Real property (realty)
Ans- Tangible property consisting of land, all structures permanently
attached to the land, and whatever is growing on the land.
Personal Property
Ans- possessions such as jewelry, furniture, and boats
Damage to building by vandalism - Put a fence around the building
A...
AINS 102 Questions and Answers Real property (realty) Ans- Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal Property Ans- possessions such as jewelry, furniture, and boats Damage to building by vandalism - Put a fence around the building Ans- Loss Prevention Home burglary - Install burglar alarm Ans- Loss reduction Tort Damages Ans- compensatory damages and punitive damages Negligence Tort Ans- careless neglect, often resulting in injury Example: Driving while intoxicated and causing an accident Intentional Tort Ans- A deliberate act that causes harm to another person Exam ple: assault Strict Liability Ans- Inherently dangerous activities or dangerously defective products that result in injury or harm Example: Owning a wild animal At-Fault States or Tort State Ans- a driver who causes a car crash is responsible fo r compensating the other party or parties for their losses No-Fault States Ans- the driver's personal injury protection (PIP) coverage pays out after a car accident for lost wages and medical expenses, regardless of fault Modified no -fault plans Ans- These allow injured motorists to collect economic losses from their plan's PIP benefits. They may then have the ability to sue at -fault drivers for any economic losses that exceed the no -fault coverage limits and for some noneconomic losses. Add-on plans Ans- These add no -fault benefits to auto insurance policies but place no restrictions on the injured person's right to sue a negligent party for damages. Choice no -fault plans Ans- Under these plans, insureds can choose whether to be covered on a modified no -fault basis. In most states with these plans, insureds who choose not to be covered on a modified no -fault basis must purchase add -on coverages. Who or what regulates auto insurance rates? Federal regulators State regulators President of the United States Private insurers' auditors Ans- State regulators - States regulate auto insurance rates. While states' rating laws can vary, they generally require insurers to use rates that are adequate to pay all claims and expenses, reaso nable (not excessive) for the exposure presented, and not unfairly discriminatory.
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