Unoccupancy - Study guides, Class notes & Summaries

Other structures are excluded from coverage under the HO-3 when they are: Smaller than 100 square feet or larger than 1,000 square feet Smaller than 100 square feet or larger than 500 square feet Used for storage purposes Used for business purposes - ANS Used for business purposes is correct. EXPLANATION: When the other structures are used for business purposes they are not covered under the homeowner form. This structure and its contents could be covered under a commercial ...

Insured that faces a liability loss expected? - ANSWER-Provide prompt notification Promptly forward to the insurer any loss notice, demand, summons, or other legal process. Assist the insurer in making a settlement. Attend the trial or other proceedings, if requested. Provide witnesses information Assume no obligation and make no payments directly to claimants Do not admit to the claim Policy Limits - ANSWER-The maximum amount an insured may collect, or for which an insured is protecte...

INSURANCE ADJUSTER EXAM 2024 ACTUAL QUESTIONS AND VERIFIED CORRECT ANSWERS ALREADY PASSED GRADED A++ Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 w...

South Carolina Adjuster test Questions and A Insured that faces a liability loss expected? - ANSWERSProvide prompt notification Promptly forward to the insurer any loss notice, demand, summons, or other legal process. Assist the insurer in making a settlement. Attend the trial or other proceedings, if requested. Provide witnesses information Assume no obligation and make no payments directly to claimants Do not admit to the claim Policy Limits - ANSWERSThe maximum amount an insured ma...

Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? correct answer: $250 Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. An insured relocated t...

C12 - Insurance on Property – Midterm Complete Solutions Defining Property Insurance ️-Protection against loss/damage to property -First party insurance -Premium exchanged for protection -Fortuitous losses (sudden and accidental) -Insurable interest -Intangible product Real vs Personal Property ️R: buildings or land (can't be moved) P: office desk or machinery (can be transported) Promise that Property Insurance is based on ️-Insured promise to pay a premium -Insurers promise to...

Insured that faces a liability loss expected? - ANSWERSProvide prompt notification Promptly forward to the insurer any loss notice, demand, summons, or other legal process. Assist the insurer in making a settlement. Attend the trial or other proceedings, if requested. Provide witnesses information Assume no obligation and make no payments directly to claimants Do not admit to the claim Policy Limits - ANSWERSThe maximum amount an insured may collect, or for which an insured is protecte...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - correct answer The three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - correct answer The policy-period start that's applicable to most commercial property policies. The insurer is liable to that party, meaning that it may have to pay the claim twice. - correct answ...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. correct answersThe three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. correct answersThe policy-period start that's applicable to most commercial property policies. The insurer is liable to that party, meaning that it may have to pay the claim twice. correct answersThis hap...

Exam Fx (PROPERTY & CASUALTY) Questions and Answers 100% Pass Law of Large Numbers - Correct Answer ️️ -The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Correct Answer ️️ -Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Correct Answer ️️ -1) Financial 2) Blood (relative) 3) Business Risk - Correct Answer ️️ -The uncert...