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NV Insurance Exam

QuestionAnswer
Speculative Risk possibility for a gain and a loss
Pure risk chance of loss only
Morale hazard careless or irresponsible actions
Moral hazard loss on purpose
Personal contract A contract that insures the personal who owns the property.
Aleatory contract uncertain loss - unequal transfer of values between parties
Adhesion contract one party has a greater power than the other when drafting the contract
Unilateral contract one sided
Stock company Sells stock to stockholders to raise the money necessary to operate. Profits are returned as dividends to the stockholders.
Mutual Insurance company The insureds are owners of the company. As owners, they can vote to elect the management of the company. profits are returned to the insureds in the form of dividends or reductions in future premiums.
assessment companies insure small towns providing primarily fire and windstorm insurance. Assessment mutuals charge members a pro-rata share of the losses at the end of each policy period.
Reciprocal company all members insure each other and share the losses with each other "to give and take"
Lloyds Assoc. voluntary association of individuals who agree to share in insurance contracts.
Fraternal benefit societies incorporated society or order, without capital stock. Insurance is offered only to their members. Mostly life and health.
Risk Retention Groups (RRGs) & Purchasing Groups (PGs) cannot write WC and peronal lines insurance. product manufacturer insurance groups, protect from product liab exposures "group insurance"
Residual market insurance government insurance - War risk, nuclear energy liability, flood , federal crop.
Property insurance dwelling, homeowners, commerical property, inland marine, ocean marine, crime
Casualty insurance liability, aviation, auto, WC, Surety bonds
Solicitor like an agent, sells and may be authorized to collect premiums - cannot countersign
Broker reps the insured.
excess or surplus lines agent an agent licensed by the state to handle the placement of such coverages with nonadmitted companies. (ones who are not authorized to conduct business in the states under ordinary circumstance)
loss ratio loss = incurred losses / earned premiums
expense ratio expense = underwriting expenses/ written premium
HO2 Broad form - dwelling, personal property - extended coverage for vandalism and malice - named peril
HO5 comprehensive form - open peril, personal property, dwelling and other structures
HO3 Special form- open peril, dwelling & other structures - personal property (same as HO2, broad)
HO4 No dwelling Broad - contents broad form - tenants / renters coverage. Personal prop. broad
HO6 Condo , personal property (broad) limited dwelling
HO8 modified coverage - older homes, basic dwelling, personal property
Dwelling basic form - DP-1 - Coverage A dwelling, B other structures, C Personal Property & D Fair rental value
Dealers form. An inland marine coverage which covers the insured's merchandise held for sale, such property that is sold but not delivered, customers property in the care and custody of the insured, and property being transported to or from the insured, is a:
The extended coverage perils which are more broad under the DP-2 than DP-1 are: They are explosion, smoke, and vehicles.
strict liability commonly applied in product claims. Certain parties are held liable without regard to fault or negligence. If the claimant can prove that a product was defective and that the defect caused the injury, the manufacturer can be held strictly liable.
commercial umbrella policy Employees are covered for third party legal actions as a result of a work related accident caused by the employee.
not automatically included in BOP policy Employee Dishonesty Coverage is not automatically included in the BOP, it must be added by endorsement for an additional premium.
The Federal Terrorism Act does not cover Crop insurance
what is excluded under Personal and Advertising Injury Liability Coverage of a CGL policy? anyone in the advertising business and excludes claims for breach of contract, incorrect prices on goods, and failure of goods to perform as advertised.
What is the percentage of the average weekly wage, not to exceed the maximum established wage, that can be paid for a work related injury? The maximum percentage is 66 2/3% of the employee’s average weekly wages.
Created by: jfelch