2-20 License Exam Questions And Definitions Updated 2024.
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2-20 License
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2-20 License
2-20 License Exam Questions And Definitions Updated 2024.
Admitted Aircraft Liability Coverage - correct answer. A coverage sometimes written in conjunction with Aircraft Passenger Liability which can provide reimbursement for death or dismemberment without requiring legal action...
2-20 License Exam Questions And
Definitions Updated 2024.
Admitted Aircraft Liability Coverage - correct answer. A coverage sometimes written
in conjunction with Aircraft Passenger Liability which can provide reimbursement for
death or dismemberment without requiring legal action.
Appraisal Clause - correct answer. Clause which provides an appraisal procedure
when the insured and the insurer are in disagreement regarding the amount of a loss.
Insured and insurer each choose an appraiser, who, failing to agree, select an umpire.
Agreement of any two of the three will be decisive.
Assignment Clause - correct answer. A condition in insurance policies that specifies
that transferring the policy to another is not valid unless the company consents to it in
writing.
Barrartry - correct answer. Illegal acts committed willfully by a ship's master or crew
for the purpose of damaging the ship or cargo. this Ocean marine peril includes hijaking
abandonment and embezzlement.
Concealment - correct answer. The withholding of known facts which, if material,
can void a contract.
contingent liability - correct answer. Liability which an insured or business incurs
because of the actions of others (i.e., family or employees). Also called vicarious
liability.
exemplary damages - correct answer. Damages awarded to make an example of
the wrongdoer.
fiduciary - correct answer. A person or institution which has responsibility for the
money, property or financial affairs of another.
improvements and betterments - correct answer. Permanent alterations which a
tenant makes to the rented property which will not be removed when the tenant leaves.
, liberalization clause - correct answer. A policy condition found in many standard
policies which states that if the insurer adopts a revision that 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.
proof of loss - correct answer. (1) The evidence offered by the insured to prove
entitlement to collect the amount claimed from the insurer. (2) The statement, signed
and sworn by the insured, setting forth the claim information required by the policy.
punitive damages - correct answer. damages that punish the wrong doer for
antisocial actions, rather than compensating for loss.
theatrical property coverage form - correct answer. All risks Commercial Inland
Marine coverage form that covers scenery, costumes and theatrical property for either a
single production or blanket for all productions
Unfair Insurance Trade Practices Act - correct answer. a FL law describing certain
practices that are prohibited, such as misrepresentations, denying claims without
reasonable investigation, ect.
waiver - correct answer. the voluntary or intentional relinquishment of a known right.
a waiver may be expressed or implied
Mutual Insurance Company is owed by _________, while stock company is owned by
_________. - correct answer. Policy Holders, Shareholdsers
the possibility that a loss might happen. - correct answer. Risk
Only the possibility of a loss. - correct answer. Pure Risk
Possibility of a loss or a gain. - correct answer. Speculative Risk
Does insurance deal with speculative risk? - correct answer. no
the more data you have, the more accurate your measurements and predictions will be
when using data. used to predict frequency of losses and accurately set rates. - correct
answer. law of large numbers
lessening the possibility of a loss. - correct answer. Risk mitigation
this is also known as risk reduction. - correct answer. risk mitigation
choosing not to do something. - correct answer. risk avoidance
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