Valued policy law - Study guides, Class notes & Summaries

CISR Insuring Commercial Property Exam 146 Questions with Answers Select the answer that most closely describes Actual Cash Value (ACV). - CORRECT ANSWER A method of establishing the value of property wherein depreciation and obsolescence are deducted from the value of the property. Select the answer that most closely describes Functional Replacement Cost. - CORRECT ANSWER A provision which changes the policy valuation so as to provide for replacement with a different structure which per...

RMIN 4000 UGA Brown Exam 3 Latest Version Graded A+ principle of indemnity The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash...

LOMA 281 Module 1 Latest Update Graded A+ Risk the possibility of an unexpected result. Premium A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. Annuity A fin...

New York State Law; Questions and Answers 100% Solved Cash received by a broker in payment of a premium: CORRECT ANSWER-Must be deposited into the premium account A broker gives a prospective insured a gas card valued at $35 in return for the purchase of an insurance policy. The broker is guilty of: CORRECT ANSWER-Rebating An agent's advertisement includes derogatory information about another insurance company. This is an example of: CORRECT ANSWER-Defamation

ACA Final Exam questions and answers well elaborated 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 writ...

New York State Law Questions and Answers Already Passed A "temporary license" is available to a spouse or legal representative of a deceased agent or broker. For how long is that license issued? 90 days A broker gives a prospective insured a gas card valued at $35 in return for the purchase of an insurance policy. The broker is guilty of: Rebating A broker's license is a requirement for an agent who: Places an insurance policy with a different company other than the one(s) with...

RMIN 4000 Test 3 Brown Latest Version Already Passed Principal of Indemnity insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value the price at which property would sell Val...

Workers Compensation Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty A material stipulation in the policy that if breached may void coverage. Waiver The voluntary abandonment of a known or legal right or advantage. Waiting Period Time between the beginning of a disability and the start of disability insurance benefits. Vicarious Liability A type of ...

Property and casualty insurance Exam Questions and Answers Updated Nov 2022. A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of A builder's risk form is most often written as which of the following? A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty of any furniture or perso...

Insurable Interest - ______in the property and would suffer a financial loss if the property were damaged by an insured peril, their family members (names need not be listed in the policy), and others such as a lien holder, for example, the bank that holds the mortgage on a house. Cause of Loss Forms - ____establish and define the causes of loss (or perils) for which coverage is provided under the form. (Please do not confuse the "cause of loss" forms with the "proof of loss" form, which ...