Definition of acv - Study guides, Class notes & Summaries

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - correct answer 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: - correct answer Residential (ex. home)...

Explain "Scheduled Basis" - correct answer Only the items listed on the policy will be insured Explain "Property of Every Description" Basis - correct answer Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis - correct answer All property owned by the insured is insured under a single limit of insurance - this can include property at different locations and may be subject to co insurance Identify 5 components fo...

NC Adjuster License Practice Exam (With Complete Solution) 2024/2025| Graded A+ Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: - ️️ - The maximum monthly limit of indemnity optional coverage The traditional definition of actual cash value (ACV) is: - ️️ - Replacement cost minus depreciation Sam and Dan are working ...

Property and Casualty Exam Graded A+ Bailee ️An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard ️Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value ️A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to th...

Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: - The maximum monthly limit of indemnity optional coverage The traditional definition of actual cash value (ACV) is: - Replacement cost minus depreciation Sam and Dan are working to clean out the gutters around the roof on Sam's house. Sam and Dan are standing at the top of sepa...

What is the definition of a public adjuster? - An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - 30 Days Subrogation occurs when? - The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - To provide additional liability coverage above and beyond that which is provided by the primary policy How...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ️️1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: - ️️Residential (ex. home) Non-mercantile (ex. ...

ANSWER- The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: ANSWER- 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: ANSWER- Residential (ex. home) Non-merc...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for ...

Increase your credibility (3 things) correct answer: be productive, innovative, the expert, and polite be productive, innovative, the expert, and polite correct answer: Increase your credibility (4 things) How to strengthen AE/BDR relationship (4) correct answer: consistent communication, alignment of goals, connection, prospect engagement Definition of a Champion correct answer: Personal pain, political and technical respect, knowledgeable about how to get a deal done Champion F...