Commercial inland marine - Study guides, Class notes & Summaries

Nationwide Marine Definition - Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes - or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that state. Nonfi...

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...

State Farm Insurance License Exam Questions and Answers 2024/2025 complete solution ( A+ GRADED 100% VERIFIED) Abandonment Condition - ANS 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 - ANS A loss that occurs at a specific time and place Actual Cash Value (ACV) - ANS Today's replacement cost minus depreciation. Depreciation from wear and tear, o...

Arkansas Property and Casualty ExamNationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property that may be insured under marine contracts. Th...

Commercial package property (casualty) latest version graded A+ COMMERCIAL PACKAGE POLICY the commercial package policy was introduced in 1986 to replace the special multiple policy and other related monoline policies. some of the most important goals of this overhaul were the following: *simplify the text of policy forms and endorsements *modernize coverage by eliminating outdated provisions, broadening certain coverages, increasing internal policy limits, and including popular cov...

AINS 23 Exam Questions with 100% Correct Answers Updated Types of Coverage classified as marine - Answer- 1) Imports and Exports 2) Domestic Shipments 3) Bridges, tunnels, and instrumentality of communication like piers, wharves, docks, pipelines, power lines and loading equipment 4) Types of property owned by individuals such as: furs, jewelry, coins and stamps 5) Various types of property pertaining to a business, profession or occupation Filed Classes of Business - Answer- Must h...

Which of the following risks ARE eligible for coverage under a businessowners policy (BOP)? A) Banks B) Automobile dealers C) Bars or taverns D) Condominiums ISO maintains a list of risks not eligible for consideration for a BOP. Financial institutions, auto dealers, and bars and grills are specifically excluded from coverage. - D) Condominiums ISO maintains a list of risks not eligible for consideration for a BOP. Financial institutions, auto dealers, and bars and grills are specifically ...

1. How parties to the contract must act following a loss ANS Policy Conditions 2. an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) ANS Discovery Form in Commercial Ins. 3. Absence of people and property ANS Vacant 4. a form that may require an insurer to file for rate & form approval ANS Filed form in Commercial 5. may not require an approved filing to the insurance department in that state ANS Unfiled form in Commercial...

Which Business Auto Symbol is the most broad of all Symbols? A Symbol 3 B Symbol 2 C Symbol 4 D Symbol 1 correct answers Symbol 1 Symbol 1 includes any auto, whether owned or not by the insured if it is used in the insured business. Which of the following would NOT be found in the policy declarations page? A. Limits of insurance, deductibles, amount of premium B. A description of the property to be insured C. A legal representative in the event of the insured's death D. Insurers pro...

New York All Lines Adjuster Exam with 100% Correct Answers (Graded A+) DP - valuation - ANSWER-DP-1 - ACV building & contents DP-2/3 - RCV building & ACV contents DP - limit for fair rental value - ANSWER-20% of A DP - coverages (A-E) - ANSWER-A - dwelling B - other structures C - personal property D - fair rental value E - additional living expense DP - limit for additional living expenses - ANSWER-DP-1 - NONE DP-2/3 - 20% of A DP - Property removed is covered for ___ days. - ANSWER-...