Utah Property and Casualty Insurance (100% correct answers)

The abdication of insured property into the hands of another, or into the possession of no one in particular. correct answers Abandonment A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. correct answers Absolute Liability An unplanned, unforeseen event which occurs suddenly and at a specific place. correct answers Accident The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. correct answers Actual Cash Value (ACV) A provision in an insurance policy that allows for more coverage for a specific loss expense without increase in premium. correct answers Additional Coverage Individuals or business that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest. correct answers Additional Insureds A contact offered on a "take-it-or-leave-it" basis by an insurer, in which the insured's only option is to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured. correct answers Adhesion An insurance company authorized and licensed to transact business in a particular state. correct answers Admitted Insurer The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. correct answers Adverse Selection An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of an insurer. correct answers Agent The maximum limit of coverage available to under a liability policy during a policy year regardless of the number of claims that may be made or the number of accidents that may occur. correct answers Aggregate Limit A property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written. correct answers Agreed Value