FULL PROPERTY AND CASUALTY NEVADA INSURANCE 2024 (Questions with 100% verified answers)

Abandonment Condition correct answers states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability correct answers Imposed by law on those participating in certain activities that are considered especially hazardous; a person involved in such matters may be considered liable even if they weren't negligent. Accident correct answers A loss that occurs at a specific time and place Accounts receivable insurance correct answers Filed commercial inland marine from that insures against loss the insured suffers because of an inability to collect from customers when accounts receivable records are damaged or destroyed. ACV correct answers The cost to replace an item of property at the time of loss. replacement - depreciation Additional Coverages correct answers Supplemental Insurance coverages that apply only in certain circumstances. Additional insured correct answers An individual or company in addition to the insured who is listed in the declarations. Additional Insured- Lessor endorsement correct answers Commercial auto endorsement used to make leased vehicles considered owned vehicles for coverage purposes. Adhesion Contract correct answers One party has more power than the other party in drafting the contract. "Take it or Leave it" Admitted insurer correct answers Company that meets a state insurance department's standards and is authorized to do business in that state Adverse Selection correct answers The tendency of insureds with a greater- than- average chance of loss to purchase insurance. Agency correct answers Principles governing the authority of any agent. Agent correct answers A State licensed professional who represents the insurance company in the sale and servicing of insurance. Aggregate Limit correct answers Type of policy limit found in liability policies that limits coverage to a specified total amount for all losses occurring within the policy period