Insuring agreement Study guides, Class notes & Summaries

Insuring Agreement Correct Answer company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions Correct Answer what the policy will not pay for Definitions Correct Answer names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage Correct Answer coverages under a policy that are provided by the insurer at no extra cost Casualty Policies Correct A...

2022/2023 Texas Adjuster Study Guide 367 QUESTIONS AND ANSWERS 1. PERILS: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE CON- TRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILD- ING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT 2. LAW OF LARGE NUMBERS: A FUNDAMENTAL CONCEPT IN STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A RANDOM- LY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY RE- LIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE PRE- DICTAB...

Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) CORRECT ANSWER-1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy CORRECT ANSWER-1. follow forms - hella ...

GEORGIA PROPERTY & CASUALTY INSURANCE EXAM Prep |QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A (2024/ 2025 UPDATE) Q: For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become Answer: Larger Q: Which method of loss valuation is contrary to the basic concept of indemnity? Answer: Replacement cost Q: What term includes damage where the insured peril was...

Subordination Correct Answer: When the insured collets damages from his or her own insurance company and those damages were caused by negligent third-party, the insurance company steps into the shoes of the insured and is entitled to recover the damages actually paid to the insured from the negligent party liability insurance Correct Answer: Means that the payment by the insurance company will be made to a third-party injured or damaged by the insured. An insured can we never recover damage...

Define Insurance Insurance is a tool that protects people from overwhelming financial losses. Explain how Insurance works Under an insurance contract, the insured pays a scheduled fee called a premium. In return, the insurer promises to pay for specified losses if they occur. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen Brainpower Read More What is insurance? Insurance transfers risk. A person or organization called the i...

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - ANSWER Upon completion of the application Who elects the governing body of a mutual insurance company? - ANSWER policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - ANSWER Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their ri...

Life Insurance Exam Questions and Answers (2023 / 2024) (Verified Answers) J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request...

NJ PROPERTY PRODUCER LATEST UPDATE GRADED A+ Declarations Section of an insurance policy containing the basic underwriting information such as the insured's name, address, amount of coverage and premiums, and a description of insured's location. Where is Declarations page found? Usually first page. Insuring Agreement Section of an insurance policy containing the insurer's promise to pay. What does the insuring agreement list? Insuring agreement lists the parties to the contra...

elements of a contract correct answers1. agreement 2. consideration 3. competent parties 4. legal purpose elements of an insurance policy correct answersDeclarations, Insurance Agreement, Conditions, Exclusions Declarations correct answersNamed Insurer and Insured Party, Policy Number, Location & Description of Insured Item, Value and Replacement Value of Insured Item, The inception and expiration dates of the insurance policy. Value and Replacement Value of Insured Item, The inception and...