Peril ans - Study guides, Class notes & Summaries

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 payments are limited to incurred costs for the...

Texas Property & Casualty License Exam Questions And Answers Property vs Casualty: What is considered property? - ANS Structure & Personal Property Property vs Casualty: What is considered casualty? - ANS Non-property losses. Legal liability to others. 3rd Party Risk - ANS uncertainty of financial loss Pure Risk - ANS Chance of Loss Speculative Risk - ANS Chance of Loss or Gain (Gamble) Insurance (covers which type of risk?) - ANS Pure Risk Only How do...

1. Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a Direct loss Indirect loss Loss evaluation Consequential loss ANS Consequential loss 2. When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The trunk floor The quarter panels The frame rails ANS The frame rails 3. In auto p...

AINS 103: Practice Quiz-All Chapters Exam Questions And Answers For most businesses, which peril poses the greatest risk of a large or total property loss? - ANS For most businesses, fire poses the greatest risk of a large or total property loss. Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? - ANS Cost to rent temporary office spa...

For the purpose of insurance, risk is defined as - Ans: The uncertainty or chance of loss What significance did Paul vs. Virginia have on the insurance industry? - Ans: It was decided that insurance was not interstate commerce and could not be regulated by the federal government The War, Military Act, and Terrorism Exclusion will only apply to an incident of terrorism in which the total of insured damage to all types of property in the United States, its territories and possessions, Puerto...

KY PROPERTY & CASUALTY INSURANCE EXAM WITH 100% CORRECT ANSWERS | ALREADY PASSED GRADED A+ Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - THE RIGHT ANS Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - THE RIGHT ANS Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy ap...

RMIN 4000 UNIT 1 TEST exposures - ANS-things of value (assets) that could be lost perils - ANS-things that could happen to these assets risk management - ANS-what do you want to do to protect these assets and/or prevent/reduce losses risk of driving a car - ANS-exposure: car peril: car accident risk management: drive safely risk - ANS-a calculated possibility of a negative outcome calculated possibility - ANS-a probabilistic outcome that is known/established ranges from 0 to 1 (0%-100%)...

Fl Life, Health and Annuities Licensing 2-15 Exam Questions And Answers 3 ways insurance contracts are different from other legally binding documents - ANS Number one. They are aleatory. Meaning the insured pays a premium but may not receive anything back. Number 2. They are contracts of adhesion meaning the contract was prepared by one party. number 3. They are unilateral meaning only the insurance company promises anything in the contract How long life insurance has to challenge t...

Florida Personal Lines 20-44 Definitions Exam Questions And Answers Abandonment Clause - ANS 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 - ANS A sudden fortuitous event Actual Cash Value (ACV) - ANS The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimburseme...

Insurance - ans-Transfer of risk from one person or organization to an insurance company Indemnity - ans-The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - ans-Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - ans-Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder...