Hull coverage - Study guides, Class notes & Summaries

State Farm Insurance License Exam Questions and Answers Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer Compa...

American Institute Builders Risks Clauses (AIBRC) - Answer-An insurance form used in the American market to insure vessels under construction; includes hull, collision liability, and P&I coverage American Institute Ship Repairers Liability Clause - Answer-An insurance form for covering a ship repairer's liability for customers vessels in the ship repairer's care, custody, or control; also provides limited coverage for damage to property of other resulting from operation of a vessel in the ...

Texas all lines adjuster exam questions and answers 100% pass All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: -Answer-While performing a task that a fellow worker requested, that was unusual to the employee's job description, but occurred on the employer's premises during working hours. Which of the following statements is NOT TRUE regarding the implied warranties of an Ocean Marine pol...

AINS 102: Understanding Personal Insurance Latest 2024 Rated A+ 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 prote...

2-20 General Lines Florida Insurance All Answers Correct Abandonment Clause ️often contained in a p/c policy stating that the insured cannot abandon damaged property to the (dump on) insurer and demand reimbursement for the full value. Accounts Receivable Coverage Form ️Inland Marine Coverage form which insures against loss the insured suffers becasuse of an inability to collect from customers when AR records are damaged. Accident ️A sudden fortuitous event Actual Cash Value (A...

Texas all lines adjuster exam questions and answers 100% pass All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: -Answer-While performing a task that a fellow worker requested, that was unusual to the employee's job description, but occurred on the employer's premises during working hours. Which of the following statements is NOT TRUE regarding the implied warranties of an Ocean Marine poli...

Property and Casualty Exam Latest Update 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, acco...

Bailee - ANSWER An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - ANSWER Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - ANSWER 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 buye...

Texas All Lines Adjuster Exam Questions And Answers Graded A+ All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: While performing a task that a fellow worker requested, that was unusual to the employee's job description, but occurred on the employer's premises during working hours. Which of the following statements is NOT TRUE regarding the implied warranties of an Ocean Marine policy? Th...

Property and Casualty Exam Questions and Answers 100% Pass Bailee - Correct Answer ️️ -An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Correct Answer ️️ -Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - Correct Answer ️️ -A property policy provision that changes the valuation method otherwise applicable (ACV or...