Named peril - Study guides, Class notes & Summaries

Utah Property and Casualty Insurance Latest Version Graded A+ Absolute Liability Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives. Also known as "strict" liability. For ex you are absolutely liable if you keep a wild animal as a pet. Accident A sudden and unexpected event, occurring at a specific time and place. Actual Cash Value (ACV) The cost to replace an item of property at the time of loss, less an ...

Eligibility correct answers Owner Occupied, 1-4 family, Incidental Business, 2 Boarders, Under Construction, Trusts, NO Mobile Home. Coverage Forms correct answers HO2: Broad Form, HO3: Special Form, HO4: Contents Broad Form, HO5: Comprehensive Form, HO6: Unit Owners Form, HO8: Modified Coverage Form. Coverage - HO2 - Broad correct answers Covers dwelling & personal property on broad named peril basis. Coverage - HO3 - Special correct answers Covers residence & other structure...

In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three - correct answer one In a personal auto policy (PAP), a covered auto includes all of the following EXCEPT 1. A trailer owned by the insured. 2. A farm implement being towed behind the insured's pickup. 3. A nonowned tempor...

Chapter 10 COM 125 Practice Quiz Question and answers verified to pass Section 3. 1 - Overview - correct answer ... Advantage of the all risks approach is that it is more difficult for insurers to deny coverage under an all risks form. With an all risks form, the burden is on the insurer to show that coverage does not apply to a particular loss, whereas with a named perils form, the insured must show that loss was caused by a peril specifically insured against in the policy. (T/F)? - correc...

LA Claims Adjuster Property and Causality Practice Exam 1 Questions and Answers 100% CorrectLA Claims Adjuster Property and Causality Practice Exam 1 Questions and Answers 100% CorrectLA Claims Adjuster Property and Causality Practice Exam 1 Questions and Answers 100% Correct Insurable Interest - ANSWER-______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...

Guarantee ExamFX, Idaho Personal Lines Simulation Exam with Complete Solutions In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three one In a personal auto policy (PAP), a covered auto includes all of the following EXCEPT 1. A trailer owned by the insured. 2. A farm i...

In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 1. Zero 2. One 3. Two 4. Three - Answer- one In a personal auto policy (PAP), a covered auto includes all of the following EXCEPT 1. A trailer owned by the insured. 2. A farm implement being towed behind the insured's pickup. 3. A nonowned temporary subst...

HO-2 correct answers "Broad" Named-peril form; covers the insureds house and personal property. HO-4 correct answers "Contents Broad Form" Named Peril Form; Renters insurance; covers personal property but not house and other structures. HO-6 correct answers "Unit Owners form" Named Peril Form; Condo Form; Covers owner's belongings and all finished surfaces of the individual condominium unit. HO-8 correct answers "Modified Coverage Form" Named Peril Form; Covers property at ACV,...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

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 ...