Insurance Final Exam Testbank Questions and Answers

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Insurance Final Exam Testbank Questions and Answers If the premiums for a policy will be increased by more than 15 percent, how much warning must the insured get? 45 days. A notice of increase in p... remiums that exceeds 15% of the current policy's premium must be delivered or mailed to the insured at least 45 days before the effective date of such termination or change. What is the max period of time a temp license can be in force? 15 months. A temp license is good for 6 months and can be renewed at 3 month intervals for a max of 15 months. The Commissioner of Insurance is... The chief officer of the Dep. of Insurance. If the insurer pays an amount less than the amount insured under the policy in the event of a total loss to property, how much of the insured's premium must the insurer return? The amount of premium actually paid and the premium that would have been charged for a policy with an amount of insurance equal to the amount paid by the insurer for the loss. Which type of liability insurance may an insured reject in writing? Uninsured motorist coverage. Which of the following is the closest term to an authorized insurer? Admitted. Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer. If a policy has been in effect for at least 60 days or is due for renewal, a cancellation may only be effected for which of the following reasons? A change in the risk that substantially increases the hazard insured against. An agent license can be issued... Only to individuals. If a policy is cancelled due to nonpayment of premium, how many days' advance notice must the insurer give the policyholder before cancellation? [Show More]

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