,Abandonment - CORRECT ANSWERS-Property
insurance policies usually contain a(n) __________
clause, *stating the insured cannot dump damaged
property on the insurer and demand its full value.*
Severability - CORRECT ANSWERS-Insurance applies
separately to each insured as if other insureds did
not exist
Insurable Interest - CORRECT ANSWERS-One
wherein economic loss would be suffered from an
adverse happening to the subject.
Liberalization - CORRECT ANSWERS-States that if
the insurer adopts a revision which would broaden
coverage without additional premium within some
period of time prior to the policy period or during
the policy period, the insured receives the benefit
of such broadened coverage..
Doctrine of Proximate Cause - CORRECT ANSWERS-
States that when there is an unbroken connection
between an occurrence and damage that grows out
of the occurrence, then the resultant damage is all a
part of the occurrence.
,Actual Cash Value - CORRECT ANSWERS-The Loss
Settlement Valuation that subtracts an allowance
for depreciation
Warranty - CORRECT ANSWERS-A policy condition,
either based on information in the insured's
application or inserted by the insurer
The following are basic characteristics of a property
or liability insurance contract, except: - CORRECT
ANSWERS-Loss of Settlement Contract
Conditional Contract - CORRECT ANSWERS-The
Insurer's responsibility to pay for a property loss
may be conditioned on the insured having used
reasonable means to avoid the loss, to protect the
property against further loss, and to give the insurer
proof of the loss is defined as?
Which of the following is not one of the
"Thresholds" in the "No-Fault" law? - CORRECT
ANSWERS-Temporary Injury of the Insured
, Also included: permanent injury other than scarring
and disfigurement
Under Mechanical Breakdown Coverage, new cars
are eligible for service up to: - CORRECT ANSWERS-
36 Months/36,000 Miles
Used vehicles: 12 Months/12,000 Miles
If financial responsibility doesn't exist at the time of
an accident, which of the following things must
happen to avoid penalties? - CORRECT ANSWERS-
The legally valid claims of others must be satisfied
(10/20/10)
The owner and operator must provide certification
of future responsibility for future accidents
As to required proof for future accidents by
purchase of auto liability insurance, the insurer
must make a filing (Form SR-22) certifying that
coverage is in effect, and this certification must
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