Peril ans - Study guides, Class notes & Summaries

A company which provides private passenger vehicles for each of its 10 sales reps would likely purchase the a. Business Auto Coverage Form b. Motor Carrier Coverage Form c. Auto Dealers Coverage Form d. Personal Auto Policy Ans Business Auto Coverage Form A business concerned with its liability when employees use their own vehicle on company business needs a. Drive Other Car Coverage b. individual Named Insured Endorsement c. Employee as Insured Endorsement d. Symbol #9 Non...

RMIN TEST 1 Questions And Answers Exam 2024 risk - ANS-an uncertainty concerning the occurrence of a loss loss exposure - ANS-any situation/circumstance in which a loss is possible, regardless of whether a loss occurs objective risk - ANS-(degree of risk) the relative variation of actual loss from expected loss law of large numbers - ANS-as the number of exposure units increases, the more closely the actual loss will approach the expected loss subjective risk - ANS-uncertainty based on ...

Florida Life and Health Insurance/ 228 Quizzes & Correct Ans. Terms like: Whom does an insurance agent represent? - Answer: Insurance Company What is an unfair trade practice? - Answer: Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and regulations. Insurer - Answer: The company that issues an insurance policy. Peril - Answer: Cause of loss

WA Surplus Lines - Property Terms Part 1 Questions And Answers Abandonment Clause - ANS A clause in fire insurance policies and other property forms that prohibits the insured from abandoning partially damaged property to the insurer in order to claim a total loss Account Premium Modification Plan - ANS A rating plan for Fire, Property Damage and Time Element coverages. The maximum credit or surcharge is 25%, and it is available to risks which develop a three-year premium of at le...

RMIN 4000 UGA TEST 1 QUESTIONS & ANSWERS types of risk - ANS--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANS-uncertainty concerning the occurrence of a loss uncertainty - ANS-probabilities cannot be estimated loss exposure - ANS-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (d...

CIC Commercial Property II Causes of Loss Exam Questions and Answers Peril - Ans ️️ Synonymous with "Causes of Loss" Burden of proof in Open Causes of Loss Form - Ans ️️ Burden falls on insurer Burden of proof in Named Causes of Loss form - Ans ️️ Insured has burden of proof Covered perils under Basic Form - Ans ️️ Fire, Lightning, Explosion, Windstorm/Hail, Smoke, Aircraft/vehicles, Riot, Vandalism, Sprinkler leakage, Sinkhole, Volcano, Fungus Additional coverages und...

Auto insurance Practice test Questions And Answers What type of coverage is provided by an inland marine policy? - ANS Open or all risk coverage - Inland marine policies have only a few limited exclusions. Any person who transacts insurance without a valid license is: - ANS Guilty of a misdemeanor, Subject to a fine not exceeding $50,000 and/or imprisonment, Subject to imprisonment in county jail for a period not exceeding one year. For homes subject to the state & defensible s...

Florida 6-20 All Lines Adjuster Test Review |100% Correct| _______ limit an insurer's liability. A. Provisions B. Reinstatements C. Exclusions D. None of the above *Ans*C. Exclusions :All of the following events are considered acts of terrorism, except: A. Acts of riot and civil commotion B. Acts considered dangerous to human life, property or infrastructure. C. Acts resulting in damage within or outside the United States. D. Acts committed at the premises of any United S...

CIC Commercial Property II Causes of Loss Exam Questions and Answers Peril - Ans ️️ Synonymous with "Causes of Loss" Burden of proof in Open Causes of Loss Form - Ans ️️ Burden falls on insurer Burden of proof in Named Causes of Loss form - Ans ️️ Insured has burden of proof Covered perils under Basic Form - Ans ️️ Fire, Lightning, Explosion, Windstorm/Hail, Smoke, Aircraft/vehicles, Riot, Vandalism, Sprinkler leakage, Sinkhole, Volcano, Fungus Additional coverages und...

2. The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" ANS To share the losses of a few among the many 3. An analysis of the definition of insurance reveals five important points. Identify these five important points ANS - Shifting one's financial responsibility for loss to another party - Payment made only in event of certain risk or peril - Payment restricted to the amount required to indemnify the insured - Insurance covers losses...