Bundle for FX, VA Property & Casualty Insurance Exams compilation | everything you need | verified

Law of Large Numbers - The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - 1) Financial 2) Blood...

Abandonment - The abdication of insured property into the hands of another, or into the possession of no one in particular. Accident - An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - The required amount to pay damages or for property loss, w...

The members of a limited liability company are insureds under a businessowners policy (BOP) if - The limited liability company is designated as the named insured. An endorsement added to a businessowners policy that provides coverage for direct damage caused by utility service disruption stemming...

1. In dwelling policies, automatic increase in insurance is (Choose from the following options) 1. Coverage for newly acquired property. 2. Coverage by endorsement. 3. Automatic coverage. 4. Coverage without additional premium. - 2. Coverage by endorsement. 2. Personal business property out in...

Insurance - Transfers risk of loss from an individual or business to a company Law Of Large Numbers - States that the larger # of people with a similar exposure to loss, the more predictable the losses will be Insurable Interest - The insured would become subject to financial loss if the insured ...