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Utah Property and Casualty Insurance Questions and Correct Answers | Latest Update $11.49   Add to cart

Exam (elaborations)

Utah Property and Casualty Insurance Questions and Correct Answers | Latest Update

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  • Utah Property and Casualty Insurance
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  • Utah Property And Casualty Insurance

Absolute Liability -:- Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives. Also known a s "strict" liability. For ex you are absolutely liable if you keep a wild animal as a pet. Accident -:- A sudden and unexpecte...

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  • September 20, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Utah Property and Casualty Insurance
  • Utah Property and Casualty Insurance
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2024 /2025 | © copyright | This work may not be copied for profit gain Excel!




Utah Property and Casualty Insurance
Questions and Correct Answers | Latest
Update
Absolute Liability


✓ -:- Liability that arises from an extremely dangerous situation. Absolute

liability is often found in cases involving explosives. Also known a s

"strict" liability. For ex you are absolutely liable if you keep a wild animal

as a pet.




Accident


✓ -:- A sudden and unexpected event, occurring at a specific time and

place.




Actual Cash Value (ACV)


✓ -:- The cost to replace an item of property at the time of loss, less an

allowance for depreciation. Often used to determine amount of

reimbursement for a loss (Replacement Cost minus Depreciation.)




Additional Insured



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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



✓ -:- A person, firm, or corporation other than the Named Insured on a

policy, or a lender named in a mortgage clause, who is protected against

loss by the terms of the policy.




Additional Living Expenses


✓ -:- A coverage designed to reimburse the insured for an increase in

living expenses necessitated by a loss to the dwelling. This Indirect Loss

must be the result of Direct Loss by a covered Peril.




Adjuster


✓ -:- Represents the insurance company and acts for the company in

working on agreements as to the amount of a loss and the liability of the

company.




Admitted Company


✓ -:- A company that meets the state insurance department's standards

and is authorized by the Director to do business in the state.




Agent/Producer


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, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



✓ -:- An individual appointed by an insurance company to solicit,

negotiate, effect, or countersign insurance contracts on its behalf.




Aggregate Limit


✓ -:- A type of policy limit found in Liability policies that limits coverage

to a specified total amount for all losses occurring within the policy

period.




Alien Company


✓ -:- An insurance company incorporated in a country other than the

United States




Allied Lines


✓ -:- Property coverages that are closely associated with and frequently

sold with fire insurance: Dwelling Building and Contents form, Earthquake

insurance, Sprinkler Leakage, etc.




All-Risk Insurance




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