Tangible property - Study guides, Class notes & Summaries

contract - correct answer -a legally enforceable promise or an exchange of promises Uniform Commercial Code (UCC) - correct answer --covers the sale of goods -goods are tangible, movable items of personal property -applies to individuals & firms -uniform state law -Article 2: applies to contracts -Section 207: "Battle of Forms" -> Deal still goes through bilateral contracts - correct answer --involve a promise for promise exchange ( mutual promises) -acceptance is before acti...

insurance - Answer- ________________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. casualty - Answer- ______________ insurance is insurance which pays on behalf of the insured's legal liability. liberalization - Answer- The ______________ provision broadens an insured's coverage without an increase in premium when the insurer has adopted a generic global policy revision. severabil...

TEEX EXAM 2 2024| ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS| SOLVED 100% means a person who claims an equitable or legal ownership interest in property. Select one: a. Interest holder b. Stake holder c. Owner d. Property owner Ans- a. Interest holder is the property of any nature, including real, personal, tangible, or intangible that is used in the commission of a First or second degree felony or a number of other crimes. Select one: a. Evidence b. Contraband c. Crime d. Monetary cri...

CIC Commercial Casualty CGL Exam Questions and Answer 6 Casualty exposures covered by CGL policy - Answer ️️ Premises, Business operations, Products, Completed operations, Contractual, Contingent/vicarious Premises types in CGL - Answer ️️ Any location owned, rented, leased, borrowed, or used for business Locations of business operations CGL - Answer ️️ On premises or away from premises Types of products covered by CGL - Answer ️️ Retail, wholesale, distributed, or manuf...

Certified Pennsylvania Evaluator Exam (CPE) Questions And Answers 2023 Assessor - Correct Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Correct Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Correct Answer-Has two values, Value in Use and Value in Exchange An Assessor is accountable to whom? - Correct Answer-Himself, taxpayers and all taxing authorities In order for an asses...

Five Basic Premises of Criminal Law - Answer-1. There must be an act or an omission. 2. The suspect may have a mental state 3. There must be a concurrence of both of the above at the same time. 4. Causation must be present. 5. Principles of Construction = All laws must be written. Rule of Corpus Delicti "Body of the Crime" - Answer-Shows specific loss or injury. Someone is criminally responsible. Additional evidence to indicate that the confession is truthful. Mental States - Answer-In...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

Loss exposure - ANS-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Property loss exposure - ANS-A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest. Real property (realty) - ANS-Tangible property consisting of land, all structures permanently attache...

USAA P&C Insurance Adjuster EXAM QUESTIONS CORRECTLY ANSWERED Perils - ANSWER Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - ANSWER Condition that create or increases the chance or loss or contributes to the loss Physical Hazard - ANSWER Visible ( operational features of a risk) Moral Hazard - ANSWER Intentional dishonesty or illegal actions of a person (arson) Morale Hazard - ANSWER Carelessness or indifference ( attitud...

RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated) Risk Likelihood - answerFrequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to ...