Contingent liability - Study guides, Class notes & Summaries

NYREI School Exam Questions and Answers Latest Version Graded A+ What is the minimum licensing requirement to sell commercial real estate in New York? a real estate salesperson's license What is the preferred method of creating an agency relationship? expressed agency An amenity purchaser occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. real / deed A salesperson who is an independent contractor is not subject to withholding r...

dentify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) 1- Cancel Policy 2- Receive Notice of Cancellation 3- Make Changes to Policy (with Insurer Consent) 4- Payment of Premiums 5- Payee for Returned Premium Compare and Contrast the Occurrence Form with the Claims Made Form, as to what activates coverage (Learning Objective #2) Occurrence Form: - BI/PD must occur during the policy period - P/Adv committed during policy period - The policy in forc...

AINS 103 Practice Exam - Questions and Answers (Complete Solutions) Which one of the following best describes real property? A. Property being shipped to or from others. B. Business personal property that includes furniture, machinery and equipment, and stock/inventory. C. Tangible property that includes land, structures permanently attached to the land, and whatever is growing on the land. D. Vehicles, merchandise, furniture, tools, and similar items. Extra expenses are expenses, in addition ...

2-20 License Exam | 142 Questions and Definitions with Correct Answers 100% Verified | 2024 Admitted Aircraft Liability Coverage A coverage sometimes written in conjunction with Aircraft Passenger Liability which can provide reimbursement for death or dismemberment without requiring legal action. Appraisal Clause Clause which provides an appraisal procedure when the insured and the insurer are in disagreement regarding the amount of a loss. Insured and insurer each choose an appraiser, ...

Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? A Excess insurance B Pro rata liability C Primary insurance D Contribution by equal shares D: Contribution by equal shares The formal statement an insured provides to an insurer, including all the details an insurer needs to assess its liability following a loss, is known as a: A Notice of loss B Binder ...

CIC Commercial Casualty CGL Questions And Verified Correct Answers 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 manufactured...

True T/F. Commercial General Liability can be written as monoline or multi-line/package. Named Insured, mailing address, term dates, limits, form of business & business description What is covered on a CGL declarations? Section I- Coverages Section II- Who Is An Insured Section III- Limits of Insurance Section IV- CGL Conditions Section V- Definitions What are the five sections on the CGL Coverage Form? Endorsements What are used to modify an existing coverage form? ...

What is the "Bona Fide Need" Rule? - ANSWER The concept of the "legal availability" of Congressional appropriations is defined in terms of three elements - purpose, time, and amount. The Bona Fide Need rule covers the "time" aspect of legal availability and is one of the primary means of congressional control over its appropriations. The Bona Fide Need rule basically means that a federal agency must have a legitimate or "bona fide" need for the requirement during the time period that t...

Concerning AIDS and HIV risks, all of the following acts may subject an insurer to liability claims or fines EXCEPT - ANSWER a. Disclosing test results to third party without applicant's consent. b. Requiring applicant to pay for HIV test in order to be underwritten. **c. Declining applicant for a positive HIV test result. d. Not providing counseling contacts and educational information about HIV and AIDS. When a life insurance policy was issued, the policyowner designated a primary and a ...

LML4804 EXAM PACK 2023 LATEST QUESTIONS WITH ANSWERS. Income Tax: QUESTION 1 During the 2003 tax year, Mr Johnson leased a dilapidated but wellsituated shopping centre for a period of 10 years. He intended to sub-let it at a profit. Mr Johnson had to renovate the property in order to render it suitable for letting. His expenditure in this regard during the 2003 tax year included an amount of R30 000 for the replacement of broken windows, an amount of R80 000 for the painting of the buildi...