Valued policy law - Study guides, Class notes & Summaries

New York State Law; Questions and Answers 100% Solved Cash received by a broker in payment of a premium: CORRECT ANSWER-Must be deposited into the premium account A broker gives a prospective insured a gas card valued at $35 in return for the purchase of an insurance policy. The broker is guilty of: CORRECT ANSWER-Rebating An agent's advertisement includes derogatory information about another insurance company. This is an example of: CORRECT ANSWER-Defamation

Workers Compensation Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty A material stipulation in the policy that if breached may void coverage. Waiver The voluntary abandonment of a known or legal right or advantage. Waiting Period Time between the beginning of a disability and the start of disability insurance benefits. Vicarious Liability A type of ...

RMI EXAM 2(2024 Latest Update)Accurate 100% chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market valu...

Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. - (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraised value of] $60,000. Two weeks ago they had a stove fire resulting in...

Florida Insurance Exam Questions and Answers 100% Pass Risk the chance of financial loss Risk is NOT the loss itself, but the _________ of loss. CHANCE Policy a written contract for effecting insurance and includes Clauses, Riders, endorsements, and papers which are part of the contract Insurance a contract where one undertakes to indemnify another or pay a specific amount determined on contingencies Binders temporary insurance which can be made orally or written property insurance where pa...

principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - ANSWER-- replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash value of the property at the tim...

Workers Compensation - CORRECT ANSWER Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty - CORRECT ANSWER A material stipulation in the policy that if breached may void coverage. Waiver - CORRECT ANSWER The voluntary abandonment of a known or legal right or advantage. Waiting Period - CORRECT ANSWER Time between the beginning of a disability and the start of disability in...

a domestic user will be examined by the commissioner at least once every ___ - 5 years. an insurance company owned by its policyholder is known as ___ - mutual insurance company. an insurance company headquartered in ohio, conducting business with west virginia is know as ___ - foreign insurer. agent wilson strikes a deal with his client: if the client agree to purchase homeowners insurance from agent wilson, wilson will waive the clients first premium payment. wilson is guilty of ___ - reb...

Exam fx Property and Casualty Workers Compensation - correct answer Benefits required by state law to be paid to an employee by an employer in the case of injury, disability, or death as the result of an on-the-job hazard. Warranty - correct answer A material stipulation in the policy that if breached may void coverage. Waiver - correct answer The voluntary abandonment of a known or legal right or advantage. Waiting Period - correct answer Time between the beginning of a disability and...

RMIN 4000 Test 3 Brown Questions & Answers Principal of Indemnity - ANS-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANS-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANS-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANS-the price at which property would sell Va...