if the sales associate has a group license. succeed. For one, a group license applies to an owner or developer who builds homes or other housing and . Multiple vs Group License. An applicant for a resident producer license who was previously licensed for the same line in this state within the past 90 days, 4. Licensees that are members of the armed forces have all renewal fees, dues, continuing education, and other requirements waived during military service for how long? I feel like its a lifeline. They will demonstrate successfully that they are using best practise to avoid. A binder cannot exceed 60 days, After a personal policy has been in effect for 60 days, the policy may not be cancelled: A master policy purchased by a chain of clothing stores For a change in risk substantially increasing the hazard, Which of the following statements is NOT correct concerning commissions? Is exempt from licensure under F.S. Give some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts journal. What is the purpose of a conditional receipt? In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. An insured purchased an insurance policy 5 years ago. Which of the following statements is false with respect to license renewals? Depending on what steps you've taken to resolve the errors, it might be necessary to manually trigger the processing of a group to update the user state. View the full answer. CONSIDER APPROVAL: Moved by Allen, seconded by Rice, to approve Amendment #1 to Agreement #A2021-18, Ground Storage Tank Construction Services Project #2020-20 with Infrastructure Design Group in . 2003-2023 Chegg Inc. All rights reserved. Consider the following example. B. C. Offering additional coverage to his client. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. An insurer or producer may pay commissions (other than as prohibited) to an insurance agency or to persons who do not sell, solicit, or negotiate insurance We recommend that administrators set the correct usage location values on users before using group-based licensing to comply with local laws and regulations. All of the following are examples of boycott, coercion, or intimidation, except: Offering a premium discount or credit that is not specified in the policy. With two legislative days remaining until Crossover Day, legislators and lobbyists spent all . An insurer invests the money it receives from premiums paid by its insureds. The insured must be able to rely on the insurer's promise to pay covered losses.). We're . c. The number of finished units actually completed this period. C. An insurable risk must involve a loss that is definite as to cause, time, place and amount. Problem: One of the products that's specified in the group contains a service plan that must be enabled for another service plan, in another product, to function. When an individual purchases insurance, what risk management technique is he or she practicing. Which of the following best describes taxation during the accumulation period of an annuity? Which of the following statements is true regarding a work group? Standardized Contractor Exams - a basis for a license to practice To Register to Take an Exam Call Pearson VUE at 1-877-234-6082 or go to Please check with ICC at www. Holding multiple licenses is different than holding a group license in Florida real estate. Is limited lines insurance Which of the statements is correct regarding membership on the Probable Cause Panel? There must be a majority vote of 4 Commission members. Upon application for a life insurance policy containing accelerated LTC benefits. It provides a truer picture of Nigerias size by giving due weight to the bits of the economy, such as telecoms, banking and the Nollywood film industry, that have been growing fast in recent years.. B. 7 Miscellaneous Personal Lines Coverage, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. b. assumes a portion of the risk from another insurer. Before you can assign a license to a user, you must specify the Usage location property for the user. What does "level" refer to in level term insurance? The agency may not investigate an individual who is not designated as an MLO. To see which users and groups are consuming licenses, select a product. \hline 2002 & 1.63 & 4.61 \\ Which of the following is NOT a goal of risk retention? Which of the following is the basis for a claim against an insurance policy? 10 days D. group credit insurance must have a suicide clause and a misstatement of age clause.