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The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as - answers recipient location Recipient location - answers Businesses who support insured by being the primary buyer for their products HO-3 (special form) - answers covers the dwelling and other structures on a risk-of-direct-physical loss bas...

All of the following are exempted from the requirement of an adjuster's license examination except: A. those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. those persons who have received the Associate in Claims (AIC) designation; D. Those persons who have a certificate of completion showing that within the past 12 months the applicant has completed a certified adjuster relicensing education program and passed the state examination. - Answers. A per...

Insurance – answers financial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party Insured – answers individual or organization that pays premiums in exchange for protection Insurer – answers company, group, or government agency offering financial protection How does insurance work? – Answers insured pays premium Insurer promises to pay for specific losses if they occur Insurer’s promise ...

DP - valuation answers - DP-1 - ACV building & contents DP-2/3 - RCV building & ACV contents DP - limit for fair rental value answers - 20% of A DP - coverages (A-E) answers - A - dwelling B - other structures C - personal property D - fair rental value E - additional living expense DP - limit for additional living expenses answers - DP-1 - NONE DP-2/3 - 20% of A DP - Property removed is covered for ___ days. answers - DP-1 - 5 days DP-2 - 30 days DP - limit for trees/plant...

Accumulated Depresciation aanswers - The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) aanswers - An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion aanswers - One of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or leave". Adjusted Gross Revenue (Crop ...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. answers- $30,000 Which of the following statements best describes an inland marine policy? answers- Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay? answers- $1000 Thi...

Law of Large Numbers - answers the more examples used to develop any statistic, the more reliable the statistic will be Underwriting - answers The process and insurance company uses to decide whether to except or reject an application for a policy insurance. underwriters evaluate the risk and exposure of a potential policyholders they decide how much coverage the policyholder should receive how much they should pay for it or whether even to except the risk and insure them. underwriting involv...

Law of Large Numbers - answers the more examples used to develop any statistic, the more reliable the statistic will be Underwriting - answers The process and insurance company uses to decide whether to except or reject an application for a policy insurance. underwriters evaluate the risk and exposure of a potential policyholders they decide how much coverage the policyholder should receive how much they should pay for it or whether even to except the risk and insure them. underwriting involv...

What is the failure to use that degree of care which n ordinary person of reasonable prudence would use under similar circumstances? – answer Negligence What is a situation involving a person other than an insured? – answer Third Party Loss What is the responsibility to another for one's negligence? – answer Liability Mary has a homeowner's policy. Her Coverage a limit of liability is $250,000 and her Coverage B limit of liability is $125,000. Her policy has a 2% deductible. Wha...

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