Subrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss.
While investigating a claim, you determine that t...
Subrogate Subrogation is the right for an insurer
to legally pursue a third party that caused an
insurance loss to the insured. This is done as a
means of recovering the amount of the claim paid
by the insurance carrier to the insured for the loss.
- answer While investigating a claim, you
determine that the loss was caused by a defective
mechanism in the dishwasher. You would attempt
to_________________________?
Appraisal - answer What is the process when an
insurer and an insured have a dispute regarding
the amount of damage?
Material Misrepresentation - answer
__________________________________________________is a
significant misstatement in an application form. If
a company had access to the correct information at
the time of application, the company might not
have agreed to accept the application.
,Age, Condition and Life Expectancy - answer As an
adjuster, you should base depreciation on these
three factors?
Umpire - answer An_________________ is a person
hired by the property owner to settle the claim
with insurance company on their behalf.
HO-A - answer This type of policy provides
coverage only for those perils that are listed in the
policy?
Additional Living Expenses - answer
_________________________ are extra charges covered
by homeowner's policies over and above the
policyholder's customary living expenses.
Occurrence - answer _______________________is an
event that results in an insured loss/damages?
Actual Cash Value - answer What is value of your
property, based on the current cost to replace it,
minus depreciation?
Incurred Expenses - answer Expenses that have
already sustained and that have not yet been paid
are known as ____________________________________.
, Declarations Page - answer
________________________________is the part of the
written insurance policy that states all the policy's
specific's, including the name of the policyholder,
the type of property insured, the premiums, and
the term limits for the coverage.
Negligence - answer What is the failure to use that
degree of care which an ordinary person of
reasonable prudence would use under similar
circumstances?
Overhead and Profit - answer
______________________________is the amount of money
dedicated to a general contractor's cost of doing a
business and earning a profit.
Third Party Loss - answer
____________________________is a situation involving a
person other than an insurer and the insured.
Reserves - answer What is the amount
representing actual or potential liabilities kept by
and insurer to cover debts to policyholder?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
