Alabama Insurance: Property And Casualty (With complete solution)

As an inducement to insurance, giving any special discount, reduction of premium, special favor, or other valuable consideration is called? correct answers Rebating If the state's minimum auto liability limits are 25/50/25, a driver with the limits of 10/20/10 is considered to be an: correct answers Uninsured Motorist The insurer's promise to pay benefits according to the terms of the policy is found in what part of an insurance agreement? correct answers Insuring Agreement Unendorsed homeowners policy will cover? correct answers A Private residence in which the owner maintains an office for business. The action in which a natural and continuous sequence, produces a loss is known as? correct answers Proximate Cause The DP-1 form covers personal property off premises for? correct answers Anywhere in the world up to %10 of the coverage C amount. Which of the following types of personal property would not be covered under a homeowners policy? -pets -jewelry -watercraft -money correct answers Pets Open peril coverage for both the dwelling and personal property is provided by? correct answers HO-5 What is the minimum NFIP deductible for residential dwellings? correct answers $500 Liability loss in a business policy normally requires? correct answers Being sued Which element of a legal contract does an insurance payment represent? correct answers Consideration Insurance is a means of ________ risk? correct answers Transferring What kind of policy would a 30 foot speedboat with a 75hp engine need? correct answers A boatowners or watercraft policy What is an insurance policy with little or no input from the insured? correct answers Adhesion Contract