Principle of indemnity - Study guides, Class notes & Summaries

Agreed value correct answers Property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written. At the time of a loss, the policy pays the agreed value as specific on the policy schedule, regardless of the insured property's appreciation or depreciaion. Absolute liability correct answers Any conduct that is inherently dangerous (swimming pools, explosives, wild animals) ...

What is insurance? (Ans- protection against financial loss what is a premium (Ans- a scheduled amount to be paid for an insurance policy. What are premiums used for (Ans- premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? (Ans- the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity (Ans- payment for...

ACA Final Exam Questions and Answers 2023 At the end of this course, you must do which of the following? Pass the final course exam with a scored of 70% or higher Print your certificate from this website Apply for your Insurance Adjuster license at the Florida Department of Financial Services website at All of the above All of the above Which of the following is NOT one of the duties of the Department of Financial Services? License adjusters Set rates and write policies ...

Georgia Adjuster Exam Questions and Answers Already Passed An insured's business is damaged because of a fire and he is forced to close business temporarily for repairs. As a result the insured lost income. What type of loss is this? Consequential also known as Indirect Loss The insured crashes into a porch and the person sitting on the porch. The person on the porch is injured. The insured's insurance policy has a limit set at $500,000. This amount applies to the total of damages for any bo...

Texas Property & Casualty Insurance License Exam with Accurate Answers 2023 In order to be considered legally binding, an insurance contract must include all of the following - Offer and acceptance. Competent parties. Consideration (The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent parties.) With respect to a bonded contractor who defaults on a construction performance contract, which of the following statements is...

Iowa Crop Insurance Exam All Answers Correct Insurable Interest Economic stake in which a loss would result in financial hardship Risk uncertainly or chance of loss Brainpower Read More Two types of risk Pure and Speculative Pure Risk involves only the possibility of loss or no loss Speculative Risk Chance of loss or gain What type if risk does insurance deal with? Pure Risk Hazard condition that creates or increases the probability of a loss Physical hazard exa...

Claims Adjuster Exam Study Guide with Complete Solutions 100% Verified 2024/2025 Insurance - Correct Answer -an economic device used to protect against extreme unforeseen loss - the transfer of risk from one party to another Premium - Correct Answer -the fee paid by the insured in exchange for insurance Principle of Indemnity - Correct Answer -the insurer should be restored to where they were before the incident -no profit can be made Idemnification - Correct Answer -to compensate f...

Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) Risk management Exam 1 driver (updated - 2024) || Complete Solutions (100% Correct) types of risk - ANSWER - Pure risk Speculative risk Subjective risk pure risk - ANSWER - Simply no loss or loss *insurance companies only deal with spectulative risk - ANSWER - loss or no loss or potential gain subjective risk - ANSWER - our attitudes towards risk (risk tolerance) *more difficult than pure and spe...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 which of the following refers to being restored to the financial condition you were in before a loss? - CORRECT ANSWER indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. - CORRECT ANSWER principle of indemnity the transfer of risk from one party to an...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...