NEVADA PROPERTY & CASUALTY (With complete solution)

risk correct answers Uncertainty of loss insurance correct answers the transfer of RISK pure risk correct answers lose or have no change - insurable speculative risk correct answers NOT insurable. possibility to lose or gain hazard correct answers something that increases risk indemnity correct answers a payment for damage or loss; purpose is to restore the insured to where they were prior to their loss. tort correct answers A civil wrong representation correct answers a substantial truth, true to the best of knowledge concealment correct answers OMISSION of a material fact Declarations, Insuring agreement, Conditions, and Exclusions (DICE) correct answers The four parts of a policy are: declaration section correct answers lists named insured, policy limits, and premium and policy limits insuring agreement correct answers describes the coverages provided conditions part correct answers list the obligations of both parties, the insurer and insured exlusions part correct answers list the perils that are not covered arbitration correct answers A way to settle manners if the insurer and insured disagree that the liability policy does or does not provide coverage. Each party pays for one and a half persons involved Pro Rata Liability Clause correct answers Provides that losses will be paid in the proportion that the amount of the policy bears to the entire amount of insurance on all policies covering the loss. This provides for insurance companies to appropriately share in the loss when more than one policy exists, yet prevents the insured from collecting in total from several insurance companies and making a profit.