Alabama Insurance Property and Casualty well illustrated Questions and answers .

Alabama Insurance Property and Casualty well illustrated Questions and answers . An bincorporated binsurance bcompany bwhich bis brun bby ba bboard bof bdirectors bis bknown bas b- b b b bcorrect banswer b: ba bcapital-stock bcompany Which bof bthe bfollowing bstatements bis btrue bregarding ba bbinder? a. ba bbinder bguarantees bthat ba bpolicy bwill bbe bissued bby bthe binsurance bcompany. b. ba bbinder bguarantees bcoverage band bthat ba bpolicy bwill bbe bissued c. ba bbinder bdoes bnot bguarantee bthat ba bpolicy bwill bbe bissued; bit bonly bguarantees btemporary bcoverage. d. ba bbinder bdoes bnot bafford bany bcoverage, bit bis bmerely ba bsnapshot bof bthe bcoverage bin beffect bat bthe btime bit bis bissued. b- b b b bcorrect banswer b: bc Liability bimposed bby blaw bwhen bsomeone bis binvolved bin ban binherently bdangerous bactivity bor bcondition bis bknown bas b- b b b bcorrect banswer b: babsolute bliability Which bof bthe bfollowing belements bof ba bcontract bdoes bthe bpremium brepresent? a. boffer band bacceptance b. bcompetent bparties c. bvalid bconsideration d. blegal bpurpose b- b b b bcorrect banswer b: bc Contracts bwritten bfor ba bspecified bamount bas bagreed bto bby bboth bthe binsured band binsurer bat bpolicy binception bare bknown bas b- b b b bcorrect banswer b: bvalued bor bstated bvalue bcontracts All bof bthe bfollowing bmust bbe bpresent bto bestablish bnegligence bexcept a. bduty bowed band bbreach bof bthat bduty b. ba bproximate bcause bof bloss c. bdamages bmust bexist d. bhazardous boperations bare binvolved b- b b b bcorrect banswer b: bd The bclause bof ban binsurance bcontract bthat bprovides bfor bequitable bhandling bof bloss bsettlement bdisputes bis bthe b- b b b bcorrect banswer b: bappraisal bor barbitration bclause The bportion bof bthe bpremium bdue bthe binsurance bcompany bfor bcoverage bafforded bunder bthe binsurance bcontract bis bthe b- b b b bcorrect banswer b: bearned bpremium Coverage bC bunder bthe bdwelling bpolicy a. bwill bpay bfor blosses bto ba bdetached bgarage b. bwill bprovide bworldwide bcoverage bup bto b10% bof bthe bcoverage bC bamount c. bpays bup bto b10% bof bthe bCoverage bA blimit bfor bloss bof brental bvalue d. bpays bfor bthe bexpense bof bremoving bdebris bresulting bfrom ba bcovered bproperty bloss b- b b b bcorrect banswer b: bb The bcoverage bprovided bonly bby bthe bDP-2 band bDP-3 bdwelling bfire bforms bis b- b b b bcorrect banswer b: badditional bliving bexpense Your bcondominium bassociation bassesses byour bclient b$5000 bfor bfire bdamage bto bthe bassociations blaundry bbuilding bwhich bwas bnot bcovered bby bthe bassociation bproperty