Property And Casualty License In Arkansas Fully Solved Graded A+ 2024

Fraud and False Statements federal laws and regulations {Ans: Illegal to make false statements If guilty - Fine, up to 10 years in prison, or both - Up to 15 years if false statements jeopardize insurer}Two Major coverages in Section II {Ans: - Coverage E - Coverage F}Aleatory characteristics of insurance contracts {Ans: Not equal value Ex. 20 years premium, no loss 2 years premium, huge loss}Coverage Extensions coverage {Ans: Coinsurance percentage of 80% shown in Declarations Newly Acquired or Constructed Property - Coverage may be extended for new buildings to be constructed on premises and newly acquired/constructed property + Coverage limit = $250,000 each building - Coverage extended for newly acquired business personal property up to $100,000 for each building - Automatic coverage ends at earliest of the following: - Policy expires - End of 30 days - Values of newly acquired/constructed property reported to insurance company}Permitted incidental occupancies property endorsements {Ans: Removes $2,500 limit on business personal property}Special Brokers/Surplus Lines types of licensees {Ans: Negotiates, continues, or renews contracts of insurance in nonadmitted companies - Expires after 1 year unless renewal fee paid - Within 20 days of application, file an affidavit