Exam (elaborations)
AINS 21 Exam Segment C Ch 7, 8, 9 With 100% Correct And Verified Answers
- Course
- Institution
AINS 21 Exam Segment C Ch 7, 8, 9 With 100% Correct And Verified Answers
[Show more]
Content preview
AINS 21 Exam Segment C Ch 7, 8, 9 With100% Correct And Verified Answers
Valid contract - Correct Answer-A contract that meets all of the requirements to be enforceable.
Consideration - Correct Answer-Something of value or bargained for and exchanged by the parties to a contract.
Principle of indemnity - Correct Answer-The principle that insurance policies should provide a benefit no grater than the loss suffered by an insured.
Valued property - Correct Answer-A policy in which the insurer pays a stated amount in the event of a specified loss (usually a total loss), regardless of the actual value of loss.
Concealment - Correct Answer-An intentional failure to disclose a material fact.
Misrepresentation - Correct Answer-A false statement of a material fact on which a party relies.
Material fact - Correct Answer-In insurance, a fact that would affect the insurer's decision to provide or maintain insurance or to settle claim.
Conditional contract - Correct Answer-A contract that one or more parties must perform only under certain conditions.
Preprinted form - Correct Answer-An insurance form that meets the needs of many policyholders and is therefore printed in bulk for future use.
Manuscript form - Correct Answer-An insurance form that is drafted according to terms negotiated between a specific insured (or group of insured) and an insurer.
Coverage part - Correct Answer-One or more forms that, together, provide coverage for a type of insurance.
Declarations page - Correct Answer-An insurance policy information page or pages providing specific details about the insured and the subject of the insurance.
Endorsement - Correct Answer-A document that amends an insurance policy.
Policy provisions - Correct Answer-Additional policy pages designed to alter the standard Personal Auto Policy's wording to conform to each state's requirements. Scheduled coverage - Correct Answer-Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item.
Insuring agreement - Correct Answer-A statement in an insurance policy that the insurer
will, under described circumstances, make a loss payment or provide a service.
Condition - Correct Answer-Any provision in an insurance policy that qualifies an otherwise enforceable promise of the insurer.
Exclusion - Correct Answer-A policy provision that eliminates coverage for specified exposures.
Floater - Correct Answer-A policy designed to cover property that floats, or moves, from location to location.
Named peril - Correct Answer-A specific cause of loss listed and described in an insurance policy. Also used to describe policies containing named perils.
Special form (open peril policy) - Correct Answer-An ISO homeowners form covering the dwelling, other structures, and loss of use of the dwelling and other structures on an open perils basis and covering personal property on a broad named perils basis.
Collision coverage - Correct Answer-Coverage for direct and accidental loss or damage to a covered auto caused by collision with another object or by overturn
Other than collision (OTC) coverage - Correct Answer-Coverage for physical damage to
a covered auto resulting from any cause of loss except collision or a cause of loss specifically excluded.
Specified causes of loss coverage - Correct Answer-overage for direct and accidental loss caused by fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief, vandalism, or loss resulting from the sinking, burning, collision, or derailment of a conveyance transporting the covered auto.
Direct loss - Correct Answer-A reduction in the value of property that results directly and
often immediately from damage to that property.
Time element loss (indirect loss) - Correct Answer-A loss that arises as a result of damage to property, other than the direct loss to the property.
Net income - Correct Answer-The difference between revenues (such as money received for goods or services) and expenses (such as money paid for merchandise, rent, and insurance).
Extra expenses - Correct Answer-Expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption.
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 Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now