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Questions And Answers
The system determines company placement by evaluation household and vehicle information and matches a price with the risk of future losses. - correct answer ✅True Which of the following is used by the system to determine Company placement? - correct answer ✅Driving record, household eligibility, prior insurance history, driving experience. Which of the following best describes a residual Market Plan? - correct answer ✅Insures customers who can't get insurance through regulars channels. What does it mean when an application is Non-bound? - correct answer ✅It has been submitted to Underwriting for prior approval. Martin and Tina are not sure what some of the categories mean within their auto policy. You can explain that the policy consists of three parts. What are the three parts of the policy? -
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correct answer ✅Endorsements, Declarations Page, and Car Policy Booklet Tina asks you about what is included on the Endorsement. Which of the following items are included on the Endorsement? - correct answer ✅Amendments, Altered Terms, Added Provisions. Martin asks you which of their vehicles will be covered. Which of the following cars would likely be covered? - correct answer ✅The car listed on the Declarations Page, a car the spouse is purchasing, a car Martin is borrowing from his neighbor, a substitute car being used while the listed car is being repaired. Which of the following identifies the Renewal Date? - correct answer ✅D Martin and Tina's policy has changes that will reduce their coverage in the upcoming year. How will this information be communicated to Martin and Tina? - correct answer ✅A Renewal Insert will be sent with the renewal billing.
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Neon is active, the discounts that are being applied to the 2000 dodge neon include Multi-car, Steer Clear, Multi-Line. The March 26, 2007 date indicates the date the policy was first issued. - correct answer ✅True Select the discounts that are being applied on the Goldstein's 2004 Chevy. - correct answer ✅Good Student, Multi-Care. steer Clear, Multi- line Which of the following is true regarding the Sandler's 2000 Dodge Neon Policy? - correct answer ✅Ivan's MVR was run in December 2007, the date and violation description that appeared on Ivan's MVR are 4/2/07, Norma is the principal operator on the 2005 Chevy. In which Star Level has this vehicle been placed and Why? - correct answer ✅2 Star, but began 1 Star due to being uninsured.
Questions And Answers
The Auto Data Prefill provides which of the following information? - correct answer ✅Possible household drivers, vehicle infomration about vehicles the driver may own. Which report would show you information about Brad's previous claim history and if any losses were incurred? - correct answer ✅LHR The Previous Insurer Report should show which of the following information? - correct answer ✅Name and policy number of the previous carrier, effective policy dates of previous carrier, vehicles, coverages. When you run the UDR for Brad you see there is another driver listed who Brad did not mention, what should you do? - correct answer ✅Ask Brad about this other driver. You notice 2 minor violations on Brad's MVR. You may need to revise his quote. What are the three steps? - correct answer ✅Review MVR results, address any changes to the quote, change the quote and notify the prospect.
Questions And Answers
correct answer ✅Claim Expenses, First Aid Expenses, and Damage to the Property of Others. Who is authorized to confirm coverage for a specific non-ADA claim? - correct answer ✅a claim employee Who ultimately determines the impact of a loss on the customer's premium? - correct answer ✅An underwriter For a non-ADA claim, who ultimately decides what coverages will apply to the loss and the covered loss amount? - correct answer ✅A claim representative Which of the following are common service activities? - correct answer ✅Accepting Payments, Requesting Disbursements, Requesting Policy changes, Ordering preproposals. You can use the Beneficiary Settlement form to change the beneficiary arrangement and/or settlement specifications on an
Questions And Answers
existing life policy. - correct answer ✅False Which of the following information are found in the Life Policy View? - correct answer ✅Beneficiary Information, Customer Information, Policy Information. When servicing life and annuity policies, which of the following are frequently used resources on the ABS>Personal Lines>Life site? - correct answer ✅Ratebook, Agents Life Disbursements, Service Volume 3, LifeAnswers Which of the following sections explains the preferred way to write and change a beneficiary and how divorce in some states or provinces may impact existing beneficiary designations? - correct answer ✅Agents Service Volume 3-Life find the prescribed period of time to add a newborn. - correct answer ✅Agent Procedures.
Questions And Answers
The insured has obtained group coverge. - correct answer ✅Policy cancellation using the Health Agent Request Letter, Add a rider/ Increase Coverage - correct answer ✅Health application Reduce coverage/ change an address - correct answer ✅Health agent Request Letter Hospital Income - correct answer ✅Provides fixed, limited benefits that arise from a covered medical expense. Disability Insurance - correct answer ✅Helps protect your financial future in case of loss of income due to disability. Long-Term Care - correct answer ✅Helps pay for the care you need when you cannot care for yourself.
Questions And Answers
Andrew owns his own lawn care company. He has three crews in his fleet of business vehicles to cover multiple jobs at once. Which small business insurance offering will Andrew need for his work trucks? - correct answer ✅Business Auto Jordan owns her own bakery. She is concerned about protecting her building and equipment, as well as protecting against potential lawsuits. Which small business insurance offering should Jordan consider? - correct answer ✅Business Owner's Policy Erika is a CPA. During the busy tax season, Erika made an error on someone's taxes. The customer filed a professional liability lawsuit against Erika. Which insurance would offer Erika the coverage she needs for this issue? - correct answer ✅Business Liability Policy Pilar enrolled in Medicare recently. She is still learning what is covered under Medicare and what is not. After hearing a friend talk about unexpected expenses that Medicare didn't cover, Pilar is now
Questions And Answers
equipment, injuries that occur on the business premises, or damage to their business premises. What is Business Auto Insurance? - correct answer ✅Business auto insurance offers coverage for liability, personal injury/medical, comprehensive, collision coverage, and more. What is a Business Liability Policy? - correct answer ✅A business liability policy can provide the extra financial protection your business needs in addiion to a BOP. Coverage for liability suits A business liability policy includes options for the following: Commercial Liability Umbrella Policy: Your business liability insurance can help protect you from lawsuits up to a certain limit. It may take only one substantial judgment or settlement to put your financial future at risk. A State Farm commercial liability umbrella policy can provide the extra financial protection your business needs. Available in $1 million increments. Errors and Omissions Liability: Mistakes happen. Even an innocent error on a business' part could lead to a client bringing a lawsuit against the business for negligence. A State Farm Errors and
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Omissions Liability policy can help the business pay for legal judgments or settlements. It also covers defense costs, which can be substantial even if the business owners are not found liable. Employment Practices Liability Insurance (EPLI): Business owners face a risk of being sued by an employee or applicant for discrimination, wrongful termination, or sexual harassment. Damages can include compensatory awards, not just lost wages — and these allegations aren't covered by most general liability policies. A State Farm EPLI policy can help protect a business and business owner in the event of wrongful employment practice claims. Not-for-Profit Organization Liability with EPLI: Nonprofits aren't immune from liability, harassment, discrimination, or wrongful termination lawsuits — and even if the court decides in a non- profit's favor, the non-profit could be stuck with a substantial legal defense bill. A State Farm Not-for-Profit Organization Liability policy, which includes EPLI, can help protect your organization from these claims. It also covers a nonprofit' What is a Workers' Compensation policy? - correct answer ✅A workers' compensation insurance policy provides benefits to employees for work-related injuries and illnesses. It may also pay for medical treatment, temporary and permanent disability and death benefits.
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Prevent the use of retirement or education savings for routine expenses during a disability What is a Hospital Income Policy? - correct answer ✅The hospital income policy provides fixed, limited supplemental benefits and does not cover medical expenses. It is designed to supplement an individual's major medical coverage. The State Farm policy provides 24-hour protection, both on and off the job. Premiums are payable on each renewal date and are based on the insured person's age at the time of renewal. Benefits with the hospital income policy vary state by state, so check your state specific ratebook. Examples of benefits which may be provided are hospital income benefit, intensive care benefit, emergency accident benefit, and extended care bBenefit, among others. Why Consider Hospital Income? - correct answer ✅Many people struggle to make ends meet financially during and after a major medical event. While hospital income is not a replacement for medical insurance, it can help offset expenses like: Deductibles, coinsurance, or co-pays
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Private room and private duty nurse fees Extra transportation, parking, lodging, or meals Unexpected child care or pet care expenses What is Term Life Insurance? - correct answer ✅Term life insurance provides coverage for a set period of time, such as 10, 20, or 30 years. Term life insurance typically has lower initial premiums than permanent life insurance, but becomes more expensive as the policy renews. Over time, the cost of term insurance may exceed the cost of permanent insurance. Why Consider Term Life Insurance? - correct answer ✅Term life insurance is an option for customers with temporary needs or limited budgets. Customers with a large need for insurance may want protection for the lowest premium initially. Term life insurance can help provide protection for the times that it is most needed in a customer's life. As insurance needs change, term life coverage may be converted to a permanent life insurance policy.
Questions And Answers
What is Whole Life Insurance? - correct answer ✅Whole life is a type of permanent life insurance that provides lifetime coverage. As long as premiums are paid and the coverage remains in force, whole life insurance policies build cash value and are eligible to earn dividends (dividends are not guaranteed). Whole life insurance generally has level premiums for the length of the contract. The premiums for most policies are set at the insured's attained age when the policy is purchased, so the earlier whole life insurance is acquired, the lower the premiums. Why Consider Whole Life Insurance? - correct answer ✅Whole life insurance is an option for customers who want lifelong coverage and access to benefits. The policy earns guaranteed cash value that can be borrowed and is eligible to earn dividends. These are the "living benefits." Policy loans accrue interest and unpaid policy loans and interest will reduce the death benefit and cash surrender value of the policy. There may also be tax consequences associated with policy loans and dividend withdrawals. (A customer would need to talk to a tax or legal advisor.) The death benefit generally passes tax-free to the beneficiary.
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What is Universal Life Insurance? - correct answer ✅Universal life is another type of permanent life insurance. Universal life offers a flexible way to help protect loved ones and build tax-deferred cash value. Universal life insurance premiums are paid into the policy's account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. The policy continues as long as the cash value is sufficient to cover the various deductions each month*. Permanent insurance with flexible premiums
- With Universal Life insurance, it is possible that coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage. Why Consider Universal Life Insurance? - correct answer ✅Universal Life insurance is an option for flexible and changing needs. Typical uses for Universal Life insurance include: Provides for a family's loss of income, mortgage costs, and educational needs. Access to cash value for life's opportunities.
