Abandonment clause - Study guides, Class notes & Summaries

Frank owned a home that was destroyed by a hurricane. Both TD Bank and Bank of America were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, TD Bank B. The Insured C. Jointly to TD Bank and Bank of America D. All listed interests CORRECT ANSWER D. All listed interests Insurance applies separately to each insured as if other insureds did not exist. This is defined as: A. Severability B. Conditional C. Warranty ...

WA Surplus Lines - Property Terms Part 1 Questions And Answers Abandonment Clause - ANS A clause in fire insurance policies and other property forms that prohibits the insured from abandoning partially damaged property to the insurer in order to claim a total loss Account Premium Modification Plan - ANS A rating plan for Fire, Property Damage and Time Element coverages. The maximum credit or surcharge is 25%, and it is available to risks which develop a three-year premium of at le...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests CORRECT ANSWER D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests ...

Abandonment When a party in legal possession of property leaves without the intention of reclaiming rights. Abstract of Title A brief history of the instruments appearing in the county record that affect title to the parcel in question. Condensed history of all documents affecting a parcel of real estate Acceleration Clause Mortgage Clause demanding full payment upon Default. Accretion an increase of land caused by the gradual depositing of solid material Adhesion Contract A non negoti...

STATE FARM PROPERTY AND CASUALTY 2025 EXAM WITH CORRECT ANSWERS 2 types of property and casualty insurance policies: 1. personal lines property/casualty insurance - ANSWER-includes homeowner insurance, dwelling insurance and personal auto insurance 2. commercial lines property/casualty insurance - ANSWER-includes commercial property insurance, commercial package policies, commercial general liability insurance, commercial crime insurance and business auto insurance abandonment clause - ANSWE...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests correct answers D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests...

Florida Personal Lines 20-44 Definitions Questions and Answers 100% Pass Abandonment Clause - Correct Answer ️️ -A clause often contained in property insurance policies stating that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value Accident - Correct Answer ️️ -A sudden fortuitous event Actual Cash Value (ACV) - Correct Answer ️️ -The cost to replace an item of property at the time of loss, less an allowance for depreciat...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - ANSWER D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on ...

Abandonment - ACCURATE ANSWERS When a party in legal possession of property leaves without the intention of reclaiming rights Abstract of Title - ACCURATE ANSWERS A summary of the title history including all encumbrances Acceleration Clause - ACCURATE ANSWERS Mortgage clause DEMANDING FULL payment upon default Accretion - ACCURATE ANSWERS New land added by the elements Accrued Depreciation - ACCURATE ANSWERS Total of all deterioration and obsolescence on a property Acknowledgement...

1 FLORIDA CLAIMS ADJUSTER EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ Peril - -Somthing t√dhat causes a loss. Hazard - -Something that increases the probability that a loss will occur. Warranty - -A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation - -An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Con...