Actual cash value Study guides, Class notes & Summaries

Well-structured MAC3701 Assignment 1 (ANSWERS) 2023 - DISTINCTION GUARANTEED . (DETAILED ANSWERS - DISTINCTION GUARANTEED!). .... Question 1 Complete Marked out of 1.00 QUIZ Tshintsha (Pty) Ltd is a manufacturer of three types of inverters namely grid-tied, off-grid and hybrid inverters. Tshintsha uses an absorptioncosting system. The following information is available for the fi nancial year ended 29 February 2024: Product Grid-tied Off-grid Hybrid Budgeted number of inverters produc...

Which of the following is most closely related to the concept of insurable interest? A. Loss valuation B. Indemnity C. Actual cash value D. Replacement cost - B. Indemnity An insured is indemnified to the degree of his insurable interest in the covered property. Replacement cost minus depreciation best defines A. actual cash value B. direct loss value C. insurable interest D. financial risk - A. actual cash value Actual cash value (ACV) is equal to replacement cost minus depreciation....

Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by insurers to reflect an item's current market value right before being damaged ...

This chapter has a lot of definitions. They are important, but we don't like to make students memorize too many of them early in the course. We let our students use the formula sheet that includes the key definitions. Note that there is an overlap between the T/F and multiple-choice questions, as some of the T/F statements are used in multiple-choice questions. Multiple Choice: True/False 1. The annual report contains four basic financial statements: the income statement, the balance...

AINS 101 Qs&As 2023 Actual cash value (ACV) - ANS-The cost to replace property with new property of like kind and quality less depreciation. Adverse selection - ANS-Insuring individuals with a high probability of loss at a cost lower than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved. Binder - ANS-A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued. Book of business - ANS-A gr...

Personal Finance, 6e (Madura) Chapter 1 Overview of a Financial Plan 1.1 How You Benefit from Personal Finance 1) Most Americans will never be able to understand and develop a personal financial plan. Answer: FALSE Diff: 1 Question Status: Previous edition 2) The simple objective of financial planning is to make the best use of your resources to achieve your financial goals. Answer: TRUE Diff: 2 Question Status: Previous edition 3) An understanding of personal finan...

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - Answer- Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - Answer- Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? - Answer- All additional provisions written by insurers are cataloged by their respective states. The policyowner has an option to pledge the lif...

Webce Insurance test questions and Answers 2023 with complete Solution. Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - ANSWER 10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions ...

NC ADJUSTER LICENSE PRACTICE EXAM 2024/2025 QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: - CORRECT ANSWER The maximum monthly limit of indemnity optional coverage The traditional definition of actual cash value (ACV) is: - CORRECT ANSWER Replacement cost min...

Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct What amount will be paid under a policy where the insured misstated his/her age? ANS-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days ANS-30 days which of these is considered to be a Living benefit option in a life insurance policy ANS-Accelerated death benefit loans o...