Personal Lines Alabama State Exam questions and answers
What type of risk is insuring your home or auto? - answer-Pure risk A good definition for risk is: - answer-The chance of loss The primary insured in an insurance contract is the: - answer-First named insured In property insurance, coinsurance is designed to: - answer-Cover all losses in full if you purchase at least 80% insurance to value All of the following are correct about binders EXCEPT: - answer-The binder is good for a set number of days, or until the policy is issued, whichever is longer. Which risk management method is used when you decide to purchase insurance to cover a risk? - answer-None of the above A risk management method where one party agrees to release the other part
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