Principle of indemnity - Study guides, Class notes & Summaries

What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c.A risk where there is a possibility of a gain d.A chance for insurance coverage - a What is an insurance policy? a.A binder that offers initial insurance coverage b.An oral agreement related to insurance c.A temporary agreement for insurance coverage d.A written agreement ...

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...

2022/2023 Texas Adjuster Study Guide 367 QUESTIONS AND ANSWERS 1. PERILS: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE CON- TRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILD- ING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT 2. LAW OF LARGE NUMBERS: A FUNDAMENTAL CONCEPT IN STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A RANDOM- LY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY RE- LIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE PRE- DICTAB...

NC adjuster Exam Questions and Answers Already Passed Inception/Expiration Date The date on which coverage became effective or expired. Policies in North Carolina become effective and expire at 12:01am Occurrence Date The date on which the loss occurred Identification of Parties involve The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s) Policy form /Number Id...

Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. (1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market - correct answers.A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting standards - correct answers.A) Tighten their underwriting standards. Tighten and ra...

Texas All-Lines Adjuster Pre Exam Questions & Answers 2024/2025 Chapter 1 - ANSWERS insurance - ANSWERSfinancial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured - ANSWERSindividual or organization that pays premiums in exchange for protection insurer - ANSWERScompany, group, or government agency offering financial protection how does insurance work? - ANSWERSinsured pays premium i...

Super Duper Texas All Lines Adjuster Test Review Questions & Answers 2024 Insurance History and Regulation: Insurance - ANSWERSCoverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC - ANSWERSAn organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. Prot...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-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? - CORRECT ANSWER-the insurer collect...

Arkansas Property & Casualty Practice Exam Questions and Verified Answers (2024 / 2025) 100% Guarantee Pass A primary obligation of an insurance company is to Answer Pay the claims coveredunder the policy. 2. Which of the following is not a reaction to risk? Answer Accumulating Risk 3. Which of the following describes a hazard? Answer An increase in the possibility thata loss may occur. 4. Which of the following best meets the test of the "Principle of Indemnity"?- Answer Requiring ...

CLAIMS ADJUSTER EXAM 2024 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 for loss or damage; to provide security for financ...