Named peril - Study guides, Class notes & Summaries

Property and Casualty insurance exam Texas Questions with 100% Correct Answers Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk ...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...

AINS 102 (Latest 2023/ 2024 Update) Understanding Personal Insurance Exam Prep| Questions and Verified Answers| 100% Correct Q: General damages Answer: A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific, measurable expenses. Q: HO-3 Special Form Answer: Coverage for owner-occupants, providing open perils coverage on buildings and specified perils coverage on personal property. Q: Hull insurance Answer: I...

HO-1 - Answer Basic named perils policy. Only covers 10 listen perils. RCV. HO-2 - Answer Broad named perils policy. Covers dwelling & personal property. 16 named perils. HO-3 - Answer Homeowners special form. Basic open perils policy. Dwelling - open peril, covers everything except exclusions. Contests - named peril. HO-4 - Answer Renters policy. No coverage for dwelling, other structures or loss of use. Personal property (amount that you specify.) Liability (amount th...

CPCU 551 - Addressing Commercial Property Risk Questions And Answers 2023 Condominium A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. Condominium unit The portion of a condominium owned solely by a unit owner. Common elements Areas of a condominium that are jointly owned by all unit owners, includin...

Named peril policy that only covered fire and lightning first used in 1918 in NY Line of Coverage A particular risk or group of risks covered by an insurance policy Monoline Policy an insurance policy that covers only one risk or type of risk Personal lines for possessions intended for personal use commercial lines for possessions intended for business or corporate use Homeowners Insurance bundles property and liability insurance into one 'package' policy Property coverage c...

ADJUSTER PRO EXAM WITH REVISED ANSWERS (2023) Stu has a collection of rare comic books. He wants to purchase theft insurance for his collection, separate from his home and other property. What term most accurately describes the type of policy Stu would purchase? - CORRECT ANSWER-Monoline Policy Which of the following statements does NOT apply to the Standard Fire Policy? - CORRECT ANSWER-It automatically covers wind and vandalism. Which of the following refers to being restored to the ...

Property and Casualty for WI Questions and Answers 100% Pass Insurance a social device for transferring of risk Interest that would give rise to financial loss if that interest were lost or damaged Insurable interest When does insurable interest need to exist? ONLY at the time of loss What is a specified (named) peril? Only pays for perils named in the policy. Example - A named policy covers you for fire, lightning, and hail... a wind storm blows down your house (not covered) ...

Standard Fire Policy Correct Answer basic foundation of all homeowner's and commercial policies ACV Named peril policy that only covered fire and lightning First used in 1918 in NY Line of Coverage Correct Answer A particular risk or group of risks covered by an insurance policy Monoline Policy Correct Answer an insurance policy that covers only one risk or type of risk Personal lines Correct Answer for possessions intended for personal use Commercial lines Correct Answer for pos...

A Typical Thunderstorm cloud can hold the potential of : 1 Million Volts Falling object refers to an object : Striking the exterior roof or walls of a building Tornadoes are covered under the named-perils or all-risk policy as they fall within what peril? : Windstorm or Hail Peril The correct term for flooding caused by rain is : Pluvial Flooding The correct term for flooding caused by the overflow of a river is : Fluvial Flooding 2 | P a g e How long is the average lifespan of a d...