39 Best Insurance Questions and Answers (Q&A) - ProProfs Discuss

What is the difference between a conditional premium receipt and a binding premium receipt?

J. Emmerich, Web Content Writer
Answered: Feb 14, 2019

A conditional premium receipt is issued when the applicant pays the first premium of their life insurance. Assuming the applicant meets all requirements, the conditional premium receipt would...Read More

2 Answers

1274 views

Which Act is considered when an uninterrupted chain of events resulting from a negligent Act causes a loss?

C. Lopez, Chauffer
Answered: May 24, 2019

Proximate cause occurs when there is an unbroken chain of events resulting in a loss or the sufficient cause of loss or damage. Proximate cause is whatever sets off the chain of events that cause...Read More

2 Answers

822 views

What di you understand by the term binders in insurance department?

John Smith
Answered: Jun 01, 2023

A binder may be oral or written

1 Answer

703 views

Which of the following is not a requirement for forming a valid contract?

Fsspc
Answered: Jun 01, 2023

Signatures of the parties involved

D is correct. The four requirements for forming a valid contract are competent parties, a legal purpose, offer and acceptance, and consideration. Oral...Read More

1 Answer

585 views

Can you give accurate description of life insurance policy dividends?

H. Jones, Web Content Writer
Answered: Feb 11, 2019

Many people get life insurance policies for themselves in case they pass away. The reason is because when someone dies, there are expenses with the funeral and other aspects. The family must pay...Read More

2 Answers

548 views

What does life insurance companies lies about?

John Smith
Answered: Jun 01, 2023

They invest heavily in short-term highly marketable securities

1 Answer

520 views

How many separate requirements should an insurance policy have?

Thomas Ben, Financial & Insurance Adviser
Answered: Sep 28, 2019

There are 3 to 4 requirements should an insurance policy have a declaration, policy agreement, terms, and conditions. policy period and premium amount.

1 Answer

408 views

What kind of sentence is the following?Geese mate for life unlike humans who, according to the divorce rate, seem to have trouble committing to just one person.

John Smith
Answered: Jun 01, 2023

Complex Sentence

A complex sentence has a base of a complete sentence with a subject, verb, and words to complete the thought . A complex sentence also adds additional information in...Read More

1 Answer

406 views

What would be considered mobile equipment under the Commercial General Liability coverage form?

John Smith
Answered: Jun 01, 2023

Road construction grader
Bulldozer

Both of these items are specifically listed in the policys definition of mobile equipment. An auto is a land motor vehicle, trailer, or...Read More

1 Answer

387 views

What is the difference between Insurance Agent and Broker?

J. Goodman, Web Content Writer
Answered: Aug 14, 2019

Some people use insurance agent and broker interchangeably probably because both professions will have the ability to sell insurance. The main difference between the two is to whom they work for....Read More

3 Answers

374 views

What is the difference between Loss Payee and Mortgagee?

E. Barnes
Answered: Aug 06, 2020

A loss payee is one of the more understandable terms concerning insurance policies. It is often tied to automobile insurance and commercial or residential property insurance. Payment or loss of...Read More

5 Answers

372 views

What would Mitchell's (unendorsed) personal auto policy liability coverage pay for?

John Smith
Answered: Jun 01, 2023

The cost of repairing the neighbor s fence that Mitchell damaged due to the negligent operation of his car

1 Answer

356 views

What is the difference between CIF and FOB?

J. Harty, Writer
Answered: Aug 28, 2019

Business is a thing almost everyone is involved in one way or the other. But businesses vary in levels and sizes. Some businesses are on a subsistence basis while some others can be on a...Read More

2 Answers

340 views

What life insurance arrangement would be most suitable for transitioning a business to family members (if the principle owner passes away)?

J.Barbara
Answered: Feb 16, 2018

Many people purchase a life insurance policy so that their loved ones can be safe and secure financially when they pass away. Funeral expenses can be quite a lot and it can often be even worse if...Read More

2 Answers

340 views

How to describe life insurance policy dividends?

John Smith
Answered: Jun 01, 2023

Policy dividends are an intentional return of a portion of the premiums paid.

1 Answer

334 views

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