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AINS 21 Exam Segment C Ch 7, 8, 9 With 100% Correct And Verified Answers
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AINS 21 Exam Segment C Ch 7, 8, 9 With 100% Correct And Verified Answers
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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.
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