Risky Business
This is the definition of "risk".
What is the chance of a loss or the uncertainty of an outcome?
This describes the level at which insurance domiciles are determined.
What is the state level?
This is the person that is responsible for determining and accepting risks.
What is the underwriter?
This describes the relationship between an insurance company (principal) and producer (agent).
What is the Law of Agency?
The CAN-SPAM Act establishes rules for this type of unwanted or unsolicited communication method.
What are emails?
This is the only type of risk that is insurable.
What is pure risk?
This domicile describes a company formed under the laws of the state where it was incorporated.
What is Domestic?
The process of underwriting involves selecting, classifying and pricing _______ for the purpose of insurance coverage.
What is risks?
This type of authority is specifically granted to the agent in a written contract.
What is Expressed Authority?
This was put in place to protect consumer privacy and consumer credit information.
What is the Fair Credit Reporting Act (FCRA)?
This type of risk has the possibility of either a gain OR a loss.
What is Speculative Risk?
This domicile describes an insurance company doing business in another U.S. state other than the state it was formed under.
What is Foreign?
Nature of the risk, hazards present, and claims history are just three examples of this.
What are Underwriting Factors?
This type of authority describes the agent's belief or assumption based on the nature of their role and industry customs.
What is Implied Authority?
The parties responsible for this program are the Secretary of Treasury, Secretary of Homeland Security, and the Attorney General.
What is the Terrorism Risk Insurance Act? (TRIA)
This risk technique involves losses being paid from a pool of funds.
What is Share?
This domicile describes a company formed under the laws of another country other than the United States.
What is Alien?
Part of underwriting is understanding when the rate is too low for the risk; and that high risk individuals are more likely to purchase policies. This concept is known as:
What is Adverse Selection?
This type of authority describes the customer's belief that the agent has authority to act on behalf of the insurance company.
What is Apparent Authority?
The Gramm-Leach-Bliley Act (GLBA), in addition to establishing financial rules to protect customer privacy, allows these three types of entities to merge.
What are insurance companies, banks and security companies?
This is the name of the business that deals solely in the transfer of risk.
What is insurance?
GEICO is a company founded under the laws of Maryland. When GEICO does business in the state of Arizona, it is acting as a:
What is foreign insurer?
(POSSIBLE ANSWERS)
What are applications, inspections, gov/consumer reports, motor vehicle reports, police/court reports, proof of ownership title, loss report claims, credit reports
This is the only type of authority that the insurer is made responsible for the agent's acts.
What is Expressed Authority?
As per the Telemarketing Sales Rule, telemarketers are prohibited from making calls to one's home between these time frames.
What is after 9:00 PM to before 8:00 AM?