Indemnify Study guides, Class notes & Summaries
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![PRINCIPLES OF COMMERCIAL LAW: ALL TOPICS (Revision Notes)](/docpics/2841895/6479e0587bb93_2841895_121_171.jpeg)
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PRINCIPLES OF COMMERCIAL LAW: ALL TOPICS (Revision Notes)
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In-depth yet succinct revision notes of topics from all Commercial Law Lectures, comprising all relevant cases (key facts, decisions, rules) and relevant statutes, as well as some reference to journal articles and other secondary sources. Can be used for exam revision (multiple choice and/or problem/essay questions) as it contains sufficient information needed, or to accompany your coursework research for various topics in Commercial Law. (Please excuse any typos) 
 
Contents: 
 
Formation of A...
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AINS 101 Exam Prep| Answered 100% Correctly| Latest 2024-2025
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AINS 101 Exam Prep| Answered 100% Correctly| Latest 
Loss exposure 
any condition or situation that presents a possibility of loss, whether or not an actual loss occurs 
Premium 
the price of the insurance coverage provided for a specified period 
Indemnify 
to restore a party who has sustained a loss to the same financial position that party held before 
the loss occurred 
Insured 
any person or organization who is insured under an insurance policy 
Property-casualty insurance 
one of the two...
![AL Practice Exam – Adjusting 2023 with complete solution](/docpics/2762371/6464e877aa828_2762371_121_171.jpeg)
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AL Practice Exam – Adjusting 2023 with complete solution
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1.	1. The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must 
advise the insurance company of the problem within	if the system cannot be restored to working order: 48 hours Your Answer 
2.	2. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of 
$25,000. When Tina suffers a loss totaling $75,000, how will the two pol...
![STATE FARM PROPERTY AND CASUALTY questions with correct answers](/docpics/2755932/646337a2dabf4_2755932_121_171.jpeg)
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STATE FARM PROPERTY AND CASUALTY questions with correct answers
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duties of the insured - Answer 1. pay the premium 
2. take all reasonable means to save and protect the property from loss 
3. give the insurance company immediate notice of loss 
4. give the insurance company proof of loss within 60 days of the loss 
5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 
6. the insured cannot sue the insurance company unless all of these requ...
![Law 3220 Exam 4 Clemson Latest Update Graded A](/docpics/4197044/659faed5bb8fa_4197044_121_171.jpeg)
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Law 3220 Exam 4 Clemson Latest Update Graded A
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Law 3220 Exam 4 Clemson Latest Update Graded A Agency An agency is created when a person or company (an agent) agrees to act for or in place of another person or company (the principal) 
Parties in an Agency -The principal creates authority in an agent -The agent receives authority and carries out the principal's instructions -Third parties make contract or are involved in torts with the agents 
Disclosed Principal Identity of principal is known by the third party at time of making of contract ...
![Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers](/docpics/5138588/662f80924994e_5138588_121_171.jpeg)
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Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers
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Ohio Health and life insurance exam 
Exam Questions and Answers (2024 / 
2025) (Verified Answers) 
Insurance - CORRECT ANSWER A contract that indemnifies 
another against loss, damage, or liability 
Indemnify - CORRECT ANSWER To make one whole by 
restoring them to the same financial position that existed 
before the loss 
Pure risk - CORRECT ANSWER There is only a chance of 
loss and there is no possibility for gain (insurable) 
Speculative risk - CORRECT ANSWER Uncertainty of loss or 
g...
![State Farm Auto Adjuster Certification Exam Questions And Answers(Completed)2022](/docpics/634470a6c4bc5_2020541.jpg)
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State Farm Auto Adjuster Certification Exam Questions And Answers(Completed)2022
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ACV 
actual cash value 
 
 
 
After Market Parts 
Parts produced by a 3rd party for use on automobiles. 
 
 
 
Betterment 
An improvement made to and automobile that increases its value, rather than a repair that simply maintains its current value 
 
 
 
BL 
Blend 
 
 
 
Blend 
This operation is equal to half the RF time on a panel. Blend would be necessary if an adjacent panel required some paint so the color would match. If damage is within 18" of an adjacent panel then blend. Allow 36" if i...
![Fundamentals to Insurance Chapter 1 Intro Questions and Answers 100% Correct](/docpics/3852284/6557070a3d6ea_3852284_121_171.jpeg)
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Fundamentals to Insurance Chapter 1 Intro Questions and Answers 100% Correct
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Fundamentals to Insurance Chapter 1 Intro Questions and Answers 100% CorrectFundamentals to Insurance Chapter 1 Intro Questions and Answers 100% Correct 
List the 5 functions of insurance: - ANSWER-1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (3 parts) - ANSWER-1) insurance provides a means of shifting ones financial responsibility f...
![AINS 101 Exam Prep| Answered 100% Correctly| Latest 2024-2025](/docpics/4746388/65f3c1717e424_4746388_121_171.jpeg)
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AINS 101 Exam Prep| Answered 100% Correctly| Latest 2024-2025
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AINS 101 Exam Prep| Answered 100% Correctly| Latest 
Loss exposure 
any condition or situation that presents a possibility of loss, whether or not an actual loss occurs 
Premium 
the price of the insurance coverage provided for a specified period 
Indemnify 
to restore a party who has sustained a loss to the same financial position that party held before 
the loss occurred 
Insured 
any person or organization who is insured under an insurance policy 
Property-casualty insurance 
one of the two...
![CA Life Accident & Health Questions And Answers With Verified Solutions](/docpics/5600849/6666fdcfd54a0_5600849_121_171.jpeg)
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CA Life Accident & Health Questions And Answers With Verified Solutions
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CA Life Accident & Health Questions And Answers With Verified Solutions 
nsurance is defined as? A contract whereby one undertakes to indemnify another against loss, damage, or 
liability arising from a contingent or unknown event. 
A written instrument in which a contract of insurance is set forth is the? 
An agreement between the insurer and the insured, the person who is covered by the insurance, is established in a 
legal document referred to as a contract of insurance policy 
Loss is? defin...
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