Nevada property - Study guides, Class notes & Summaries

risk Uncertainty of loss insurance the transfer of RISK pure risk lose or have no change - insurable speculative risk NOT insurable. possibility to lose or gain hazard something that increases risk indemnity a payment for damage or loss; purpose is to restore the insured to where they were prior to their loss. tort A civil wrong representation a substantial truth, true to the best of knowledge concealment OMISSION of a material fact

Nevada Property & Casualty ExamFx Simulation An insured owns a building that is valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how much should he insure the property for? a) 80% of the property's replacement cost or more b) 100% of the market value c) $400,000 d) $32,000 ️️A What is "commercial general liability" (CGL) insurance in Nevada, and what does it cover? ️️ Commercial general liability (CGL) insurance in Nevada ...

A insurance binder is effective for no more than correct answers 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? correct answers Consideration Which of the following structures is not eligible for flood insuran...

A insurance binder is effective for no more than - ANSWER 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? - ANSWER Consideration Which of the following structures is not eligible for flood insurance? A. Anita...

A insurance binder is effective for no more than - 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? - Consideration Which of the following structures is not eligible for flood insurance? A. Anita's mobile home ...

Nevada Property and Casualty Exam Questions and Answers 100% Correct A insurance binder is effective for no more than - Answer- 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? - Answer- Consideration Which of...

A unique feature in a bailee form is that it covers A. A loss that has no exclusions B. The building occupied by the insured whether it is owned or leased C. Customers property whether or not the insured has been negligent D. Fire and theft losses to the insured stock held for sale without any deductibles. - C What is a certificate of insurance A. Written document allowing the insured to inspect the insured's books B. A written document showing to types and amounts of insurance that have...

Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losses. d) Provide advance notice of cancellation. correct answers B Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losse...

Gramm-Leach-Bliley Act - Passed to protect private customer information that is filed with a financial institution. Customers must be given two disclosure notices (one at the onset of business and one before information is disclosed), as well as a yearly updated disclosure notice Fair Credit Reporting Act - To protect customers against the circulation of innacurate or obsolete information and to ensure that consumer reporting agencies are fair and equitable in their treatment of consumers; ...

Nevada Property and Casualty Questions and Answers 2024 Latest Edition