Loss payee clause - Study guides, Class notes & Summaries

CIC Commercial Property Exam Questions with Complete Solutions Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️ 1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer️️ Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss...

Common Policy Declarations - Answer: Named Insured Mailing Address Policy Period Business Description Premium for Coverage Parts - Total Forms Applicable Examination Of Your Books And Records (Common Policy Conditions) - Answer: at any time during the policy period and up to 3 years after Common Policy Conditions - Answer: Cancellation Changes Examination of Your Books and Records Inspections and Surveys Premiums Transfer of Your Rights and Duties Under This Policy Rights a...

FLORIDA CLAIMS ADJUSTER LATEST EXAM 2023-2024 REAL EXAM270+ QUESTIONS AND CORRECT ANSWERS The following are basic characteristics of a property or liability insurance contract, except: A. Personal Contract B. Conditional Contract C. Loss of Settlement Contract D. Contract of Adhesion - ANSWER- Loss of Settlement Contract The Insurer's responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property agains...

Florida Claims Adjuster Exam 2 | 206 Questions with 100% Correct Answers already passed 2023/2024/2025 Severability - CORRECT ANSWER Insurance applies separately to each insured as if other insureds did not exist. Abandonment - CORRECT ANSWER Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - CORRECT ANSWER One wherein economic loss would be suffered f...

Subrogation - ANSWER-When an insured has a right to collect damages from another party but elects to claim damages under his/her insurance policy; rights transfer to the insurer Loss Payee Clause - ANSWER-Provides, in event of payment being made under the policy in relation to insured risk, that payment will be made to a third party rather than the beneficiary Mortgagee Clause - ANSWER-Protects a lender who has an insurable interest in a homeGrants special protection for the interest of a ...

Property And Casualty Florida Verified Answers risk ️Chance of a financial loss Assumed risk ️Amount of risk the insured is willing to absorb Pure Risk ️a risk that presents the chance of loss but no opportunity for gain Speculative Risk ️Chance of loss or gain insurance ️a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. Law of Large Num...

Florida Claims Adjuster Exam QUESTIONS WITH VERIFIED 100% ANSWERS Severability - ANSWER Insurance applies separately to each insured as if other insureds did not exist. Abandonment - ANSWER Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - ANSWER One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization -...

Personal Lines License 20-44 Exam Questions and Answers 100% Pass Warranty - Correct Answer ️️ -policy condition, either based on information in the insured's application or inserted by the insurer Misrepresentation - Correct Answer ️️ -an untrue statement by the insured, made in an application but does not become a part of the policy Broad Evidence Rule - Correct Answer ️️ -a method of determing the true insurable worth of a structure or vehicle according to any measure that...

FLORIDA CLAIMS ADJUSTER EXAM 2024 | ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS | GRADED A+ 1. Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests: D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of ...

CAIB 2- Chapter 3 Questions and Answers 100% Pass identify the three leading causes of fires in canada - Answer- -failure or malfunction of mechanical or electrical equipment -arson, suspected arson and other set fires -misuse of source of ignition Identify what information is required by law to appear on all insurance policies - Answer- names of parties to the contract policy periodloss payable or payee summary of insurance coverage rate and premium charged subject matter of insura...