Property and casualty (With 100% correct solutions)

Concealment correct answers Intentional withholding of information of a material fact that is crucial in making a decision. Warranty correct answers absolutely true statement upon which the validity of the insurance policy depends Representations correct answers statements believed to be true to the best of one's knowledge, but they are not guaranteed to be true Consideration correct answers Insurer's consideration is the promise to pay for losses; insured's consideration is the payment of premium and statements on the application Endorsements correct answers printed addendums to a contract that are used to change the policy's original terms, conditions, or coverages Assignment correct answers The transfer of a legal right or interest in an insurance policy. In property and casualty insurance, assignments of policies are usually valid only with the prior written consent of the insurer. appraisal correct answers Used when there is A disagreement between the insured and the insurer on the value of any property loss pro rata correct answers provides for the sharing of loss with other insurance All of the following are conditions commonly found in the insurance policy except correct answers Insuring agreement Nonrenewal correct answers When an insurance policy does not offer a continuation at its expiration date, it is considered a The pro rata liability clause is designed to protect the principle of correct answers indemnity Which of the following would be named on the declarations page of a property or liability policy correct answers First named insured Which of the following is not the consideration in a policy correct answers The application given to a prospective insured pro rata liability correct answers each insurer's share of the loss is based on the proportion that its insurance bears to the total amount of insurance on the property The declarations page of the homeowners policy provides all of the following information EXCEPT correct answers A statement that earthquake damage is not covered.