All of the following are reasons for cancellation of a commercial insurance policy, EXCEPT:

Several large claims.

Nonpayment of premium.

Conviction of the named insured of a crime arising out of an act increasing the hazard insured against.

Substantial change in the risk assumed by the insurer since the policy was issued.

Answer: Several large claims.

Alabama Property and Casualty

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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

In insurance,

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Clinical Laboratory Improvement Act (CLIA) legislation established __________ for all laboratory testing to ensure the accuracy, reliability, and timeliness of patient test results regardless of where the test was performed.

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A domestic insurer issuing variable contracts must establish one or more
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The two major actions required for a policyholder to comply with the Reinstatement Clause are
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Which nonforfeiture option provides coverage for the longest period of time?
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of:
A securities license is required for a life insurance producer to sell
Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
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The paid-up addition option uses the dividend
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The paid-up addition option uses the dividend
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Insurance represents the process of risk
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What is the purpose of establishing the target premium for a universal life policy?
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