\end{array} With group-based licensing, the system requires that both the prerequisite and add-on service plans be present in the same group. To apply for multiple licenses, the broker must file with the Department of Business and Professional Regulations, or the DBPR, who is in charge of licensing and regulating real estate and all other businesses that require licensing. To assign this add-on license to a group, we must ensure that the group also contains the prerequisite service plan. Chapter 15 Exam - State Law Flashcards | Quizlet After you resolve any proxy address problems for the affected users, make sure to force license processing on the group to make sure that the licenses can now be applied. Which of the following is NOT the consideration in a policy? B. Certified Insurance Consultant, What is the notice requirement if an insurer is not renewing an auto policy? Question: Which of the following is NOT true about licensing? - Chegg Braggs himself does not require any permit to sell his properties. The insurer credits the cash value in the policy with a current interest rate. It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age. A. Please tell us how we can make this answer more useful. Multiple vs Group License. A) Individuals working in a work group work on different objectives and are not dependent on each other. Acceptance takes place when an insurer's underwriter approves the application and issues a policy.). . Last year, the couple got divorced. The concepts I have learned in this course will not only help me in my future work, but have also given me extremely useful life knowledge to apply to my per Insurance contract special characteristics they are conditional contract, a contract involving fortuitous evens and the exchange of unequal amounts, a contra Lindell, Perry and Prater define risk as the possibility that personnel, property or resources could be impacted in a negative way (2007). Which of the following correctly describes an Apprentice Adjuster's license? A handicapped dependent child may be covered under a parent's policy up to age 30. He wanted to have the flexibility to move sales associates and broker associates to each of his many developments. To see which users and groups are consuming licenses, select a product. Final practice questions Flashcards | Chegg.com If a cease and desist order is violated the penalty may be up to $25,000 per violation, What is the minimum amount of notice an insurer must provide to a policyholder in advance of canceling a personal policy for nonpayment of premium? Representations are statements that are true to the best of the applicant's knowledge.). Handling insurer funds in a trust capacity. A. Which of the following is true regarding the beneficiary designation of the former spouse. \hline 2006 & 4.85 & 4.79 \\ Stock life insurers must have $1,000,000 in capital and $2,000,000 in surplus. Due to the insured changing his/her occupation (Only stock insurance companies are owned and controlled by stockholders.).
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