OHIO PROPERTY AND CASUALTY INSURANCE EXAM

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OHIO PROPERTY AND CASUALTY INSURANCE EXAM

Qs and Ans - Expert- Explanation - ing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: how long are temp licenses good for

Answer:

180 days

Question 2: if indicited you must notify super by

Answer:

14 days

Question 3: if you violate how long must you be out of business

Answer:

• years

Question 4: cancellation provision

Answer:

don't pay premium, fraud, hazard

Question 5: terrorism insurance must be how much

Answer:

• million

Question 6: physical hazard is

Answer:

something there- tree or ice

Question 7: controlled business

Answer:

with family or relation, you power it

Question 8: risk

Answer:

uncertanity of loss whenever more than one thing may happen

Question 9: when can't you have the consumer fee

Answer:

if you are doing regular insurance business

Question 10: sell

Answer:

contract of insurance

Question 11: agency system

Answer:

set of agents

Question 12: unauthorized company fine?

Answer:

25-500, 6 months jail

Question 13: policy

Answer:

written contract of the insurance

Question 14: how can you get license taken away?

Answer:

Fraud, fail to submit papers in time, misrep, felony

Question 15: what are the three types of hazards

Answer:

moral, physical, moral

Question 16: moral hazard is

Answer:

fraud Question 17: for self insurance of workers comp business must have how many people

Answer:

500

Question 18: estoppet

Answer:

waive a set right you cannot get it back

Question 19: insurer

Answer:

company of risk to pay claims

Question 20: your name is off dnc list after

Answer:

• years

Question 21: peril

Answer:

loss to policy owner

Question 22: do they have to ask for your rights for fair credit reporting

Answer:

yes

Question 23: violate law

Answer:

up to 25,000 fee with suspension

Question 24: two types of workers comp

Answer:

self insurance and regular

Question 25: must want a what to avoid the hearing

Answer:

consent agreement

Question 26: fiduciary

Answer:

role of you put the trust and confidence in another person

Question 27: if you commit fraud/ make false statement, what is prision time

Answer:

10 years

Question 28: if you are in ad/civil court you must notify super by

Answer:

30 days

Question 29: what happens if you get a cease and desist

Answer:

you must stop business and have hearing