Nevada Property & Casualty Exam Updated 2025 with complete solution
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Course
Nevada Property & Casualty
Institution
Nevada Property & Casualty
Gramm-Leach-Bliley Act - Passed to protect private customer information that is filed with a
financial institution. Customers must be given two disclosure notices (one at the onset of business and
one before information is disclosed), as well as a yearly updated disclosure notice
Fair Credit Rep...
Nevada Property & Casualty Exam
Gramm-Leach-Bliley Act - Passed to protect private customer information that is filed with a
financial institution. Customers must be given two disclosure notices (one at the onset of business and
one before information is disclosed), as well as a yearly updated disclosure notice
Fair Credit Reporting Act - To protect customers against the circulation of innacurate or obsolete
information and to ensure that consumer reporting agencies are fair and equitable in their treatment of
consumers; it regulates consumer reports/credit reports
Agreed value - Works best for items whose calue does not fluctuate much; when a loss occurs, the
policy pays the agreed value as specified on the policy schedule, regardless of the insured item's
appreciation or depreciation
Agreed value - Property policy with a provision agreed upon by the insurer and insured as to the
amount of insurance that represents a fair valuation for the property at the time the insurance is written.
At the time of a loss, the policy pays the agreed value as specific on the policy schedule, regardless of the
insured property's appreciation or depreciaion.
Absolute liability - Any conduct that is inherently dangerous (swimming pools, explosives, wild
animals) imposes absolute liability.
Actual cash value - A loss valuation method used in many property forms is determined by today's
replacement cost - depreciation for age and obsolescence
Perils - The causes of loss insured against in an insurance policy
Speculative risk - Involves the chance of gain or loss and is not insurable
Libel - A type of intentional tort; is NOT an element of negligence
4 elements of negligence - Duty, breach, injury, unbroken chain
, Actual Cash Value (ACV) - Method of valuation that reinforces the principle of indemnity because
it recognizes the reduction of value of property as it ages. (Depreciation-current replacement cost)
Per occurrence - A type of limit liability that sets the amount for all claims that arise from a single
incident at a certain number
Indemnity - Insurance principle that states that the insured can inly collect for the amount of the
loss even if the policy is written with greater benefit limits
Deductible - The amount of loss retained by the insured (property); retention (liability). Most
property coverages include this; most liability policies do not include retention.
Stated value contract - Is used to pre-establish the amount of coverage available for property
items that are difficult to value. The value of the insured items is determined at the time the policy is
written, not at the time of loss.
Direct loss - Damage caused by a peril that is insured against
Proximate cause - The reasonably forseeable act ir event that results in an injury or damage AKA
direct liability
Stated amount coverage - The value of the insured property is determined at the time the policy is
written. In the event of a loss, the amount is paid without regard to any coinsurance provision. If the loss
is less than the total, rhe insurer has salvage rights with the insured having first right of refusal of the
slavage.
Pure risk - Situations that can only reault in a loss or no change; the only type insurance
companies are willing to accept
Consequential loss - AKA indirect loss, a second financial loss caused by a covered direct loss
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