The subrogation clause - Study guides, Class notes & Summaries

Property and Casualty Insurance EXAM Questions and Answers 100% Pass Specific insurance This type of insurance designates a particular item to be insured Blanket insurance This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative possibility of both gain and loss. Not insurable. Pure only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? avoid, control, retain, and ...

Florida General Lines Agent Exam Questions And Answers What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c.A risk where there is a possibility of a gain d.A chance for insurance coverage - ANS a What is an insurance policy? a.A binder that offers initial insurance coverage b.An oral agreement related to insura...

pearson vue practice exam questions and answers 100% pass Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company - Correct Answer ️️ -B In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured...

Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company Correct Answer: B 2 In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured subsequently sails the yacht on the seas, coverage may be den...

National Real Estate Exam Prep Questions and Answers Graded A+ John, Maria and Mark are joint tenants. Mark dies. Maria sells her share to Jane. John and Jane are: a. Joint Tenants b. Tenants by Partition c. Sole Owners d. Tenants in Common d. tenants in common John owns lakefront property. He has been granted water rights to the lake. He has: a. Riparian Rights b. Appropriative Rights c. Littoral Rights d. Prior Appropriation c. littoral rights Mary's parents gave her ...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Oklahoma Property and Casualty Latest Update Graded A+ Representations Statements made by the applicant on an insurance application. Contract of Utmost Good Faith An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion When one party constructs the contract and the other party has no input. Elements of a Legally Binding Contract 1. Legal Purpose 2. Agreement (Offer and Acceptance) 3. Competent Parties 4. Consideration Special Peril Ty...

GA PROPERTY & CASUALTY TEST answers verified 2023PURE RISK TYPE OF RISK WHICH INSURANCE COMPANIES WILL INSURE IS CALLED? RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A LARGE GAMBLING DEBT. THIS MIGHT INDICATE? MORAL HAZARD PURE & SPECULATIVE RISK THE RISK OF LOSS MAY BE CLASSIFIED AS? AGGREGATE LIMIT OF LIABILITY Defined as the MAXIMUM LIMIT of coverage available under ...

california property and casualty exam questions and answers 100% pass The process where by a mutul insurer becomes a stock company is called - Correct Answer ️️ -Demutalization The process whereby a stock company a mutal insurer is called - Correct Answer ️️ - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Correct Answer ️️ -Valuation clause The part of the policy that states the amout of coverag...

pearson vue practice exam questions and answers 100% pass Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company - Correct Answer ️️ -B In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured...