SC Property, Casualty, Surety and Marine Adjuster 19-11 Licensing Course Exam Questions & Answers Graded A

Declarations - ANSWER-Includes the identity and address of the named insured, policy term or period, the amount of insurance or limits of liability, the policy premium, and any applicable deductibles. Will also include either a property description or a schedule of coverage parts and a list of any endorsements. Insuring agreement or clause - ANSWER-Outlines the promises made by the insurance company to the insured. Describes the covered perils, or risks assumed, or nature of coverage, or makes reference to the contractual agreements between ensurer and insured. Additional / Supplementary Coverage - ANSWER- Conditions - ANSWER-Set provisions, rules of conduct, duties and obligations for the parties. Also includes the insureds obligation to provide proof of loss, how settlements are handled when other insurance is involved, and the right of each party to cancel the policy. Exclusions - ANSWER-Describe property, perils, hazards, or losses arising from specific causes that are not covered by the policy. Found in the exclusions section of the policy but can also be scattered throughout the policy. Endorsements - ANSWER-Used to add, delete, or change any of the policy parts. Endorsements may alter the content of the declarations and insuring agreements, and they may contain conditions, exclusions and definitions. This is considered a written modification to the policy. Definitions - ANSWER-Define important terms used in the policy language. Some policies list definitions in a distinct section have that title.