Valued policy law - Study guides, Class notes & Summaries
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Property & Casualty Insurance License Test Updated 2022 > Pass the P&C Insurance Licensing Exam With Flying Colors.
- Summary • 24 pages • 2022
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Property and casualty insurance Exam Questions and Answers Updated Nov 2022. 
A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of 
 
A builder's risk form is most often written as which of the following? 
 
A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty of any furniture or perso...
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RMIN 4000 UGA Brown Exam 3 Latest Version Graded A+
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RMIN 4000 UGA Brown Exam 3 Latest 
 
Version Graded A+ 
 
principle of indemnity The insurer agrees to pay no more than the actual amount of the loss 
(prevent the insured from profiting from loss) 
 
replacement cost (RC) the cost to replace property with an item of like kind and quality 
(similar workmanship and materials) (not the same as historical cost!) 
 
actual cash value (ACV) - replacement cost - depreciation 
- in property insurance, indemnification is usually based on the actual cash...
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LOMA 281 Module 1 Latest Update Graded A+
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LOMA 281 Module 1 Latest Update 
 
Graded A+ 
 
Risk the possibility of an unexpected result. 
 
Premium A specified amount of money an insurer charges in exchange for its agreement to 
pay a policy benefit when a specific loss occurs. 
 
Insurance company A company that provides protection against the risk of financial loss 
caused by specific events. 
 
Life insurance A type of insurance under which the insurer promises to pay a death benefit 
upon the death of a named person. 
 
Annuity A fin...
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FINCERT 2023 Exam With 100% Correct Answers
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It is important to make them feel __________ and __________ - Correct answercomfortable and welcomed 
__________ prompt someone to explore and analyze their emotions and feelings - 
Correct answer-Open-ended question 
__________ collect factual information - Correct answer-Closed-ended question 
Give __________ for responses 
time - Correct answer-time 
Questions should be asked in a ___________________________ way - Correct 
answer-non-judgmental 
It is important to ________________ your mentor...
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Colorado Life & Health Insurance Exam| Guide with Questions and Verified Answers| 100% Correct (2023/2024)
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Colorado Life & Health Insurance Exam| Guide with Questions and Verified Answers| 100% Correct (2023/2024) 
 
Q: Joint Life Annuity 
 
 
Answer: 
-Type of Annuity Pay-out option 
-Pays only until first annuitant dies 
 
 
 
Q: Joint and Survivor Annuity 
 
 
Answer: 
-Pays until the last party dies 
-Payment often adjusted upon the death of the first party because of age difference 
 
 
 
Q: Types of Annuities 
 
 
Answer: 
-Single Premium Deferred Annuity (SPDA) 
-Level Premium Annuity 
-Flexi...
And that's how you make extra money
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NYREI School Exam Questions and Answers Latest Version Graded A+
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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...
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GA PROPERTY & CASUALTY TEST answers verified 2023
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GA PROPERTY & CASUALTY TEST answers verified 2023PURE RISK 
TYPE OF RISK WHICH INSURANCE COMPANIES WILL INSURE IS CALLED? 
 
 
 
RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A LARGE GAMBLING DEBT. THIS MIGHT INDICATE? 
MORAL HAZARD 
 
 
 
PURE & SPECULATIVE RISK 
THE RISK OF LOSS MAY BE CLASSIFIED AS? 
 
 
 
AGGREGATE LIMIT OF LIABILITY 
Defined as the MAXIMUM LIMIT of coverage available under ...
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RMIN 4000 Test 3 Brown Latest Version Already Passed
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RMIN 4000 Test 3 Brown Latest Version 
 
Already Passed 
 
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...
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LA Claims Adjuster Property and Causality Practice Exam 1 Questions and Answers 2024
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Insurable Interest - ______in the property and would suffer a financial loss if the property were damaged by an insured peril, their family members (names need not be listed in the policy), and others such as a lien holder, for example, the bank that holds the mortgage on a house. 
 
Cause of Loss Forms - ____establish and define the causes of loss (or perils) for which coverage is provided under the form. (Please do not confuse the "cause of loss" forms with the "proof of loss" form, which ...
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New York State Law Questions and Answers Already Passed
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New York State Law Questions and 
 
Answers Already Passed 
 
A "temporary license" is available to a spouse or legal representative of a deceased agent or 
broker. For how long is that license issued? 90 days 
 
A broker gives a prospective insured a gas card valued at $35 in return for the purchase of an 
insurance policy. The broker is guilty of: Rebating 
 
A broker's license is a requirement for an agent who: Places an insurance policy with a 
different company other than the one(s) with...
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