INSR 310: TEST 3 || WITH 100% ERRORLESS SOLUTIONS.
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Course
INSR 310:
Institution
INSR 310:
manuscript policy correct answers a policy that allows insurers to alter & change coverages according to each person
standard policy correct answers a policy that does not change from contract to contract; same form for every person
dec page correct answers the front page of a policy that spe...
INSR 310: TEST 3 || WITH 100% ERRORLESS
SOLUTIONS.
manuscript policy correct answers a policy that allows insurers to alter & change coverages
according to each person
standard policy correct answers a policy that does not change from contract to contract; same
form for every person
dec page correct answers the front page of a policy that specifies the named insured, address,
policy period, location of premises, policy limits, and other key information that varies from
insured to insured
parties; #; dates; exposure; options; premiums correct answers dec page: identifying info
includes:
1. contract _____________
2. policy ___________
3. important ____________
4. type of _____________
5. different ____________
6. ____________ amounts
insuring agreement correct answers summarizes the major promises of the insurer
named peril correct answers form of insuring agreement:
under this, only those perils specifically named in the policy are covered; not named = not
covered
all risk approach correct answers form of insuring agreement:
under this, all losses are covered except those losses specifically excluded; also known as an
open perils policy & a special coverage policy
peril correct answers cause of loss
excluded perils correct answers exclusions:
flood, earthquake, nuclear radiation or radioactive contamination, public taxi, intentional acts
excluded losses correct answers exclusions:
failure to protect property from further damage
, excluded property correct answers exclusions:
certain types of cars, planes, animals, birds, & fish
uninsurable; reasonable; coverage correct answers categories of exclusions:
1. _____________________
2. not _________________ for all EDs to bear
3. __________________ exists elsewhere or may be better served by a separate policy
conditions correct answers provisions in the policy that qualify or place limitations on the
insurer's promise to perform
payment; further loss; notice; proof; dispute; benefits correct answers types of conditions:
1. have to make the ________
2. fraud
3. protect from ____________
4. timely _________ to INSCO
5. timely _________ to INSCO
6. alternative _________ resolution
7. cancellation
8. assignment of ____________
face; repair; replacement; actual cash correct answers recovery feature usually based upon:
1. _______ amount
2. _______ or _______ cost
3. _________________ value
deductibles correct answers to eliminate small claims, reduce premiums, & to reduce moral &
morale hazard
straight/ flat $ correct answers clauses that may reduce recovery:
the ED must pay a certain number of dollars of loss before the INSCO is required to make a
payment
participating correct answers clauses that may reduce recovery:
if the policy pays dividends, it is known as a _____________ policy
disappearing correct answers clauses that may reduce recovery:
as you keep your policy & don't have claims, your deductible decreases with time
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