What is indemnity - Study guides, Class notes & Summaries

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - correct answer Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - correct answer Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation - correct...

Florida 2-15 Insurance Final Exam Test Bank (All Chapters complete 1-30, Questions and Answers, 100% Verified) Latest 2023/2024 1. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as a a. domestic company b. local company c. foreign company d. preferred company a 2. With regard to life insurance, all of the following statements are correct EXCEPT a. all individuals are considered to have insurable interests i...

NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+ Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. For a loss that would otherwise be covered for th...

NEW HAMPSHIRE ADJUSTER EXAM PREP: SERIES 12-75 QUESTIONS WITH CORRECT UPDATED ANSWERS GRADED A++ Which of the following best defines "insured"? A. Transfer of the risk of financial loss from one party to another B. A legally binding contract in which the insurance company agrees to pay for specified losses in exchange for premiums C. An individual or organization that pays premiums in exchange for financial protection D. A company, group, or government agency offering financial prot...

Adjuster Pro Texas with Complete Questions and Answers 100% VerifiedAdjuster Pro Texas with Complete Questions and Answers 100% VerifiedAdjuster Pro Texas with Complete Questions and Answers 100% VerifiedAdjuster Pro Texas with Complete Questions and Answers 100% Verified All of the following pieces of information can be found in the conditions section of an insurance policy EXCEPT: - ANSWER-Causes of loss that are not covered Which of the following best defines the principle of indemnity? -...

GA: Life Insurance Exam Questions and Answers 100% Pass When does an Endowment Life policy mature? - Correct Answer ️️ -When the Insured dies or reaches the age or date of endowment. A securities license is required to sell which of the following? - Correct Answer ️️ - Variable Universal Life Which is a community based provider of insurance benefits: - Correct Answer ️️ -PPO The Payor Benefit Rider is commonly found in policies insuring: - Correct Answer ️️ - juveniles. ...

Multi-Line Insurers - CORRECT ANSWER-________-______ Insurers are insurance carriers that offer more than one line of insurance. False - CORRECT ANSWER-True or False? Stock Insurance Companies are "participating" in that the policyholders receive dividends. Attorney-In-Fact - CORRECT ANSWER-Reciprocal Insurers are managed by an ___________________. Association - CORRECT ANSWER-Contrary to popular opinion, Lloyd's of London is not an insurer but rather an ____________. Limits Catas...

AdjusterPRO Final Exam Test Questions with Verified Answers What is a reserve, in insurance terms? - -A pool of collected premiums that the insurer sets aside to pay claims Which of these scenarios is NOT an example of indemnification? - -When trying to renew her dog's license, Ellen has to pay a penalty to the city for letting its rabies vaccination lapse. Ellen having to pay a fine is not an example of indemnification. Indemnification means being restored to the financial condition yo...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

Which of the following statements is NOT TRUE regarding the "Extended Period of Indemnity" option of the Business Income form? - ANSWER-The coverage applies for 120 days following the period of restoration When a Hawaii employee sustains an injury requiring medical treatment beyond first aid, how long does the employer have to report the accident to the Director of Labor and Industry relations? - ANSWER-7 working days After paying a claim an insurance company may have the right to pursue...