Property & Casualty Guías de estudio, Notas de estudios & Resúmenes

Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate cooperative action among insurers B The Businessowners Coverage Form to the Businessowners Policy provides coverage on which of the following basis? A) Modified Perils B) Simplified Perils C) Br...

appraisal a professional assessment to determine extent of damage financial responsibility proof that one can pay for damages caused, often fulfilled by purchasing insurance lessor a person granting a lease of a motor vehicle livery the transporting of people of things for hire mutually exclusive when something cannot occur simultaneously with something else private passenger vehicle an automobile used for private needs rather than for business uses ...

accident These result in injury to persons or damage to property that is neither intended nor expected; a sudden, unplanned and unexpected event. occurrence injury to persons or damage to property that is neither intended nor expected and includes those losses caused by continuous or repeated exposure to certain conditions Direct loss Physical damage to buildings and/or personal property as a result of direct consequence of a particular peril. Indirect loss Losses result...

What type of policy consists of the declarations, conditions, endorsements, and other attachments applicable to a single line of insurance? Monoline What are the coverage parts that may be included in a Commercial Package Policy (CPP) Commercial property, general liability, crime, equipment breakdown, auto, inland marine, and farm When can an insured cancel a Businessowners policy? At any time by mailing a written notice of cancellation When other insurance is written on ...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of lo...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for ...

Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate cooperative action among insurers B The Businessowners Coverage Form to the Businessowners Policy provides coverage on which of the following basis? A) Modified Perils B) Simplified Perils C) Br...

Ch.1 General Insurance Estoppel Prevents the denial of a fact previously established to be true The concept that the insured should not profit from an insurance transaction is called The principle of indemnity When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following Insurable Interest What is not an option for managing risk Subrogating the risk What is not true of insurance It eliminates ris...

Ch.1 General Insurance Estoppel Prevents the denial of a fact previously established to be true The concept that the insured should not profit from an insurance transaction is called The principle of indemnity When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following Insurable Interest What is not an option for managing risk Subrogating the risk What is not true of insurance It eliminates ris...

Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate cooperative action among insurers B The Businessowners Coverage Form to the Businessowners Policy provides coverage on which of the following basis? A) Modified Perils B) Simplified Perils C) Br...