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Maybe be awarded to punish the defendant correct answers Punitive Damages Intangible such as pain suffering and mental anguish correct answers General Damages Pays for medical lost wages and other losses that sire from injury. correct answers Special Damages The plaintiff is the party bring...

The following are basic characteristics of a property or liability insurance contract, EXCEPT: A. Personal Contract B. Conditional Contract C. Loss Settlement Contract D. Contract of Adhesion correct answers C. Loss Settlement Contract The Insurers responsibility to pay for a property loss ...

Actual Cash Value (ACV) correct answers Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit correct answers One limit per occurrence is what we pay up to Split limit correct answers What we pay up to per person and per occurrence Dedu...

Multi Peril-Package correct answers Any policy which provides property & liability coverage (not homeowner) ISO policy correct answers Sold in Texas, but not Texas form Only Texas DP 1 correct answers Mainly the only TDP sold, now with plethora of endorsements Texas Standard Fire Policy cor...

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of correct answers The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? correct answers A Promise The interest of the insured and all other persons in the prop...

Accumulated Depreciation correct answers The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) correct answers A valuation method used by insurers to reflect an item's current market value right before being da...

Insurance adjuster correct answers Any person who, as an independent contractor, or as an employee of an independent contractor, adjustment bureau, association, insurance company or corporation, local recording agent, managing general agent, or self-insured, investigates or adjusts losses on behalf ...

Insurance correct answers -an economic device used to protect against extreme unforeseen loss - the transfer of risk from one party to another Premium correct answers -the fee paid by the insured in exchange for insurance Principle of Indemnity correct answers -the insurer should be restored ...

Which kind of losses are covered under a standard fire policy? correct answers Direct All fires are not covered by the Standard Fire policies, only those that: correct answers are hostile and have a flame or glow At what time does a fire policy go into affect? correct answers 12:01am standard ...

Which type of coverage relates to damage to or destruction of detached structures in a typical homeowners policy? Coverage B Coverage A Coverage D Coverage C correct answers Cov B The unfair trade practice of offering inducements for the purchase of insurance is called? controlled ...

Janice was in the parking lot when Stanley crashed into her car. Stanley said that he will take care of the damages but Janice did not hear from him or his insurance company. After paying for the collision repair, Janice's insurance company pursued a claim against Stanley. Janice's insurance compa...

prevented correct answers What is another word for estopped? Public Adjuster correct answers An adjuster that is an independent contractor representing solely the financial interests of the insured name in the policy. The insured, and not the insurance company, pays the adjuster. Estoppel cor...

diminished value correct answers a concept that states an automobile's market value has decreased, even though it's been repaired after an accident; occurs because of the theory that repairs can't be made to put the vehicle into its exact pre-loss condition market value correct answers a conce...

Inception/Expiration Date correct answers an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date correct answers Date of which the loss occurred Identification of parties involve...