Principal of indemnity - Study guides, Class notes & Summaries

Texas Property & Casualty Insurance License Exam with Accurate Answers 2023 In order to be considered legally binding, an insurance contract must include all of the following - Offer and acceptance. Competent parties. Consideration (The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent parties.) With respect to a bonded contractor who defaults on a construction performance contract, which of the following statements is...

RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A Principal of Indemnity - insurer pays no more than actual amount of the loss; insurer should not profit from the loss

Which two Florida Statutes govern the bail bond industry? -ANSWER Chapter 648 and 903 Which Governmental agency or department governs the bail bond industry in the state of Florida? -ANSWER Florida Department of Financial Services The Records of all Bail Bond written in this state must be made available within how many hours after being requested by the state? -ANSWER 48 hours What types of action can the department take against an agents bail bond license? ( 4 types) -ANSWER Fine-Proba...

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INSURANCE EXAM QUESTIONS & ANSWERS 2024 which one of these is NOT a type of agent authority? A. Express B. implied C. principal D. apparent - Answer - principal which of these arrangements allows one to bypass insurable interest laws? A. concealment B. indemnity contract C. contract of adhesion D. investor-originated life insurance - Answer - Investor-originated life insurance A policy of adhesion can only be modified by whom? A. The agent B. The applicant C. The primar...

Principal of Indemnity - Answer insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - Answer the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - Answer replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - Answer the price at which property would sell Valued Policy - Answ...

RMIN 4000 TesRMIN 4000 Test 3 Brown| Questions and Answers 100% CorrectRMIN 4000 Test 3 Brown| Questions and Answers 100% CorrectRMIN 4000 Test 3 Brown| Questions and Answers 100% Correctt 3 Brown| Questions and Answers 100% Correct Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Val...

XCEL SOUTH CAROLINA LIFE AND HEALTH INSURANCE EXAM 2024 An exclusive agency employs _____ agents who agree to market products of ____ insurer. - correct answer independent; one Premiums paid for insurance coverage that is not provided are referred to as ____ premiums. - correct answer unearned Insurance polices are contracts of ________. - correct answer indemnity "The greater the number of lives insured, the more predictable losses will be," is attributable to what law? - corre...

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

RMIN 4000 Test 3 Brown Questions & Answers Principal of Indemnity - ANS-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANS-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANS-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANS-the price at which property would sell Va...