Bailor Study guides, Class notes & Summaries

Actual cash value is defined as..... - Answer replacement cost minus depreciation. Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss. - Answer Agreed Value Basis The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the ______. - Answer Bailor, Bailee The insurer has the right to take possession of damaged prop...

Broker - ANSWER-acts on behalf of insured in negotiating insurance. they work for clients. have no binding authority- can't put risk in place Agent - ANSWER-acts on behalf of insurance company with whom they are contracted. signs contract. never work for clients only company. Agents binding authority 3 sources - ANSWER-Expressed- actual written agency contract Apparent- companies supplied signs, business cards, etc. Implied- accepting premiums after cancellation 2 Types of Agents - A...

Personal Lines Exam Prep Questions With Solutions Actual cash value is defined as..... replacement cost minus depreciation. Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss. Agreed Value Basis The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the ______. Bailor, Bailee The insurer has the right to take possession...

Texas Property and Casualty State Licensing Exam Questions & Answers (100% Expert Verified) Texas Property and Casualty State Licensing Exam Questions & Answers (100% Expert Verified) Proximate Cause - ANSWER - Having the most significant impact in bringing about the loss when two or more perils occur at the same time. The first domino that tips of the domino effect. Proximate Cause - ANSWER - Pot of oil catches fire burning the kitchen and causing significant fire damage. Not only is the...

Insurable Interest - An interest in the subject of an insurance policy that is not unduly remote and that would cause the interested party to suffer financial loss if an insured event occurred. Factual expectancy - A situation in which a party experiences an economic advantage if an insured event does not occur or, conversely, economic harm if the event does occur. Agent - In the agency relationship, the party that is authorized by the principal to act on the principal's behalf. Trus...

Texas All lines adjuster license chapter 11Commercial articles - correct answer This form covers the interests of the owner of commercial cameras musical instruments and related equipment and similar property of others that is in the insurance care? Property in transit - correct answer Items currently being transported from one location to another Annual Transit Policy - correct answer Inland Marine transportation insurance which protects the shipper or receiver of the goods of the propert...

Mortuary Law Mid-term exam study set (AAMI) Questions With Correct Answers True or false: Funeral goods that are sold by the funeral home carry an implied warranty of merchantability. True True or False: The Magnuson-Moss Warranty Act is a federal statute which governs only express warranties. False True or False: The Magnuson-Moss Warranty Act is a federal statute which governs both express and implied warranties. False The Magnuson-Moss Warranty Act allows Funeral Homes (sellers of me...

What does ribo stand for? correct answers Registered Insurance Broker of Ontario Who does the RIB act protect? correct answers The insurance consumer What are 3 things a broker with a restricted license (acting under supervision) may not do? correct answers Control trust funds, act as principal broker, or operate as a sole proprietor When do ribo licenses expire? correct answers August 31 Bailee vs. Bailor correct answers A Bailee is someone to whom goods are entrusted for a stated p...

CIC Commercial Property Exam Questions with Answers Actual Cash Value (ACV) - Answer ️️ replacement cost less an allowance for insurance depreciation, wear and tear, or obsolescence Advance premium - Answer ️️ initial premium paid to begin coverage on a policy Agreed Value - Answer ️️ a limit agreed upon by the underwriter and Named Insured that is deemed adequate, therefore, suspending the coinsurance clause Bailee - Answer ️️ person or organization that has possession of ...

RMI 2101 Exam 3 Questions With Verified And Updated Answers Insurance Supply - answerInsurers are willing to sell insurance at a particular price. Pi - answerPrice of insurance Pi = P* + Risk Charge + Loading Pmax - answerthe most an individual will pay for insurance for a particular risk. Risks are insurarable if.. - answerPi < Pmax Why might Pi > Pmax? - answer- Pi is too high - risk charge is too high, loading costs are too high. - Pmax is too low - individuals underestimate th...