Elite Study & Success Center

Severability correct answers Insurance applies separately to each insured as if other insureds did not exist. Abandonment correct answers 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 answers One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization correct answers States that if the insurer adopts a revi...

The following are basic characteristics of a property or liability insurance contract, except: A. Personal Contract B. Conditional Contract C. Loss of Settlement Contract D. Contract of Adhesion correct answers Loss of Settlement Contract The Insurer's responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss is defined as? A. Conditio...

Which of the following is NOT one of the duties of the Department of Financial Services? b. Dept does NOT set rates nor write policies correct answers Set rates and write policies for various company products The adjuster has a particular relationship to his principal, the insurer. Which of the following best describes this relationship? correct answers It is a fiduciary relationship. The Claims Adjuster's role in the insurance industry includes all the following EXCEPT: correct answers ...

A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public correct answers 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 answers A. Field Report States have adopted statutes regarding claims adjusting. To avoid unfair treatment to a claimant the adjuster must n...

All of the following describe insurable interest EXCEPT correct answers -Insurable Interest must exist at the time of the loss. -Insurance Interest must exist for insurance to respond. *Show a similarity between insurance and wagering* -The insured would suffer an economic loss. An Insurance Policy is a contract with all of the following characteristics, EXCEPT correct answers -It is a personal contract. -Parties are of unequal power with ambiguities or unclear wording resolved in fav...

Insurance correct answers transfer of risk by contract to insurers who agree to indemnify insureds for losses Risk correct answers chance of loss pure risk correct answers only outcomes are loss or no loss personal risk correct answers premature death, insufficient income, poor health, unemployment property risk correct answers loss of real property or personal property (on the land not the land itself) Liability risk correct answers something that results in loss to another (3rd ...

What is an eligible building for flood insurance? correct answers A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? correct answers Covers buildings in the course of completion. Proper coverage is 100% of expected completed value Do all Homeowners policies contain Coverage A? correct answers No, HO-4 (Renters personal pro...

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of correct answers The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? correct answers A Promise The interest of the insured and all other persons in the property involved in a claim is found in correct answers A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? ...

Actual Cash Value (ACV) correct answers Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit correct answers One limit per occurrence is what we pay up to Split limit correct answers What we pay up to per person and per occurrence Deductible correct answers What the customer will have to pay; we cover everything else Declarations Page (Dec Page) correct answers The basic information about a policy: Who - names of insurer and in...

The following are basic characteristics of a property or liability insurance contract, EXCEPT: A. Personal Contract B. Conditional Contract C. Loss Settlement Contract D. Contract of Adhesion correct answers C. Loss Settlement Contract The Insurers responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss is defined as? A. Condition...