property and casualty for south Carolina Exam Questions and Answers 100% SOLVED
6 vistas 0 veces vendidas
Grado
Property and casualty for south Carolina
Institución
Property And Casualty For South Carolina
Absolute Liability - ANSWER-A tort law concept in which an individual can be found legally responsible without
being negligent.
Accident - ANSWER-An unexpected and unintended chance happening occurring at a known time and place.
Acceptance - ANSWER-An element of contract law under which one ...
property and casualty for south carolina exam ques
abandonment answer an attempt by an insured to r
Escuela, estudio y materia
Property and casualty for south Carolina
Property and casualty for south Carolina
Vendedor
Seguir
IMORA
Comentarios recibidos
Vista previa del contenido
property and casualty for south Carolina
Exam Questions and Answers 100% SOLVED
Abandonment - ANSWER-An attempt by an insured to receive full value for a partially damaged item by offering
the damaged property to the insurance company. The company is under no obligation to pay for
abandoned property
Absolute Liability - ANSWER-A tort law concept in which an individual can be found legally responsible without
being negligent.
Accident - ANSWER-An unexpected and unintended chance happening occurring at a known time and place.
Acceptance - ANSWER-An element of contract law under which one party accepts the offer of another party.
Actual Cash Value (ACV) - ANSWER-A method of valuing loss under which the insurance company will pay the
Replacement Cost Value of an item minus depreciation.
Additional Coverages - ANSWER-Additional Coverages are provided without additional cost in property
contracts. Examples would include payment for Debris Removal and for a Fire Department Service
Charge. The coverages may pay an amount in addition to the stated limits of the policy.
Additional Living Expenses - ANSWER-An indirect loss coverage designed to offset the additional costs of living
in temporary quarters while a dwelling is being rebuilt or repaired. Found in Homeowners and Dwelling
policies.
Admitted Company - ANSWER-A company that has sought admission and been
approved to conduct the business of insurance within a particular state.
Adverse Selection - ANSWER-In insurance, Adverse Selection can best be described as the likelihood of the worst possible risks seeking the best possible coverage. For example, a person who seeks to buy insurance for
his home following a TV broadcast that a wildfire is three miles away and blowing his direction.
Advertising Injury Liability - ANSWER-Liability resulting from damage caused to a business by the
misrepresentations of another. Also can include theft of a copyrighted trademark.
Aggregate Limit - ANSWER-Also known as a General Aggregate Limit, this is the limit expressed in a
Commercial Liability policy indicating how much an Insurance company will pay in total during any
policy period.
Agreed Value - ANSWER-A method of valuation in which the insured and the insurance company agree on the
value of an insured item before a loss occurs. If and when a covered loss does occur, the company pays
the Agreed Value of the item without considering depreciation.
Aleatory Contract - ANSWER-A contract in which both parties will not benefit equally. For example, you could
buy a car, pay car insurance premiums for ten years, never have an accident, and never
file a claim, then
sell the car without every collecting a cent from the insurance company. On the other hand, you could
buy a car, insure it and then wreck it three weeks late and collect thousands of dollars.
Alien Company - ANSWER-A company started or chartered in a country other than the U.S.
All Risk - ANSWER-The words "All Risk" are meant to convey the company is
providing Special or Open Perils coverage on a Property Policy. "All Risk" is an antiquated term that
is legally indefensible; because it implies everything is covered when in actuality there are exclusions
even with Special or Open Perils coverage
Appraisal - ANSWER-More than just having an expert place a value on an item, in Commercial Property
Insurance, Appraisal refers to a process in which the insured and the company seek to place a value on
damaged property by hiring three appraisers. When two of three agree on the value of the damage, it is
binding on both parties. Appurtenant Structure - ANSWER-In a Homeowners Policy, an Appurtenant
Structure is a building or structure, other than a dwelling. For example, a detached garage or a tool shed
would be referred to as an Appurtenant Structure.
Arbitration - ANSWER-A process under which two parties (the insured and the insurance company) can settle a
claim dispute without the need to go to court. Three Arbitrators hear arguments from both parties and
set the amount that should be paid under the claim. The determination made by the Arbitrators may or
may not be binding.
Assailing Thieves (Piracy) - ANSWER-A covered peril under an Ocean Marine policy it covers loss due to pirates.
Assignment - ANSWER-Refers to the assignment of ownership of a policy from one policyowner to another.
Assumption of Risk - ANSWER-Is a legal defense in a negligence claim. If the injured party undertook an activity
known to involve risk (skydiving, for example) it may be difficult for the person to collect damages if
they are injured.
Auditi - ANSWER-Audit, or perhaps more accurately Premium Audit, occurs at the end of a policy period when
an insurance company underwrites a risk that varies. For example, in a Workers Compensation Policy,
if a company underwrites a carpentry business that has 12 carpenters and business booms, and the
carpentry shop hires 7 more carpenters during the year, then an Audit at the end of the year would reveal
the insurance company is owed premium because the risk is greater than that which they originally
undertook.
Authorized Company - ANSWER-Also known as an Admitted Company, an Authorized Company receives a
Certificate of Authority as proof they are admitted to do business in a particular state.
Bailee - ANSWER-An individual or company that has care, custody or control of someone else's valuable property. Basic Perils - ANSWER-A peril or cause of loss form in which 11 named Perils can be covered in Commercial
Lines Property Policies and 9 named perils can be covered in Personal Lines Policies.
Betterments and Improvements - ANSWER-Protection generally provided tenants against loss to additions or
changes made at their own expense that enhance the value of the property they occupy
Binder - ANSWER-A Binder is an instrument that provides interim, temporary coverage. Binders can be oral or
written in nature.
Boatowners Policy - ANSWER-A Policy covering Property and Casualty losses associated with owning or using
a boat.
Bodily Injury (BI) - ANSWER-Used extensively in Liability contracts, Bodily Injury refers to injuries sustained
by a human being or the death of a human being.
Boiler and Machinery - ANSWER-A policy or coverage form designed to cover damage occurring to and damage
occurring from a Boiler or other piece of machinery. Only sudden and accidental damage is covered.
Today, more commonly known as Equipment Breakdown Coverage.
Breach of Duty - ANSWER-Failure to use a reasonable standard of care.
Broad Form Homeowners - ANSWER-The HO-2
Broad Perils - ANSWER-A peril or cause of loss form in which 14 named Perils plus collapse can be covered in
Commercial Lines Property Policies and 12 named Perils plus collapse can be covered in Personal Lines
forms.
Building Ordinance - ANSWER-Building codes (Ordinance or Law) dictate how buildings
must be constructed
to ensure safety and other concerns are met. Financial losses suffered by an insured that result from the
imposition of a Building Ordinance are either not covered or limited in coverage. Adequate coverage
can be purchased with an endorsement.
Burglary - ANSWER-As defined in a Commercial Crime Policy, Burglary is the taking of property from a premises
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 10,58 €. You're not tied to anything after your purchase.
