INSR 310: TEST 3 || WITH 100% ERRORLESS SOLUTIONS.
2 views 0 purchase
Course
INSR 310:
Institution
INSR 310:
manuscript policy correct answers a policy that allows insurers to alter & change coverages according to each person
standard policy correct answers a policy that does not change from contract to contract; same form for every person
dec page correct answers the front page of a policy that spe...
INSR 310: TEST 3 || WITH 100% ERRORLESS
SOLUTIONS.
manuscript policy correct answers a policy that allows insurers to alter & change coverages
according to each person
standard policy correct answers a policy that does not change from contract to contract; same
form for every person
dec page correct answers the front page of a policy that specifies the named insured, address,
policy period, location of premises, policy limits, and other key information that varies from
insured to insured
parties; #; dates; exposure; options; premiums correct answers dec page: identifying info
includes:
1. contract _____________
2. policy ___________
3. important ____________
4. type of _____________
5. different ____________
6. ____________ amounts
insuring agreement correct answers summarizes the major promises of the insurer
named peril correct answers form of insuring agreement:
under this, only those perils specifically named in the policy are covered; not named = not
covered
all risk approach correct answers form of insuring agreement:
under this, all losses are covered except those losses specifically excluded; also known as an
open perils policy & a special coverage policy
peril correct answers cause of loss
excluded perils correct answers exclusions:
flood, earthquake, nuclear radiation or radioactive contamination, public taxi, intentional acts
excluded losses correct answers exclusions:
failure to protect property from further damage
, excluded property correct answers exclusions:
certain types of cars, planes, animals, birds, & fish
uninsurable; reasonable; coverage correct answers categories of exclusions:
1. _____________________
2. not _________________ for all EDs to bear
3. __________________ exists elsewhere or may be better served by a separate policy
conditions correct answers provisions in the policy that qualify or place limitations on the
insurer's promise to perform
payment; further loss; notice; proof; dispute; benefits correct answers types of conditions:
1. have to make the ________
2. fraud
3. protect from ____________
4. timely _________ to INSCO
5. timely _________ to INSCO
6. alternative _________ resolution
7. cancellation
8. assignment of ____________
face; repair; replacement; actual cash correct answers recovery feature usually based upon:
1. _______ amount
2. _______ or _______ cost
3. _________________ value
deductibles correct answers to eliminate small claims, reduce premiums, & to reduce moral &
morale hazard
straight/ flat $ correct answers clauses that may reduce recovery:
the ED must pay a certain number of dollars of loss before the INSCO is required to make a
payment
participating correct answers clauses that may reduce recovery:
if the policy pays dividends, it is known as a _____________ policy
disappearing correct answers clauses that may reduce recovery:
as you keep your policy & don't have claims, your deductible decreases with time
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R219,01. You're not tied to anything after your purchase.
