Kentucky Property & Casualty (Chapter 4) with 100% correct answers 2024

Kentucky Property & Casualty (Chapter 4)First Party Claimant - correct answer Claims that an insured files with their insurer Third Party Claimant - correct answer Claims made against an insured by someone other than the insured Policy Territory - correct answer Within the insurance contract is a clause indicating the geographical location limits of the policy appraisal - correct answer This clause of a property contract is a condition that addresses the situation in which The insured and the insurer cannot agree on the value of the loss. Arbitration - correct answer A tool used to resolve any area of dispute between: Insurer and insured Insurer and a third-party Two insurers Grace Period - correct answer A set period of time wear a policyholder is able to pay a premium after it's due date without the policy labsing Non-concurrency - correct answer Happens when the umbrella and the underlying policy both apply to identical loss exposure. Can create a situation with the underlying policy limit is used in reduced that's violating the minimum coverage agreement in the umbrella