South Carolina P&C Insurance Exam Study Guide with 100% correct answers 2024
4 views 0 purchase
Course
South Carolina Insurance
Institution
South Carolina Insurance
South Carolina P&C Insurance Exam
Study Guide with 100% correct answers
2024
Abandonment - CORRECT ANSWER-the abdication of insured property into the hands
of another, or into the possession of no one in particular
Absolute Liability - CORRECT ANSWER-Liability that arises from an extremely ...
South Carolina P&C Insurance Exam Study Guide with 100% correct answers 2024 Abandonment - CORRECT ANSWER -the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability - CORRECT ANSWER -Liability that arises from an extremely dangerous situation. Often found in cases involving explosives. Also known as "strict" liability. For example, you are absolutely liable if you keep a wild animal as a pet. Accident - CORRECT ANSWER -an unplanned, unforseen event which occurs suddenly and at a specific place Actual Cash Value - CORRECT ANSWER -the required amount to pay damages for property loss, which is calculated based on the property's current replacement value minus depreciation Additional Coverage - CORRECT ANSWER -a provision in an insurance policy that allows for more coverage for a specific loss expense without an increase in premium Additional Insureds - CORRECT ANSWER -individuals or business that are not named as insured on the decleration page, butr are protected by the policy, usually in regard to a specific interest Adhesion - CORRECT ANSWER -A contract offered on a "take -it-or-leave -it" basis by an insurer, in which the insured's only option is to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured. Admitted Insurer - CORRECT ANSWER -An insurer to which a state insurance department has granted a license to do business within that state. Adverse Selection - CORRECT ANSWER -In general, the tendency for people with the greatest probability of loss to be the ones most likely to purchase insurance. Agent - CORRECT ANSWER -an individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of an insurer Aggregate Limit - CORRECT ANSWER -the maximum amount an insurer will pay for all covered losses during the covered policy period Agreed Value - CORRECT ANSWER -A property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written. Aleatory - CORRECT ANSWER -A contract in which participating parties exchange unequal amounts. the amount the insured will pay in premiums is unequal to the amount the insurer will pay in the event of a loss. Alien Insurer - CORRECT ANSWER -an insurance company that is incorporated outside the U.S. Apparent Authority - CORRECT ANSWER -The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Appraisal - CORRECT ANSWER -an assesment of property to determine either the correct amount of insurance to be written or the amount of loss to be paid Arbitration - CORRECT ANSWER -A process, agreed to by parties to a dispute in lieu of going to court, by which a neutral person or body makes a binding decision Assignment - CORRECT ANSWER -the transfer of legal right or interest in an insurance policy, in P&C ususally only valid with prior written consent of the insurer Authorized Insurer - CORRECT ANSWER -An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Auto - CORRECT ANSWER -a land motor vehicle, trailer or semi -trailer designed for use on public roads Avoidance - CORRECT ANSWER -A method of dealing with risk by deliberately keeping away from it (e.g. if a person wanted to avoid the risk of being killed in an airplane crash, he/she might choose never to fly in a plane). Bailee - CORRECT ANSWER -One who holds the personal property of another for a specific purpose. Beneficiary - CORRECT ANSWER -the one who recieves the proceeds from an insurance policy Binder - CORRECT ANSWER -A temporary insurance contract that forms an oral or wirtten agreement between the insurance company and the customer. Blanket Bond - CORRECT ANSWER -a type of bond that covers losses caused by dishonest employees
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TIFFACADEMICS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
