Acv actual cash value Study guides, Class notes & Summaries
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CPCU 551 Exam Questions Compilation | 262 Questions with 100% Correct Answers | Verified | 45 Pages
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A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 
100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What 
amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more 
consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler 
leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you'll only 
get 85% 
Various building desig...
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State Farm Auto Adjuster Certification | Questions and Answers(A+ Solution guide)
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ACV - actual cash value 
After Market Parts - Parts produced by a 3rd party for use on automobiles. 
Betterment - An improvement made to and automobile that increases its value, rather than a repair 
that simply maintains its current value 
BL - Blend 
Blend - This operation is equal to half the RF time on a panel. Blend would be necessary if an 
adjacent panel required some paint so the color would match. If damage is within 18" of an adjacent 
panel then blend. Allow 36" if it is a metallic or...
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NC adjuster Exam Questions and Answers Already Passed
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NC adjuster Exam Questions and Answers Already Passed Inception/Expiration Date The date on which coverage became effective or expired. Policies in North Carolina become effective and expire at 12:01am 
Occurrence Date The date on which the loss occurred 
Identification of Parties involve The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s) 
Policy form /Number Id...
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AINS 101 Qs&As 2023
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AINS 101 Qs&As 2023 
Actual cash value (ACV) - ANS-The cost to replace property with new property of like kind and quality 
less depreciation. 
Adverse selection - ANS-Insuring individuals with a high probability of loss at a cost lower than the 
insurer would normally charge for that risk because it wasn't aware of the actual risk involved. 
Binder - ANS-A temporary written or oral agreement to provide insurance coverage until a formal 
written policy is issued. 
Book of business - ANS-A gr...
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New York Life Insurance Exam Questions and Answers 100% Correct
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New York Life Insurance Exam Questions and Answers 100% CorrectNew York Life Insurance Exam Questions and Answers 100% CorrectAccelerated Benefits - ANSWER-Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. 
 
Accidental Death Benefits - ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. 
 
Accidental Death Insurance - ...
Too much month left at the end of the money?
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SC Property, Casualty, Surety, Marine Exam Questions and Answers 100% Answered!!
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SC Property, Casualty, Surety, Marine Exam Questions and Answers 100% Answered!!Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J 
 
Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E 
 
Actual Cash Value (ACV) - ANSWERSA valuation method used by...
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NJ PSI Property and Casualty Exam with 100% Correct Answers 2023
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NJ PSI Property and Casualty Exam with 
100% Correct Answers 2023 
The Mobile Home Endorsement of a Homeowners policy affords coverage to mobile 
homes under the? 
A. HO-1 (Basic Form) 
B. HO-2 (Broad Form) 
C. HO-3 (Special Form) 
D. HO-2 or HO-3 (Broad and Special) - Correct Answer-D. HO-2 or HO-3 (Broad and 
Special) 
All of the following are eligible for coverage under Homeowners policy except? 
A. A condominium unit owner. 
B. A farm owner. 
C. A mobile home owner. 
D. A tenant in an apartm...
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CPCU 551 Exam Questions Compilation
- Exam (elaborations) • 45 pages • 2024
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CPCU 551 Exam Questions Compilation 
 
A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 
100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What 
amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more 
consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler 
leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you...
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Illinois Life & Health Insurance Exam Questions and Answers with Verified Solutions
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Illinois Life & Health Insurance Exam Questions and Answers with Verified Solutions Accelerated Benefits Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses 
Accidental death benefits a policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death 
accidental death insurance an insurance policy that provides payment if the insureds death is th...
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CISR Insuring Commercial Property Exam 146 Questions with Answers,100% CORRECT
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CISR Insuring Commercial Property Exam 146 Questions with Answers 
 
Select the answer that most closely describes Actual Cash Value (ACV). - CORRECT ANSWER A method of establishing the value of property wherein depreciation and obsolescence are deducted from the value of the property. 
 
Select the answer that most closely describes Functional Replacement Cost. - CORRECT ANSWER A provision which changes the policy valuation so as to provide for replacement with a different structure which per...
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