Property in transit Study guides, Class notes & Summaries

Categories of personal property - Answer- Contents, Property in transit, Property in the possession of others, Floating property Floating property - Answer- does not remain at a fixed worksite or is in transit between work sites. Property in transit - Answer- Transported by a variety of means, for any length of time Property in the possession of others - Answer- an organization may place its property in the possession of others for repair or storage Financial Consequences of a proper...

Nationwide Marine Definition - Answer-Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes - Answer-or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that...

Describe how inland marine insurance started CORRECT ANSWER--evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? CORRECT ANSWER-Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? CORRECT ANSWER-Property in a fixed location is not eligible for marine insurance Lost 4 types...

Property and Casualty - Kentucky How long is a waiting period upon purchase of flood coverage through NFIP? - correct answer 30 days Coverage under a Floor Plan Merchandise form is written on a reporting form basis that requires the insured to file reports with the insurer. What is the time frame for those reports? - correct answer Within 30 days after the end of each month Which of the following types of property will be covered by inland marine insurance? - correct answer Portable prope...

State Farm Insurance License Exam Questions and Answers Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer Compa...

AAMI Mort Law Final Exam Questions and Answers Already Passed Funeral goods that are sold by the funeral home carry an implied warranty of merchantability True Magnuson-Moss Warranty Act is a federal statute which governs only express warranties False Magnuson-Moss Warranty Act is a federal statute which governs both express and implied warranties True Magnuson-Moss Warranty Act allows funeral homes ( sellers of merchandise) to disclaim warranties if the seller does it by usin...

AINS 21 Practice Exam Questions and Answers Rated A+ when selecting a distribution channel, which one of the following is important consideration with regard to customer needs and characteristics Which of the following statements is correct regarding characteristics of ideally insurable loss exposures ideally, loss exposures should be spread across a large number of similar exposure units within the same period The type of insurance that provides periodic income payments to an in...

What part of the insurance contract describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured? a.) Insuring agreement B.) Exclusions C.) declarations D.) Conditions - Answer- Insuring agreement - The part of the contract that describe as the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called the insuring agreement All of the following are considerations in ...

Nationwide Marine Definition - Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes - or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that state. Nonfi...

when selecting a distribution channel, which one of the following is important consideration with regard to customer needs and characteristics Which of the following statements is correct regarding characteristics of ideally insurable loss exposures ideally, loss exposures should be spread across a large number of similar exposure units within the same period The type of insurance that provides periodic income payments to an insured who is unable to work because of sickness or injury is D...