The subrogation clause - Study guides, Class notes & Summaries

Property and Casualty Insurance EXAM Insurance Concepts and Definitions Types of Insurance - Specific Insurance ️: Covers a particular item or property. - Blanket Insurance ️: Provides coverage for multiple items at a single location or for several items across different locations. Risk Types - Speculative Risk ️: Involves the possibility of both loss and gain; it is non-insurable. - Pure Risk ️: Involves only the possibility of loss; this type of risk is insurable. Risk Manage...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the AboveB. Waiver of Premium "premiums are waived" Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The In...

duties of the insured ~~> 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 6. the insured cannot sue the insurance company unless all o...

california property and casualty exam questions and answers 100% pass The process where by a mutul insurer becomes a stock company is called - Correct Answer ️️ -Demutalization The process whereby a stock company a mutal insurer is called - Correct Answer ️️ - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Correct Answer ️️ -Valuation clause The part of the policy that states the amout of coverag...

Aviation Law Exam 2 Review 2024 Questions and Answers hull coverage - Answer ️️ -covers damage to or destruction of the insured aircraft resulting from an accident -generally doesn't cover damage to the aircraft's engines in connection with an engine failure, unless the engine failure leads to other damage to the aircraft hull coverage may be purchased to cover: - Answer ️️ -all risks all risks while not in flight, or all risks while not in motion.2 Purpose-of-use categories - ...

Random Exam Questions Louisiana Property and Casualty with Complete Solutions Random Exam Questions Louisiana Property and Casualty with Complete Solutions Random Exam Questions Louisiana Property and Casualty with Complete Solutions For which of the following persons is the Drive Other Car endorsement intended A Owners of school buses B The officers and directors of a corporation C Truckers and motor carriers D Individuals who do not own an auto - ANSWER-D Individuals who do...

FL Personal Lines Agent 2044 Exam Questions With Answers warranty - ANS Agreement between insured and insurer that certain conditions will be met Vicarious Liability - ANS Legal responsibility placed on one person for the acts of another. Vacant - ANS The absence of both people and property from the premises. Unscheduled Coverage/ Blanket Insurance - ANS A single coverage amount that applies generally to personal property. UM - ANS Pays insured if the at fault...

Which of the following would NOT be found in the conditions section of a homeowners insurance policy? Subrogation rights Duties of the insured Insurance premium Mortgagee clause - ANS -The insurance premium is not shown in the conditions section of the homeowner policy. Which of the following is true regarding dealers physical damage coverage under a garage policy? It is a blanket limit for covered autos. It extends coverage to customers' autos. It is an annual maximum limit ...

Property Insurance - correct answer -Protects real and personal property from losses caused by various perils/calamities Liability Insurance - correct answer -Protects against financial consequences from the insured's responsibility for property loss Property insurance contracts define: - correct answer -Property covered and perils Perils - correct answer -Cause of loss Negligence - correct answer -Failing to act in a reasonable manner Types of exposure - correct answer --Exposur...

A(n) _ may also perform the duties of a consultant. - correct answer producer What is an example of a producer's implied authority? - correct answer Collecting premiums The Commissioner may suspend or revoke a producer's license for - correct answer keeping premiums owed to the insurer An insurer is charged _ for submitting an application for a certificate of authority in Delaware. - correct answer $700 In Delaware, an insurer is prohibited from - correct answer making a political ...