Alabama Insurance: Property And Casualty Questions and Answers 2024

As an inducement to insurance, giving any special discount, reduction of premium, special favor, or other valuable consideration is called? - 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: - 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? - Insuring Agreement Unendorsed homeowners policy will cover? - 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? - Proximate Cause The DP-1 form covers personal property off premises for? - 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 - Pets Open peril coverage for both the dwelling and personal property is provided by? - HO-5 What is the minimum NFIP deductible for residential dwellings? - $500 Liability loss in a business policy normally requires? - Being sued Which element of a legal contract does an insurance payment represent? - Consideration Insurance is a means of ________ risk? - Transferring