Utah Property and Casualty Insurance Questions and Correct Answers | Latest Update
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Course
Utah Property and Casualty Insurance
Institution
Utah Property And Casualty Insurance
Abandonment
-:- The abdication of insured property into the hands of another, or into
the possession of no one in particular.
Absolute Liability
-:- A type of liability that occurs due to extremely dangerous
operations, such as the use of explosives or working at extreme heights.
Accident...
✓ -:- A contract in which the participating parties agree to exchange
unequal amounts. Insurance contracts are aleatory in that 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 United
States.
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 assessment of property to determine either the correct am ount
of insurance to be written or the amount of loss to be paid.
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