today we're aiming to be jumping into detail on one thing referred to as basic insurance concepts and principles for America to traveling a touch bit a lot of into detail a number of the sections on your examination therefore during a heap of states this ends up being chapter one okay if you're your insurance license firstly congratulations what a tremendous call to want to urge concerned during this line of work
I mean there are such a lot of folks out there that sadly square measure misinformed they don't have someone very to guide them and teach them so by you taking that initiative to urge that licensecongratulations what an excellent job and if you're on the brink of taking your examination perhaps maybe you are quite simply revisiting congratulations on doing the proper issue and ensuring you get that last study session in before you are taking your examinations as tons of you'll understand we have a tendency to square measure primarily based here within the state of California
the good news is most of what I
am going to be going over nowadays is, therefore, it does not matter whether or
not you are in California or not a lot of those terms square measure very aiming
to apply therefore what we're aiming to be obtaining into nowadays is a lot of
languages a lot of words that square measure aiming to be vital for you to understand so that the queries that you simply see on your actual take a look at
make a lot of sense currently, one in every one of the largest questions I buy does I even have to hit the books all
these words, no you do not it is very rare during this examination that they
raise you what will a word mean the only reason why it is important to following words is as a result of it makes the question easier causes you to be ready to
perceive what it's very asking your example lets a startup with the first one
1st|the primary} one is producer or agent currently UN agency may be a producer
and agent are they totally different folks do they need different roles they
really doubt during this video I am not aiming to ben getting most into detail
regarding it we're aiming to save that for one more the insurance marketplace
okay so as of right away
what you've got to know isa agent
a producer may be a legal representative of an organization and they represent
one company that's it they're representatives of one company then on the opposite
hand you've got somebody referred to as a broker a personal representative of multiple companies so that they will work with a lot of that one company sometimes they will discuss with brokers as independent agents like I aforesaid square
measure their variations with these words affirmative they'rebut once more we're
not aiming to get most into detail on this on this video as a result of this can
be simply a lot of associate into okay another word that is aiming to be important to understand is that the word person currently if you are like Maine like
I already understand what an
individual is well clearly we all know that an individual might be a person but
here square measure alternative|another} words or other things that are thought
of to be persons, okay any one of the subsequent is allowed to enter into any
sort of contract or agreement okay for example like companies organizations
associations partnerships all those things as way as during a legal sense they
are additionally thought of to be personsokaynow these following ones that you are going to see in red when you see a red one you would like to require extra no
additional attention to those
because these square measure those wherever either or you might latch on the examination for the following one it's one in every of those that folks tend to get terribly simply confused and that's the word insured okay insured why is not shirt therefore vital to recollect because it is the person bear in mind we have a tendency to simply talked regarding
what an individual is also that's lined by associate contract here's the explanation why tons of individuals sometimes get this one confused because of the word underwriter therefore if you notice both of those words square measure identical pretty much apart from that last letter that d which square measure okay\so what's associate underwriter is that company the corporate that is providing you with that coverage that protection whatever you need to decide it, therefore, it's people, particularly people that English might not be their
first language tends to solicit from me this okay therefore if it ends with the d they are to the person the consumer that has the coverage if it ends with an associate now we have a tendency to square measure talking regarding the corporate or the insurance supplier the corporate is covering that person, okay another name for the underwriter will also, be principal okay therefore whether or not they say the word guarantee or principle they're talking regarding the company
that is giving out some type of coverage okay applicant is usually referred to as the proposed insured has been being employed more usually currently observe of that okay it is the person that is applying for the insurance and so we've associate insurance policy may be a written instrument forth so essentially that work that you simply get
when you sign in with an organization but it is important to understand the explanation why I am writing it this fashion as a result of that's compared to those this can be like what the euphemism is that word the reason I am a golf shot written instrument as a result of that is an awfully common phrase.