Insuring agreement Study guides, Class notes & Summaries
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![AINS 101 Qs&As 2023](/docpics/3907471/656343bc35f03_3907471_121_171.jpeg)
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AINS 101 Qs&As 2023
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AINS 101 Qs&As 2023 
Actual cash value (ACV) - ANS-The cost to replace property with new property of like kind and quality 
less depreciation. 
Adverse selection - ANS-Insuring individuals with a high probability of loss at a cost lower than the 
insurer would normally charge for that risk because it wasn't aware of the actual risk involved. 
Binder - ANS-A temporary written or oral agreement to provide insurance coverage until a formal 
written policy is issued. 
Book of business - ANS-A gr...
![NC Insurance Licensing Exam Questions and Answers 100% Pass](/docpics/642708732a660_2539276.jpg)
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NC Insurance Licensing Exam Questions and Answers 100% Pass
- Exam (elaborations) • 25 pages • 2023
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NC Insurance Licensing Exam Questions and Answers 100% Pass 
P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions 
Which of the following does Social Security NOT provide benefits for? Dismemberment 
An Accident/Health policyholder has ____ days to return the policy and receive a full refund on premiums 10 
Under a Renewable Term policy, the renewable premium is calculate...
![XCEL Final Exam California Life Insurance Exam Questions and Answers 2024](/docpics/5092430/6628e28a7c831_5092430_121_171.jpeg)
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XCEL Final Exam California Life Insurance Exam Questions and Answers 2024
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A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity 
 
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments 
 
What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start 
 
The systematic liquidation of a sum of money...
![ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024](/docpics/3308632/64e7b08fb6f82_3308632_121_171.jpeg)
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ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024
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ADJUSTER PRO - INSURANCE 
ADJUSTER TEST(QUESTIONS AND 
REVIEWED ANSWERS) 2023-2024 
What is insurance? - CORRECT ANSWER-protection against financial loss 
what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an 
insurance policy. 
What are premiums used for - CORRECT ANSWER-premiums are collected into a 
"pool" or "reserve to pay out claimants when needed. 
how can insurance companies afford to pay for an individuals catastrophic loss? - 
CORRECT ANSWER-the insurer collect...
![Nevada Life and Health License Exam Prep Questions with 100% Correct Answers](/docpics/4777411/65f888b8bfb47_4777411_121_171.jpeg)
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Nevada Life and Health License Exam Prep Questions with 100% Correct Answers
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Nevada Life and Health License Exam Prep 
Questions with 100% Correct Answers 
What are the four required elements of an insurance contract? - Answer- Agreement, 
consideration, competent parties, and legal purpose. 
What two parts make up a life insurance application? - Answer- General Information 
and the Medical Information. An agent's report can go in a life insurance application but 
is not included in the life insurance policy. 
When must insurable interest exist in life insurance? - Answ...
![NJ Property State Exam Questions and Answers](/docpics/639b29cd73228_2181878.jpg)
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NJ Property State Exam Questions and Answers
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Risk - ANSWER-the chance or uncertainty of loss 
 
Risk - ANSWER-used within the insurance industry to refer to the subject of the insurance policy 
 
Possibility of loss - ANSWER-the concept of risk involves ___________________ 
 
Insurance - ANSWER-a formal social device used to accomplish the transfer of risk from an insured to the insurer 
 
Insurance policy - ANSWER-a legal contract in which the premium paid represents a small certain cost exchanged so that the insurer will cover the possib...
![NY Independent General Adjuster Exam - Series 17-70 Questions and Answers Graded A+](/docpics/2970648/649a9564423ce_2970648_121_171.jpeg)
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NY Independent General Adjuster Exam - Series 17-70 Questions and Answers Graded A+
- Exam (elaborations) • 21 pages • 2023
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NY Independent General Adjuster Exam - Series 17-70 Questions and Answers Graded A+ 
 
Dram Shop Liability refers to: Liquor Law Liability. 
 
The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? Neglect. 
 
To be eligible for the New York assigned risk auto plan a person must: Hold a valid driver's license. 
 
A...
![Alabama Property and Casualty Exam 2022/2023 with 100% correct answers](/docpics/63a1f82f35d60_2192678.jpg)
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Alabama Property and Casualty Exam 2022/2023 with 100% correct answers
- Exam (elaborations) • 18 pages • 2022
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If a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis 
Pro Rata Basis 
 
 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ? 
a. cancellation 
b. nonrenewal 
c. separation 
d. exclusion 
Nonrenewal 
 
 
 
Which is the best example of an indirect loss ? 
 
a. sequential loss 
b. liability loss 
c. employee theft 
d. loss of use 
Loss o...
![Texas Property and Casualty Exam Questions and Answers Verified 100%](/docpics/3373606/64f6cbdf8f780_3373606_121_171.jpeg)
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Texas Property and Casualty Exam Questions and Answers Verified 100%
- Exam (elaborations) • 25 pages • 2023
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Texas Property and Casualty Exam Questions and Answers Verified 100% 
 
____ is uncertainty of loss - risk 
 
____ is a transfer of risk from the insured to the insurer - insurance 
 
____ risk means there is no chance of gain. It is insurable. - pure 
 
____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative 
 
a ____ is something that increases the risk. - hazard 
 
the principle of _____ governs property and casualty policies. It states that the purpose of th...
![Insurance Adjuster Exam Questions and Answers Rated A+](/docpics/63eb4473498ee_2369413.jpg)
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Insurance Adjuster Exam Questions and Answers Rated A+
- Exam (elaborations) • 37 pages • 2023
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Insurance Adjuster Exam Questions and Answers Rated A+ Which kind of losses are covered under a standard fire policy? Direct 
All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow 
At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property 
A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insur...
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