Subrogation occurs when - Study guides, Class notes & Summaries

AIC 30 Exam Practice Questions and Answers 100% Pass First Party Focus - Correct Answer ️️ -Coverage and Amount of damage Second Party - Correct Answer ️️ -Insurance Company First Party - Correct Answer ️️ -Insured Third Party - Correct Answer ️️ -Claimant Third Party Focus - Correct Answer ️️ -Liability, Coverage, and Amount of damage Third Party Administrator (TPA) - Correct Answer ️️ -an organization that provides admin services associated with risk financing a...

Principal of Indemnity - correct answer insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - correct answer the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - correct answer replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - correct answer the price at which property would sell...

RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A Principal of Indemnity insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value the price at which property would sell Val...

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANSWER-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANSWER-the price at which property would sell Valued Policy - ANSWER-a pol...

Scheduled Coverage - ANSWER-Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - ANSWER-Refers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - ANSWER-A policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance Tenant Improvement - ANSWER-Building improvement, alteration and be...

Model Laws - ️️NAIC develops that they feel is an appropriate law related to insurance/risk management Conflict of Interest - ️️a situation that occurs when a decision makers personal interests interfere to the extent that he/she makes decisions that adversely affect the customer, claimant, or employer Four Parts of Negligence - ️️- a duty owed to protect (or not go out of your way to harm) another party. - a breach of that duty - damage or injury occurs, - the damage or injury ...

NAB Core Practice Exam 110 Questions And Answers 100% Verified 1. Which one of the following steps should be taken first in a risk management program? A. Purchasing of adequate insurance B. Conducting of employee safety drills C. Identifying hazards and risks D. Conducting staff in-services on incident reporting and accident prevention. - answerC. Identifying hazards and risks 2. Which of the following professionals is authorized to dispense medications? A. registered nurse B. licensed...

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

AIC 30 Exam Practice Questions and Answers 100% Pass First Party Focus - Correct Answer ️️ -Coverage and Amount of damage Second Party - Correct Answer ️️ -Insurance Company First Party - Correct Answer ️️ -Insured Third Party - Correct Answer ️️ -Claimant Third Party Focus - Correct Answer ️️ -Liability, Coverage, and Amount of damage Third Party Administrator (TPA) - Correct Answer ️️ -an organization that provides admin services associated with risk financing a...