Gulford Insurance Company (Gulford) is a direct writer of commercial insurance in Pennsylvania. Management is frustrated by the continued lack of success in the more rural western part of the state. They believe that there is a profitable market in this territory, but have trouble continuing to justify the cost of assigning agents to this territory. It is difficult to penetrate the market without a local presence. Which one of the following distribution systems should Gulford consider for this territory?

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Gulford Insurance Company (Gulford) is a direct writer of commercial insurance in Pennsylvania. Management is frustrated by the continued lack of success in the more rural western part of the state. They believe that there is a profitable market in this territory, but have trouble continuing to justify the cost of assigning agents to this territory. It is difficult to penetrate the market without a local presence. Which one of the following distribution systems should Gulford consider for this territory?

A. Managing general agents
B. Surplus lines brokers
C. Independent agents
D. National brokers

Answer: C. Independent agents

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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The pro rata liability clause is designed to protect the principle of
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A domestic insurer issuing variable contracts must establish one or more
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In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need:

James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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