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Virginia Personal Lines Exam (Important Insurance Terms) Questions And Answers With Verified Solutions Already Passed!!! $12.49   Add to cart
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Virginia Personal Lines Exam (Important Insurance Terms) Questions And Answers With Verified Solutions Already Passed!!!
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Virginia Personal Lines Exam (Important Insurance Terms) Questions And Answers With Verified Solutions Already Passed!!!

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  • October 2, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Personal lines
  • Personal lines

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Virginia Personal Lines Exam (Important
Insurance Terms) Questions And
Answers With Verified Solutions Already
Passed!!!
Abandonment - ANSWERS✔✔The insured cannot abandon in exchange for full-
insured value from the insurance company.


Accident - ANSWERS✔✔A SUDDEN & UNFORESEEN event resulting in
financial loss.


Ambiguity - ANSWERS✔✔This is vague contract language.


Appraisal - ANSWERS✔✔These are used when the insured and the insurer cannot
agree. Each pay for an appraiser to determine the value of the loss and the
appraisers choose an umpire. The final decision is binding.


Arbitration - ANSWERS✔✔When two insurance companies disagree on third
party liability claims.


Assignment - ANSWERS✔✔An insurance policy may not be transferred to
another without written consent of the insurer.


Binder - ANSWERS✔✔Temporary written or oral evidence that coverage is in
effect until the policy is issued.


Certificate of Insurance - ANSWERS✔✔Auto ID Cards

, Contribution by Equal Shares - ANSWERS✔✔Two liability policies pay out
dollar for dollar until the claim is paid. If A is exhausted, B will cover the
remaining amount due.


Deductible - ANSWERS✔✔This is the self-insured part of an insured loss.


Direct Loss - ANSWERS✔✔A direct loss is one that is a direct consequence of a
particular peril. For example; fire, smoke and water damage.


Indirect Loss - ANSWERS✔✔A result of having a direct loss. For instance, the
loss of rental income as a result of the fire.


Excess Insurance - ANSWERS✔✔This is an insurance policy that pays benefits
only when coverage under another policy has been exhausted.


Indemnity - ANSWERS✔✔To be restored to the state that was enjoyed prior to the
loss; no more, no less.


Liberalization - ANSWERS✔✔If a company decides to broaden its coverage at no
additional premium, that must be included in all existing policies.


Non-concurrency - ANSWERS✔✔The situation exists when one piece of property
is covered by more than one policy, but the policies do not cover the property in
the exact same way.


Occurrence - ANSWERS✔✔This is continuous and repeated exposure to an event
that results in a financial loss.

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