Indemnity Study guides, Class notes & Summaries

Adjuster Pro Texas with Complete Questions and Answers 100% VerifiedAdjuster Pro Texas with Complete Questions and Answers 100% VerifiedAdjuster Pro Texas with Complete Questions and Answers 100% VerifiedAdjuster Pro Texas with Complete Questions and Answers 100% Verified All of the following pieces of information can be found in the conditions section of an insurance policy EXCEPT: - ANSWER-Causes of loss that are not covered Which of the following best defines the principle of indemnity? -...

Pearson Vue Life + Health Insurance Practice Exam Questions And Correct Answers P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: a: irrevocable beneficiary b: revocable beneficiary c: secondary beneficiary B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A. indemnity contract B. invest...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsCA PSI Site - Life, Accident and Health Agent Examination (Life Agent) with Complete SolutionsAdmitted Insurance Company vs. Non-Admitted Insurance Company - ANSWER-An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transa...

Final Exam-Michigan Life and Health Questions and Answers Already Passed What amount will be paid under a policy where the insured misstated his/her age? 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 30 days which of these is considered to be a Living benefit option in a life insurance policy Accelerated death benefit loans obtained by ...

1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? - multiple indemnity Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the time granted by the insurer, what is the maximum amount of time for reinstatement of the policy? - 30 days Which of the following statements regarding a pure life annuity payout option is correct? - This option provides the highest monthly income. Which o...

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....

Bail Bonds Louisiana Exam Questions with Correct Answers Acquit - Answer-to set free:to judicially discharge from an acquisition;to clear (a person) of a criminal charge Bail Enforcement - Answer-the apprehension or surrender of a principal by a natural person who is released on bail or who has failed to appear at and state of the proceedings to answer to the charge before the court, in which he may be prosecuted obligor - Answer-the party who owes the duty or debt; principal; in bail,th...

NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+ Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. For a loss that would otherwise be covered for th...