SC P&C Insurance Exam Study Guide Questions With Solutions 100% Correct
0 view 0 purchase
Course
South Carolina Property And Casualty Insurance
Institution
South Carolina Property And Casualty Insurance
SC P&C Insurance Exam Study Guide
Questions With Solutions 100% Correct
Adhesion A contract offered on a "take-it-or-leave-it" basis by an insurer, in which the
insured's only option is to accept or reject the contract. Any ambiguities in the contract will be
settled in favor of the insured.
...
SC P&C Insurance Exam Study Guide
Questions With Solutions 100% Correct
Adhesion A contract offered on a "take-it-or-leave-it" basis by an insurer, in which the
insured's only option is to accept or reject the contract. Any ambiguities in the contract will be
settled in favor of the insured.
Admitted Insurer An insurer to which a state insurance department has granted a license
to do business within that state.
Adverse Selection In general, the tendency for people with the greatest probability of loss
to be the ones most likely to purchase insurance.
Agent an individual who is licensed to sell, negotiate, or effect insurance contracts on
behalf of an insurer
Aggregate Limit the maximum amount an insurer will pay for all covered losses during
the covered policy period
, SC P&C Insurance Exam Study Guide
Questions With Solutions 100% Correct
Agreed Value A property policy with a provision agreed upon by the insurer and insured
as to the amount of insurance that represents a fair valuation for the property at the time the
insurance is written.
Aleatory A contract in which participating parties exchange unequal amounts. the amount
the insured will pay in premiums is unequal to the amount the insurer will pay in the event of a
loss.
Alien Insurer an insurance company that is incorporated outside the U.S.
Apparent Authority The appearance or the assumption of authority based on the actions,
words, or deeds of the principal or because of circumstances the principal created.
Appraisal an assesment of property to determine either the correct amount of insurance to
be written or the amount of loss to be paid
Arbitration A process, agreed to by parties to a dispute in lieu of going to court, by which
a neutral person or body makes a binding decision
, SC P&C Insurance Exam Study Guide
Questions With Solutions 100% Correct
Assignment the transfer of legal right or interest in an insurance policy, in P&C ususally
only valid with prior written consent of the insurer
Authorized Insurer An insurance company that has qualified and received a Certificate of
Authority from the Department of Insurance to transact insurance in the state.
Auto a land motor vehicle, trailer or semi-trailer designed for use on public roads
Avoidance A method of dealing with risk by deliberately keeping away from it (e.g. if a
person wanted to avoid the risk of being killed in an airplane crash, he/she might choose never to
fly in a plane).
Bailee One who holds the personal property of another for a specific purpose.
Beneficiary the one who recieves the proceeds from an insurance policy
Binder A temporary insurance contract that forms an oral or wirtten agreement between
the insurance company and the customer.
, SC P&C Insurance Exam Study Guide
Questions With Solutions 100% Correct
Blanket Bond a type of bond that covers losses caused by dishonest employees
Blanket Insurance A single property insurance policy that provides coverage for multiple
classes of property at one location, or provides coverage for one or more classes of property at
multiple locations.
Bodily Injury Liability Insurance that protects a driver from claims resulting from injuries
or deaths for which the insured is at fault
Boycott An unfair trade practice in which one person refuses to do business with another
until he or she agrees to certain conditions.
Builder's Risk Coverage Form This coverage form provides coverage for buildings that
are under construction. Can also be used to cover a building while additions and alterations are
being made to the structure.
Building and Personal Property Coverage Form A commercial property form that covers
buildings, and/or their contents.
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 UpperClass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $23.49. You're not tied to anything after your purchase.
