Peril ans - Study guides, Class notes & Summaries

1. Main purpose of Insurance ANS Allow the spread of risk 2. Definition of Insurance ANS -Payment's made only when a certain peril has dam- aged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no payment for losses that are deliberately caused by an insured. 3. Five important points to the definition of insurance ANS -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss Prevention and Loss Reduction ...

1. A-1. Insurance is a contract whereby one undertakes to indemnify another against ANS Damage 2. A-2. A peril is ANS The actual cause of a loss. 3. A-3. The uncertainty or chance of a loss occurring is known as ANS Risk 4. A-4. Which are the main types of risks? ANS Pure and Speculative 5. A-5. A hazard is best defined as ANS Anything that increases the chance of loss or severity of loss due to a peril. 6. A-6. A hazard that deals with a person`s mental attitude, behavior and habits i...

SCCJA Pre-Academy Block 1-Domestic Violence, Juvenile Procedures, Victimology, Harassment and Stalking, Criminal Gang Overview deadly weapon - ANS-Any pistol, dirk, slingshot, metal knuckles, razor, or other instrument which can be used to inflict deadly force great bodily injury - ANS-bodily injury which causes substantial risk of death or which causes serious, permanent disfigurement or impairment of the function of a bodily member or organ moderate bodily injury - ANS-physical injury...

State Farm Fire Independent Policy Exam Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payme...

1. The major function of insurance is a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system ANS b. To share the losses of the few among the many 2. A peril if best defined as a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss ANS c. The cause of a loss 3. Indemnify means a. Returning the premium of the insure...

CIC - Personal Lines UPDATED Exam Questions and CORRECT Answers HO -3 Dwelling Coverage and Peril - Ans Open Peril and replacement cost Personal Property Replacement Cost Loss Settlement - Ans Changes property not eligible for RC from ACV to RC REplacement Cost loss Settlement for certain non-building structures on the residence - Ans replacement cost coverage to non-building from ACV to RC Green Upgrades Coverage - Ans Coverage for green upgrades that serve the primary function as p...

South Carolina Life and Health Final Exam 2024 With 100% Correct Answers Latest Update 1. The branch of dentistry which deals with the replacement of missing parts is called Endodontics Periodontics Orthodontics Prosthodontics ANS Prosthodontics 2. How many months can a life insurance policy normally be backdated from the date of application? 3 6 9 12 ANS 6 3. HIPAA considers which of the following as "individually identifiable health information"? ANS A person's health claim inf...

Florida 2-15 Insurance License Exam; Brand New Questions With Correct Answers +Rationale All statements made by an applicant in an application for life insurance are considered to be A. warranties B. affirmations C. representations D. declarations (Correct Ans: - C. Most states require that life insurance policies contain a provision that all statements made in application be deemed representation not warranties. A representation is a statement made by the applicant that the applicant b...

What are the two components of an agreement? - Ans: Offer and acceptance. Elements of a legal contract - Ans: 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose Property and Liability Policy - Ans: Owned by the policy owner. It is a personal contract. Who is not considered to have legal capacity? - Ans: 1. Minors 2. Insane Persons 3. Individuals Under the Influence 4. Person Coerced 5. Enemy Aliens 6. Convict Unilateral - Ans: An act in exchange for a promise or a pr...

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Exam Questions And Answers All Verified the cost to replace an item or property at the time of loss, minus depreciation - ANS Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occurring w/in the policy period - ANS Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspension or revocation of all insurance licenses - ANS Aidi...