Example of subrogation - Study guides, Class notes & Summaries

Alabama Property and Casualty Exam Questions and Answers Rated A If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability l...

Oklahoma Property and Casualty Latest Update Graded A+ Representations Statements made by the applicant on an insurance application. Contract of Utmost Good Faith An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion When one party constructs the contract and the other party has no input. Elements of a Legally Binding Contract 1. Legal Purpose 2. Agreement (Offer and Acceptance) 3. Competent Parties 4. Consideration Special Peril Ty...

AL P&C University of Alabama Study Guide (2023/2024) 100% Pass If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. Liabi...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

california property and casualty exam questions and answers 100% pass The process where by a mutul insurer becomes a stock company is called - Correct Answer ️️ -Demutalization The process whereby a stock company a mutal insurer is called - Correct Answer ️️ - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Correct Answer ️️ -Valuation clause The part of the policy that states the amout of coverag...

california property and casualty exam questions and answers 100% pass The process where by a mutul insurer becomes a stock company is called - Correct Answer ️️ -Demutalization The process whereby a stock company a mutal insurer is called - Correct Answer ️️ - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Correct Answer ️️ -Valuation clause The part of the policy that states the amout of coverag...

CMCA - M100 Community Association Management Test Guide Exam with 100% Correct Answers 55 and older community - CORRECT ANSWER-Must have one person who is 55 years of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforceme...

Alabama Property and Casualty Exam Questions and Answers Graded A+ If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion Nonrenewal Which is the best example of an indirect loss ? a. sequential lo...

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

Texas All Lines Adjuster Licensing Exam Questions & Answers 2024/2025 abandonment - ANSWERSa term that applies to property and signifies both a relinquishing of it and the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of property to an insurance company is something sinusoids are expressly prohibited from doing in most property policies. abandonment clauase - ANSWERSa property policy provision that stipulate that the insurer need not ac...