Compulsory insurance laws - Study guides, Class notes & Summaries

Arbitration ️ An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding. Attachment ️ The act of seizing property to secure a judgment. Catastrophe ️ A single event that causes widespread losses. Civil law ️ A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties o...

80% - Standard co-insurance amount. Abandonment - The insured leaving the damaged property and demanding full payment for a total loss. Actual Cash Value (ACV) - Replacement cost at the time of loss less depreciation. Actuary - The person who establishes rates for the insurer. Advertising Liability - Offense that arises from advertising the insured's services or products including unintentional violation of copyright laws. Aggregate Limit - A type of policy limit that does not restore th...

Arkansas Property and Casualty Insurance Exam Question and answers rated A+ 2024 Before workers comp laws, employers had 3 common law defenses to avoid paying claims- - correct answer Assumption of Risk - This defense placed all the risk on the employee as being responsible for knowing the work conditions prior to employment. Fellow Servant Rule - Removed the employer's negligence if a fellow employee contributed in any way to the loss. Contributory Negligence - Used to argue that the em...

220 EXAM - FLORIDA STATUTES VERIFIED SOLUTIONS All of the following are grounds for compulsory refusal, suspension, or revocation EXCEPT: A. Unlawfully rebating B. Fraudulent submission of a Workers' Comp app C. Lack of reasonably adequate knowledge D. Soliciting insurance in other areas of the state D. Soliciting insurance in other areas of the state How long is a temporary license good for? A. 12 months B. 6 months C. 4 months D. 2 months B. 6 months Brainpower R...

What are the different approaches (6) auto insurers and state governments have designed to compensate auto accident victims? 1. Tort liability system 2. Financial responsibility laws 3. Compulsory insurance laws 4. Uninsured motorist coverage 5. Underinsured motorist coverage 6. No-fault insurance Briefly describe how the tort liability system compensates injured auto accident victims. If a driver operates an auto in a negligent manner that results in bodily injury or property damage to ...

What are the different approaches (6) auto insurers and state governments have designed to compensate auto accident victims? - ️️1. Tort liability system 2. Financial responsibility laws 3. Compulsory insurance laws 4. Uninsured motorist coverage 5. Underinsured motorist coverage 6. No-fault insurance Briefly describe how the tort liability system compensates injured auto accident victims. - ️️If a driver operates an auto in a negligent manner that results in bodily injury or pro...

CPCU 553 Test Questions with Correct Answers One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minimal amount of protection is genera...

Ga Property & Casualty Insurance Study Guide Verified Answers Personal Automobile Policy ️• Accounts for 40% of all premiums • Vehicles registered to individuals and operated primarily for personal activities o Driving to work is a personal activity o Policy allows use of vehicle for incidental business activities Financial Responsibility State ️• Georgia is a financial responsibility state o To legally operate an automobile in the state of Georgia, a person must show t...

CPCU 553 Exam Questions and Answers | 100% Correct| 2024 Updated Special Damages - Answer️️ -form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer️️ -Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer️️ -sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer️️ -Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured ...

DRIVERS ED FINAL EXAM 100% SOLVED You have a permit and you are going to the DMV to get your license. You must bring: a) Your birth certificate b) your valid permit c) proof of enrollment in driver education - ANSB) Your valid permit In order to maintain lane position, target a vehicle 15 to 20 seconds ahead of you TRUE FALSE - ANSTRUE At a minimum, compulsory insurance laws in each state require you to have... a) No fault insurance b) liability insurance c) medical payments insuran...