Insurance indemnifies - Study guides, Class notes & Summaries

State Farm Property xam | Questions and Answers Graded A+ Latest 2024/2025 control of property - CORRECT ANSWER protects against negligent acts of noninsureds other insurance - CORRECT ANSWER concerns property that is insured by more than one policy legal action against an insurer - CORRECT ANSWER says when an insured my sue the insurer subrogation - CORRECT ANSWER insurer can sue third parties for damages to the insured liberalization - CORRECT ANSWER when an insurer increases its...

Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers) Insurance - CORRECT ANSWER A contract that indemnifies another against loss, damage, or liability Indemnify - CORRECT ANSWER To make one whole by restoring them to the same financial position that existed before the loss Pure risk - CORRECT ANSWER There is only a chance of loss and there is no possibility for gain (insurable) Speculative risk - CORRECT ANSWER Uncertainty of loss or g...

CALIFORNIA LIFE ACCIDENT AND HEALTH EXAM PRATICE QUESTIONS AND ANSWERS (LATEST ) RATED A+ JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? ABC INSURANCE JOHN c JANE NONE - CORRECT ANSWER: A ABC INSURANCE INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. DOMESTIC NON-ADMITTED c FOREIGN D ADMITTED - CORRECT ANSWER: D ADMITTED WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROKER? A PERSON WHO ...

John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? -Non-participating -Contributory -Participating -Surplus - Answer-"Participating". Participating policies give the policyowner the right to share in the insurer's surplus. Which of the following is NOT a benefit of insurance? -Reduces the uncertainty of loss exposures -Losses due to fraud are eliminated -Makes a loss whole again -Source of investment funds - Answ...

California Life Accident And Health Exam 2024. A ABC INSURANCE - Correct Answer-JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED - Correct Answer-A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED - Correct Answ...

California Life Accident and Health Exam Practice Questions and Answers 100% Correct A ABC INSURANCE - Correct Answer ️️ -JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED - Correct Answer ️️ -A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSU...

2-20 Florida Insurance Exam Questions and Answers 100% Pass Pure Risk - Correct Answer ️️ -a situation that presents the opportunity for loss, but no opportunity for gain. due to physical damage or bodily injury. Ex. Fire Loss- not anticipated but poss. Speculative Risk - Correct Answer ️️ -We speculate or have uncertainty about an event under consideration that could produce either profit or loss. Ex. Lottery or Betting Policy - Correct Answer ️️ -Written contract or agreem...

risk - is the chance of financial loss peril - is the caise of financial loss for example- fire water and earthquake what is the main purpose of insurance - is to allow the spread of risk indemnity - means restoring the insureds to the sam financial position as they were in immediately prior to the loss. whose option is to of how they want to settle a claim? - the insurer insurance indemnifies - future and accidental losses only, not the planned losse

A participating company is also referred to as which type of insurer? - Answer- Mutual insurer An insurer owned by its policyholders, is called a - Answer- Mutual insurer What is a participating life insurance policy? - Answer- Contract that allows the policyowner to receive a share of surplus in the form of policy dividends An insurer enter into a contract with a third-party to ensure itself against losses from insurance policies it issues. What is this agreement called? - Answer- Rein...

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 ...