Exam (elaborations)
Insurance: Personal Lines, Texas Questions And Answers With Verified Solutions Already Passed!!!
- Course
- Institution
Insurance: Personal Lines, Texas Questions And Answers With Verified Solutions Already Passed!!!
[Show more]
Content preview
Insurance: Personal Lines, TexasQuestions And Answers With Verified
Solutions Already Passed!!!
Absolute Liability - ANSWERS✔✔Liability that arises from an extremely
dangerous situation. Absolute liability is often found in cases involving explosives.
Also known as "strict" liability. For ex. , you are absolutely liable if you keep a
wild animal as a pet.
Accident - ANSWERS✔✔A sudden & unexpected event, occurring at a specific
time & place.
Actual Cash Value (ACV) - ANSWERS✔✔The cost to replace an item of property
@ the time of loss, less an allowance for depreciation. Often used to determine
amount of reimbursement for a loss (Replacement cost minus Depreciation).
Additional Insured - ANSWERS✔✔A person, firm, or corporation other than the
Named Insured on a policy, or a lender named in a mortgage clause, who is
protected against loss by the terms of the policy.
Additional Living Expenses - ANSWERS✔✔A coverage designed to reimburse
the insured for an increase in living expenses necessitated by loss to the dwelling.
This Indirect Loss must be the result of Direct Loss by a covered Peril.
Adjuster - ANSWERS✔✔Represents the insurance company and acts for the
company in working on agreements as to the amount of a loss and the liability of
the company.
, Admitted Company - ANSWERS✔✔A company that meets the state insurance
department 's standards and is authorized by the Director to do business in the
state.
Agent/Producer - ANSWERS✔✔An individual appointed by an insurance
company to solicit, negotiate, effect, or countersign insurance contracts on its
behalf.
Aggregate/Producer - ANSWERS✔✔A type of policy limit found in liability
policies that limits coverage to a specified total amount for all losses occurring
within the policy period.
Alien Company - ANSWERS✔✔An insurance company incorporated in a country
other than the United States.
Allied Lines - ANSWERS✔✔Property coverages that are closely associated w/ &
frequently sold w/ fire insurance: Dwelling Buildings & Contents form,
Earthquake insurance, Sprinkler Leakage, etc.
All-Risk Insurance - ANSWERS✔✔Insurance protecting the insured from loss
arising from any Peril other than those specifically excluded by name. This
contrasts with Named Peril Insurance, which names the Peril or Perils insured
against.
Application - ANSWERS✔✔A questionnaire that is filled out by an agent & the
prospect seeking insurance. The form contains rating & underwriting information.
The applicant is expected to make representations by answering questions to the
best of his knowledge (truthfully).
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 classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78834 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now