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Fundamentals Of Insurance Chapter 3 Questions with Correct Answers 2025

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Fundamentals Of Insurance Chapter 3 Questions with Correct Answers 2025

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FUNDAMENTALS OF INSURANCE

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FUNDAMENTALS OF INSURANCE

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Institution: FUNDAMENTALS OF INSURANCE
Course: FUNDAMENTALS OF INSURANCE

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Uploaded on: January 16, 2025
Number of pages: 6
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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fundamentals of insurance chapter 3 questions with

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Fundamentals Of Insurance: Chapter 3
Questions with Correct Answers 2025
FiduciaryANatureA-ACORRECTAANSWERA-AAfiduciaryAisAoneAwhoAhandlesAotherApeople'sAmoney.

BothAinsurersAandAbrokersAareAfiduciaries

PremiumsAandAcommissionsAnotAfullyAearnedAuntilAexpiryAofApolicy

LegislatedARulesA-ACORRECTAANSWERA-ContentAofAPolicies

RemovalAofACoverage

LimitationAofALiability

WaiverAofALiability

WaiverAofATermAorACondition

EffectAofADeliveryAofAPolicy

PoliciesAinsuringAagainstAfire

-ABasicACoverages

-AstandardAExclusions

-AStatutoryAConditions

RemovalACoverageA-ACORRECTAANSWERA-PoliciesArestrictAcoverageAtoAtheAlocationAindicated

RemovalACoverageAhasA3Aconditions:

-AOnlyAremovedAtoAprotectAfromAlossAorAfurtherAloss

-AAmountAofAcoverageAisAwhatAeverAisAleftAoverA(fromAtheAinitialAloss)

-A7AdaysAorAtheAunexpiredAtermAofApolicyAwhichAeverAisAless

LimitationAofALiabilityA-ACORRECTAANSWERA-WarningAmustAappear

-A"ThisApolicyAcontainsAaAclauseAwhichAmayAlimitAtheAamountAPayable"

, RightAofASubrogationA-ACORRECTAANSWERA-InsurerAhasArightAofArecoveryAagainstAtheAresponsibleAparty.

SubrogationAmeansA"toAputAoneselfAintoAanother'sAshoes"

ex.AInsurerAhasAtheArightAtoAsueAwhomeverAcausedAtheAdamageAtoAtheAinsured.

EffectAofADeliveryAofAPolicyA-ACORRECTAANSWERA-
InsuranceAPoliciesAareAinAeffectAwhenAdeliveredAandAnotApaidAfor

TheApromiseAtoApayAisAjustAasAbindingAasAactuallyApayingAtheApremium

BasicACoveragesAforAFireArequiredAbyAlawA-ACORRECTAANSWERA-Fire

-AFriendly

-AHostile

Lightning

ExplosionAofAnatural,Acoal,AorAmanufacturedAgas

StandardAExclusionsAtoAfireApolicyA-ACORRECTAANSWERA-
ApplicationAofAheatA(burnAsomeAbunsAinAtheAoven?ABunsAaren'tAcovered,AbutAanyAdamageAtoAyourAhomeA
wouldAbe).

LightningADamageAtoAElectricalADevices

ElectricalACurrents

ContaminationAbyAradioactiveAmaterial

DeliberateAActsAofAViolence

StatutoryAConditionsA-ACORRECTAANSWERA-Misrepresentation

PropertyAofAOthers

ChangeAinAInterest

MaterialAChange

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