Peril policy - Study guides, Class notes & Summaries

Commercial Lines 101 CE Questions and Answers 2024 Insurer - Answer -The insurance company Named Insured/Insured - Answer -The policyholder Financial Definition of Insurance - Answer -A financial agreement involving the redistribution of financial losses Legal Definition of Insurance - Answer -A contractual agreement in which one party (the insurer) agrees to compensate or indemnify another party (the insured) for fortuitous losses Loss Pooling - Answer -the sharing of total losses susta...

multi-line policies - Answer HO policies are _ which mean they combine property and casualty coverages in the same policy. it packages several coverages related to a specific type of exposure, and it reduces the number of policies one has to purchase. personal package policy - Answer HO insurance is sold as a _ designed to cover a broad range of exposures related to owning and renting a part of a home. theft insurance and personal liability coverage under one contract - Answer the HO insur...

Personal Lines Insurance Practice Exam Questions and Answers Latest | 100% Correct. Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered ...

New York Adjuster Exam 2024 The insured has moved into a dwelling that was being build and was covered by the "Dwelling Under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? - Answer ️️ -30 days When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. - Answer ️️ -30 day Personal property that is covered under the Personal P...

TEST BANK Enterprise Risk Management S - The Marketplace to Buy and Sell your Study Material 1 RSK2601 TEST BANK Question 1 Which one of the following is a benefit of effective risk and opportunity management? 1) Improved profit certainty 2) Increased shareholder value 3) Increased stakeholder confidence Correct option 3 4) Lower economic returns Explanation Improved cost certainty, sustainable shareholder value, increased stakeholder confidence and higher economic returns...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - 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 - Temporary insurance contr...

the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - correct answertrue which of the following coverages does an open peril policy provide? - correct answerperils other than those specifically named as being excluded determine the actual cash value in the following situation: original price of office equiptment when purchased 8 years ago- 9,000. depreciated amount a...

Xcel Solutions Property & Casualty Exam Questions and Answers An earned premium resulting from the cancellation of a policy is calculated on: - Correct Answer ️️ -On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Correct Answer ️️ -Excess Direct Coverage An insurance company writing business in a state o...

What is a peril? - Answer A Peril is a cause of loss What is a hazard? - Answer Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Answer Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Answer Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? - Answer A Peril What are the ele...

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 ...