Nebraska P and C | questions and answers | 2023/24

Nebraska P and C | questions and answers | 2023/24 Subrogation - Prevents the insured from collecting twice for the same loss by transfering insured's right to collect. And allows the insurer to indemnify the insurance company. Sound Reproduction equipment permanently installed in the covered auto if installed by the manufacturer. - Is included under the physical damage coverage of a personal auto policy Market Value when the property was first purchased. - What is not a consideration when paying inland marine claim? 10 days. BOP Section I. - BOP Section I if an insurer wants to non renew a policy how many days before must the insurer notify the mortgage holder/. HomeOwners Earthquake Endorsement. - One or more earthquakes occurring within 72 hr period are considered one occurrence. Nonrenewal. - When insurance policy don't offer a continuation or replacement at its expiration date. Personal Property classification. - Personal Property is property that is moveable. Which is false regarding agricultural machinery and equipment coverage? - a. it relates to devices used in everyday farm operation. b. it covers detached parts and accessories of mobile devices. c. it insures eligible equipment for open perils. d. this coverage must be written as part of farm coverage. d. Mobile agriculture machinery and equipment coverage may also be written on a separate stand alone policy. Personal auto policy full coverage transportation expenses. - The policy will pay daily expense after 48 yrs. not to exceed 30 days in total. Negligence may be defined as. - The failure to use proper care results in injury or damage. Which of the following is true of dwelling policy coverage? - Exclusions apply to all three policy forms. Several insureds have become liable because of a single loss. How will the policy's limit of liability be affected? - No more than the per occurrence limit applies. This condition does not increase the insurers liability for any one occurrence. An i