Property And Casualty Exam With Correct Answers

policy territory {Ans: where a loss must occur}the federal govt. is not obligated under the TRIA to make payments for any portion of losses that exceed how much annually? {Ans: $100 BILLION}direct response {Ans: no agent/producer involved -ads, tv, media}warranty {Ans: a guarantee that something is true}AGENCY SYSTEMS (methods of marketing) {Ans: 4 types - independent (brokers) -exclusive or captive(1 comp) -general agents or managing general agents -direct-writing companies}Vacancy & Unoccupancy {Ans: - Vacant = empty bldg, insured (no ppl or contents) penalized after 60 days of vacancy - Unoccupied: contents remain, but no ppl, no loss of coverage}