Beckham

Severability - correct answer Insurance applies separately to each insured as if other insureds did not exist. Abandonment - correct answer Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - correct answer One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization - correct answer States that if the insurer adopts a ...

To operate as an insurance agency in Florida an agency is required to: A. appoint at least two agents to manage the agency B. appoint the Office as its agent for service or process C. obtain a license or reg1strabon from the state D. have transacted insurance in Florida for at least two years before apply for a license - correct answer C. obtain a license or registration from the state Owen's house is damaged when Latrice's car crashes into it. After Owen's insurer pays to repa...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: B. Waiver of Premium - correct answer B. Waiver of Premium "premiums are waived" Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: D. All listed interests - correct answer D. All listed interests Remember tha...

Which kind of losses are covered under a standard fire policy? - correct answer Direct All fires are not covered by the Standard Fire policies, only those that: - correct answer are hostile and have a flame or glow At what time does a fire policy go into affect? - correct answer 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 i...

A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public - correct answer B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Report D. None of the above - correct answer A. Field Report States have adopted statutes regarding claims adjusting. To avoid unfair treatment to a claimant the adjuster must...

Severability - correct answer Insurance applies separately to each insured as if other insureds did not exist. Abandonment - correct answer Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - correct answer One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization - correct answer States that if the insurer adopts a ...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - correct answer D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interest...

A viatical transaction is used for which of the following - correct answer A chronically ill insured who needs to sell his life insurance policy to a third-party to settle medical and other bills prior to death An agent complete an application for insurance on the Addams family Mr. Adams writes a check for the initial premium and the agent provides Mr. Adams with a conditional receipt Mr. Adams should understand which of the following - correct answer He has made an offer to the insurance com...

Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue? -Accumulation at Interest Option -Cash Dividend Option -Paid-Up Additions Option -One-Year Term Dividend Option - correct answer The Accumulation at Interest Option - invests the policy owner's money and adds interest earnings to the initial amount of the dividends. Decreasing term life insurance is often used to? -provide retirement funds -provi...

Louisiana residents who are uninsurable may obtain health coverage through the - correct answer Louisiana Health Insurance Association What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? - correct answer Representation The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? - correct answer Insurable interest can be based on the love and affection of individuals rela...