Florida Public All Lines Adjuster/74 Questions And Answers/100% Correct
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Course
WGU C840
Institution
WGU C840
Florida Public All Lines Adjuster/74 Questions And Answers/100% Correct/Florida Public All Lines Adjuster/74 Questions And Answers/100% Correct/Florida Public All Lines Adjuster/74 Questions And Answers/100% Correct/Florida Public All Lines Adjuster/74 Questions And Answers/100% Correct/Florida Pub...
Florida Public All Lines Adjuster/74 Questions And
Answers/100% Correct
Subordination - SELECTED ANSWER:- -When the insured collets damages from
his or her own insurance company and those damages were caused by
negligent third-party, the insurance company steps into the shoes of the
insured and is entitled to recover the damages actually paid to the insured
from the negligent party
liability insurance - SELECTED ANSWER:- -Means that the payment by the
insurance company will be made to a third-party injured or damaged by the
insured. An insured can we never recover damages from their own liability
policy.
DICE: Declarations, insuring agreement , condition, and exclusions. -
SELECTED ANSWER:- -For fundamental parts of all property and liability
insurance contracts
Proof of Loss - SELECTED ANSWER:- -The evidence offered by the insured to
support the claim for damages and, assigned sworn statement by the
insured verifying that the required according to the policy or the insurance
company.
Severability - SELECTED ANSWER:- -Insurance applies separately to each
insuredas if the other insured does not exist. Example: A homeowner who
intentionally set fire to the house will not prevent the bank that holds the
mortgage from recovering insurance for the damage done to the home.
risk - SELECTED ANSWER:- -Insurance policies transfer risk, or the chance of
financial loss.
Primary Policy - SELECTED ANSWER:- -A basic, fundamental insurance policy
whichpays first with respect to other outstanding policies followed by an
Excess Policy.
Pro-rata policies - SELECTED ANSWER:- -Will pay the proportion that it's limit
bearsto all limits that applied to the loss.
- SELECTED ANSWER:- -Policy A has a limit of 25,000; policy B has a limit of
$50K; A loss is $6000. If we add the policy limits, we have a total of $75,000.
PolicyA's limit is the 1/3 of the total limit, therefore policy I will pay 1/3 of the
loss, or $2000. Policy B limit is 2/3 of the total limit therefore policy be will
pay 2/3of the loss or $4000.
, NEW 2023-2024
peril - SELECTED ANSWER:- -Fire, windstorm, earthquakes, and flood.
Insurancecompanies only cover perils
Hazards - SELECTED ANSWER:- -Increase the loss by a peril. There are three
typesof hazards.
A physical hazard is illustrated by a broken smoke alarm. The physical
condition of the alarm increases the chance of lost by fire.
Moral hazard is the consensus attitude of the insured. And insured that
intends to commit arson increases the chance that there will be a loss by
fire.
A morale hazard is an unconscious attitude of the insured, i.e. carelessness.
A driver that is text messaging while operating a motor vehicle increases the
chance of loss in an automobile accident.
Lender interests - SELECTED ANSWER:- -Insurance company protect a lender
as aninsured. A lender that makes a loan secured by real property is
protected by a mortgage clause or a mortgagee clause. A lender that makes
a loan secured by personal property, such as an auto loan, is protected by a
loss payable clause and is referred to as a loss payee
Actual Cash Value - SELECTED ANSWER:- -replacement cost minus depreciation
Replacement Cost - SELECTED ANSWER:- -Common on buildings however this
valuation appears to violate the principle of indemnity. The principal of
Indemnity provides that the insured shall not profit from the payment made
for loss. Replacement cost provides new for old and therefore appears to
violate this principle
Direct Loss - SELECTED ANSWER:- -Defined as physical harm or damage to
tangible property. Tangible property is a property that you can see touch and
feel. Fire damage to an office building is a direct loss.
Indirect Loss - SELECTED ANSWER:- -Is the economic loss that results from a
directloss. Therefore the indirect laws that arises from fire damage office
building would be the cost of relocation and any loss of profits while repairing
the business location.
straight deductible - SELECTED ANSWER:- -Is a flat amount subtracted from
the loss. It is the amount of the loss the insured has agreed to be responsible
for.
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