Ohio property and casua Study guides, Class notes & Summaries

Ohio Property and Casualty Insurance Exam | Questions and Answers | Updated 2023 Rated 100%. what happens if you get a cease and desist: you must stop business and have hearing 29. how much is fine if you dont listen to cease and desist: 10,000 30. work without a license, what is fine?: 25-500, prison up to 6 months 31. unauthorized company fine?: 25-500, 6 months jail 32. violate rules: 25-500, 1 year jail time 33. if you don't file proper insurance documents?: 100-500 dollar fine 34. ...

What do individuals use to transfer their risk of loss to a larger group? CORRECT ANSWER Insurance What are the four elements of an insurance contract? CORRECT ANSWER Agreement (Offer and Acceptance), Consideration, Competent parties, and legal purpose. In the agent/insurer relationship, who is considered the principal? CORRECT ANSWER Insurer Insurance contracts are aleatory in nature. What does that mean? CORRECT ANSWER Unequal values are exchanged between the parties to a contract. ...

Ohio Property and Casualty Exam Questions & Answers 2023-24 What do individuals use to transfer their risk of loss to a larger group? - ANSWER-Insurance What are the four elements of an insurance contract? - ANSWER-Agreement (Offer and Acceptance), Consideration, Competent parties, and legal purpose. In the agent/insurer relationship, who is considered the principal? - ANSWER-Insurer Insurance contracts are aleatory in nature. What does that mean? - ANSWER-Unequal values are exchan...

Ohio Property and Casualty Insurance Exam Questions and Answers Updated 2024 (Rated 100%) Financial Responsibility Law: drivers have proof that they have money to pay for accident where they are at fault 2. fraud: lie planned to trick others and make it leave other value 3. insolvency: you can't pay your claim 4. mine subsidence: damage to house (only) by cave in collapse of mine 5. negotiate: talk with prospective client of set type of insurance about their benefits 6. to negotiate you m...

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