Franchise deductible - Study guides, Class notes & Summaries

FL Adjusters License Practice Exams 2023 Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. Correct Answer: (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraise...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

Louisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% Correct Lender Interest Provisions - ANSWER-Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - ANSWER-A property insurance provision that p...

An employer pays the accident and health insurance premiums for its employees. The premiums paid by the employer are Deductible to the business. Taxable to the employee. Tax-deferred to the business. Reimbursed as a tax credit. - Deductible to the business. Medical expense insurance typically EXCLUDES coverage for: Prosthetic devices such as artificial limbs Cosmetic surgery Injuries resulting from auto accidents Treatment for terminal illnesses - Cosmetic surgery A group health insur...

FLORIDA CIR PRACTICE EXAM QUESTIONS & ANSWERS 2024 Jared recently purchased a 25 foot watercraft with a 250 horsepower motor. While cruising on the lake, he accidentally runs into Gary's boat, causing $2,500 in damage to Gary's hull. How will Jared's insurer respond when Gary files a claim against Jared's homeowners policy for the damage he caused? - ANSWER-The insurer will deny the claim because Jared's boat is excluded from his liability coverage The Write Your Own program allows ...

- CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking only covered with endorsement - CORRECT ANSWERFranchise Deductible in marine insurance - C...

Lender Interest Provisions - Answer-Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer-A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer-A situation resulting from a failure to carry enough coverage on the value of a property...

Business 5101 Praxis Practice TEST 100% Pass Command Economy Govt. Controlling Prices & Production Security&Exchange Commission(SEC) responsibilities: Regulate securities, investigate insider trading, process applications for initial public offerings(IPO's) Customer's desire for product and ability to obtain product Product demand is directly influenced by: Sarbanes-Oxley Act of 2002 Fight corporate & accounting fraud Buyer's Market Product availability exceeds demand Maslow's hierarchy...

Lender Interest Provisions (Ans- Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty (Ans- A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured (Ans- A situation resulting from a failure to carry enough coverage on the value of a property, e...

Adjuster Pro Exam Prep With 100% Correct Answers 2024 Common law is based upon court decisions and customs. cause of loss or damage peril Jim owns a home valued at $187,500, but he only has a $100,000 homeowner's policy and is underinsured. During a storm, lightning strikes Jim's home causing $45,000 in damages. The insurer decides to invoke a coinsurance penalty. How much will Jim be required to pay for the penalty? The coinsurance requirement of 80% means that Jim should have maintai...