Unit owners policy - Study guides, Class notes & Summaries

peril - ANSWER the immdeiate specific event causing loss and giving rise to risk hazard - ANSWER any factor that gives rise to a peril physical hazard - ANSWER individual characteristics that increase chance of peril *physical condition, past medical history, condition at birth moral hazard - ANSWER tendencies that people may have that increase risk and chance of loss *drug addiction and alcholism morale hazard - ANSWER individual tendencies that arise from an attitude or state of m...

Standard Fire Policy Correct Answer basic foundation of all homeowner's and commercial policies ACV Named peril policy that only covered fire and lightning First used in 1918 in NY Line of Coverage Correct Answer A particular risk or group of risks covered by an insurance policy Monoline Policy Correct Answer an insurance policy that covers only one risk or type of risk Personal lines Correct Answer for possessions intended for personal use Commercial lines Correct Answer for pos...

COLORADO REAL ESTATE EXAM WITH 300+ ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS GRADED A| STATE OF COLORADO REAL ESTATE COMMISSION EXAM 2024 WITH ANSWERS (BRAND NEW!!) The Colorado Real Estate Commission requires all brokerage firms to have a written office policy to give broker associates a full understanding of the firm's operations. Which of these is the only item required by statute to be in writing? A) The brokerage relationships the firm offers and how brokers are desig...

Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy A Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty D Br...

Economic loss that is the consequence of a direct loss is known as: - correct answer An indirect loss. An insured has a $1,000 insurance claim and is able to prove his loss and its value. The insurer's adjuster offers $500, knowing that the claimant would probably take the offer to avoid incurring the cost of an attorney to sue for the actual amount of the claim. The offer made by the adjuster is considered - correct answer To be an unfair claims settlement practice. What is generally ex...

DRII CBCP Exam Latest Update with Verified Solutions 1. Being able to answer the question, "What is important to your business?" is part of what process? A. Gaining senior management support B. Getting an executive sponsor C. Developing a budget D. Defining a business continuity problem statement D. Defining a business continuity problem statement 2. What is the value of a BCM policy statement? A. It forces middle management to comply with senior directives B. It shows employees how to...

What type of insurance policy must always be purchased separately and not as part of a homeowners' policy? A)Flood B)Liability C)Earthquake D)Falling objects - A) The answer is FLOOD. Flood insurance is always a separate policy and only covers damage due to flooding. The Federal Emergency Management Agency (FEMA) administers the National Flood Insurance Program (NFIP). A building that is remodeled into residential units and no longer used for the purpose for which it was originally bui...

CAM Prep Exam Questions & Answers 2024/2025 Disparate Impact - ANSWERSA neutral policy or procedure that has a disproportionately negative effect on a protect class Section 504 of the Rehabilitation Act of 1973 - ANSWERSRequires federally funded housing programs to be readily accessible to qualified persons with handicaps Growth - ANSWERSan investment to increasing in value Risk, Income, Liquidity - ANSWERSWhat factors impact investments? Investor advocate - ANSWERSOwners, Inves...

True/False: Regulations make up the body of law known as administrative law - Answer-This statement is true. Regulations make up the body of law known as administrative law, and the regulations of each governmental unit are compiled into that jurisdiction's administrative code the life Insurance industry is of such importance to so many people that it occupies a special position of public trust. Millions of families rely on life insurance and annuity products for savings and financial protec...

Florida Claims Adjuster Exam Questions and Answers 100% Pass 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 against further loss, and to give t...