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An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

Insurer correct answers insurance company or carrier Insured correct answers the person who bought insurance or client principle of indemnity correct answers this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit from an insurance payout. This considers depreciation. Underwriting correct answers Process of determining whether the risks of a loan are acceptable to the insurer or not, what limits will be issued...

Insurance correct answers The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals Law of Large Numbers correct answers The larger the number of people with a similar exposure to loss, the more predictable actual losses will be Law of Large Numbers Example correct answers When issuing a policy on a 35 year old male, the insurance company has no way of knowing or accurate...

____ is uncertainty of loss correct answers risk ____ is a transfer of risk from the insured to the insurer correct answers insurance ____ risk means there is no chance of gain. It is insurable. correct answers pure ____ risk means there is a chance of a loss or a gain. It is not insurable. correct answers speculative a ____ is something that increases the risk. correct answers hazard the principle of _____ governs property and casualty policies. It states that the purpose of the ...

Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? correct answers $250 Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. An insured relocated to...

Which part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? correct answers Conditions The limits of liability are found in which of the following sections of a casualty policy? correct answers Declarations The _____ page in an insurance contract contains information about the risk, the effective date of coverage, deductible, premium amounts, coinsurance percentage, and location of the insured property. co...

The businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? correct answers 1 Year Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? correct answers Moto truck cargo policy- truckers form In which of the following types of property valuation will the policy pay the full value specified on the policy schedule, regardless of the insured property's appreciation ...

A condition or situation that presents a possibility of loss is a (an): correct answers exposure The purpose of insurance is to: correct answers transfer risk Which hazard can be described as a careless attitude or general indifference on the part of the insured toward the occurrence of loss? correct answers morale Which risk is insurable? correct answers pure With regard to insurance, risk can be defined as: correct answers uncertainty regarding loss Treating risk by purchasing i...

Property vs Casualty: What is considered property? correct answers Structure & Personal Property Property vs Casualty: What is considered casualty? correct answers Non-property losses. Legal liability to others. 3rd Party Risk correct answers uncertainty of financial loss Pure Risk correct answers Chance of Loss Speculative Risk correct answers Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) correct answers Pure Risk Only How does the law of large numbers...

Nevada Property and Casualty 2024 (Questions with 100% correct answers) Nevada P & C Exam Simulator 2023/24 (A+ GRADED) FULL PROPERTY AND CASUALTY NEVADA INSURANCE 2024 (Questions with 100% verified answers) NV Casualty Law (100% verified answers)

Insurance policies that have been in effect for at least ____ day or that have been renewed can't be canceled by the insurer before the expiration of the agreed term or 1 ____ from the effective date of the policy or renewal, whichever is less correct answers 70; year A commercial or business issued for a term longer than ____ may be be cancelled by the insurer by giving notice of cancellation ______ before any anniversary date of the policy correct answers 1 year; 60 days All other polic...

Which of the following is NOT an example of an uninsured motor vehicle? correct answers Consuming one alcoholic beverage before driving home Insurance companies transacting automobile insurance in Nevada must offer Uninsured and Underinsured Motorist coverage that equals correct answers The insured's coverage limits for bodily injury Insurance companies in Nevada must offer insureds under policies covering the used of passenger cars the option of purchasing how much coverage to pay for re...

What insurance provides coverage that indemnifies the insured against loss arising from the lack of integrity or fidelity of persons holding positions of trust, from the insolvency of debtors, or from breaches of contract? A Property insurance B Liability insurance C There is not insurance for this kind of coverage D Surety insurance correct answers D Surety insurance Surety insurance is coverage that indemnifies the insured against loss arising from the lack of integrity or fidelit...

Every owner of a motor vehicle registered in NV must continuously provide proof of financial responsibility, which may be provided in any of the following forms: correct answers *liability insurance *certificate of financial responsibility *certificate of self-insurance As defined by the Nevada Insurance Code, casualty insurance includes, but isn't limited to the following types of coverages: correct answers *vehicle insurance *liability insurance *workers compensations and employer's ...

HO2 correct answers Covers dwelling and personal property on a named perils basis HO3 correct answers Covers dwelling, other structures on an open perils basis and personal property on a named perils basis HO4 correct answers Designed for tenants of houses and apartments. Tenants PP covered on a named perils basis. No dwelling but building additions are included HO5 correct answers Dwelling structures, personal property all covered on an open perils basis. Most expansive homeowners poli...

$________ for basic health or major medical insurance. correct answers $500,000 $________ for coverage not defined as disability or basic health insurance. correct answers $100,000 $_________ for disability insurance. correct answers $300,000 $_________ in annuity benefits and $________ in net cash surrender and withdrawal values. correct answers $100,000; $100,000 $_________ in life insurance death benefits and $_________ in net cash surrender and withdraws values correct answers $3...

Which of the following will NOT be considered unfair discrimination by insurers? correct answers Discriminating in benefits and coverages based on the insured's habits and lifestyle To be eligible for a resident producer's license in Nevada, an applicant must meet all of the following eligibility requirements EXCEPT correct answers Be licensed as a solicitor for at lease one year prior to application Which of the following best describes the unfair trade practice of defamation? correct a...

What is the most basic definiton of Ins? correct answers Is the TRANSFER of the possibility of a loss (risk) to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. In most situations only a small number of those insured will actually suffer a loss. Insurance redistributes the financial consequences of individual losses to all person insured. If there were no insurance mechanism, the cost of a loss would have to be borne solely by the unfortunate...

Concealment correct answers Intentional withholding of information of a material fact that is crucial in making a decision. Warranty correct answers absolutely true statement upon which the validity of the insurance policy depends Representations correct answers statements believed to be true to the best of one's knowledge, but they are not guaranteed to be true Consideration correct answers Insurer's consideration is the promise to pay for losses; insured's consideration is the paym...

When Joe was shopping for property insurance for his mobile home, the company he looked at had outrageously high premiums. Joe was told that they were required to set the premiums at that level and all other insurers would have the same premiums. Why is this not true? AOnly insurers that offer both property and liability insurance for mobile homes are required to have high premiums. BNo insurers are required to offer insurance on mobile homes for premiums that are not fair and adequate. COnly...