Producer property & casualty license 2024 latest update

Producer property & casualty license Abandonment Condition - correct answer A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - correct answer Type of liability imposed by law on those participating in certain activities that are considered especially hazardous; a person involved in such operations may be held liable for the damages of another even though the individual was not negligent. Accident - correct answer A loss that occurs at a specific time and place. Accounts Receivable Insurance - correct answer Filed commercial inland marine form that insures against loss the insured suffers because of an inability to collect from customers when accounts receivable records are damaged and destroyed. Actual Cash Value (ACV) - correct answer The cost to replace an item of property at the time of loss, less an allowance for depreciation; often used to determine the amount of reimbursement for a loss. Additional Coverages - correct answer Supplemental insurance coverages that apply only in certain circumstances, have reduced or separate limits of liability, or require the insured to meet certain requirements before they are applicable; also called coverage extensions, other coverages, and extended coverages. Additional Insured - correct answer An individual or company, in addition to the insured, who is listed in the declarations; an example is a mortgage company that has an insurable interest in the property insured. Adhesion Contract - correct answer A contract where one party has more power than the other party in drafting the contract; an insurance policy is an example--the insurer is the one with more power.