Hull insurance - Study guides, Class notes & Summaries

Ocean Marine Insurance - Answer-principally associated with vessels and their cargoes; also includes international air shipments as well as transportation by land or air that connects with an ocean shipment or international air shipment. Cargo Insurance - Answer-Insurance that covers loss of or damage to property shipped primarily by water or, if in foreign trade, by air. Hull Insurance - Answer-Insurance that covers partial or total loss of vessels caused by a covered peril; may also cove...

New York USAA Exam Review Questions and Answers 100% CorrectNew York USAA Exam Review Questions and Answers 100% CorrectNew York USAA Exam Review Questions and Answers 100% CorrectNew York USAA Exam Review Questions and Answers 100% Correct Watercraft liability, medical expenses and uninsured boaters are coverages provided under which of the following policies? I. Watercraft. II. Homeowners. III. Mariners. - ANSWER-I only is correct. Explanation: Watercraft policies are designed to...

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 - ...

State Farm Insurance License Exam Questions and Answers Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer Compa...

Property & Casualty Practice Exam: Commercial Lines Who is responsible for damage to improvements in a leased building? A) Tenant B) Building owner C) Improvements to a leased building are not covered D) Both the tenant and the building owner - correct answer B Equipment Breakdown insurance covers all of the following, EXCEPT: A) Equipment powered by internal pressure B) Mechanical equipment used to produce energy C) Tools subject to regular replacement D) Communications equipment - ...

Accumulated Depreciation - ANSWER-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) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

New York USAA Exam Review 2023/2024 Questions and Answers Watercraft liability, medical expenses and uninsured boaters are coverages provided under which of the following policies? I. Watercraft. II. Homeowners. III. Mariners. - ️️ I only is correct. Explanation: Watercraft policies are designed to cover boats used primarily on fresh water streams and lakes. It is a package policy providing several coverages including hull, motor and trailer coverage along with liability coverage. ...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for ...

Property and Casualty Exam Latest Update Graded A+ Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, acco...

2-20 General Lines Florida Insurance Exam Questions and Answers 100% Pass Abandonment Clause - Correct Answer ️️ -often contained in a p/c policy stating that the insured cannot abandon damaged property to the (dump on) insurer and demand reimbursement for the full value. Accounts Receivable Coverage Form - Correct Answer ️️ -Inland Marine Coverage form which insures against loss the insured suffers becasuse of an inability to collect from customers when AR records are damaged. A...