Fundamentals of insurance - Study guides, Class notes & Summaries

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Ati fundamentals of Insurance exam 100% questions and answers The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Coverage A b) Detached Private Structures - 10% of Coverage A c) Additional Living Expenses- - 10% of Coverage A d) Dwelling- 100% of ...

Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: A. Enable the consumer to obtain loan or mortgage. B. Provide employment and investment capital. C. Allow spread of risk. D. Reduce losses through loss prevention and loss reduction. - C. Allow spread of risk. When the insurer terminates an insurance policy, ALL of the following conditions apply, EXCEPT one. Pick the exception: A. The insured is entitled to 15 days' written notice of termin...

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FUNDAMENTALS OF INSURANCE BC EXAM 100% QUESTIONS AND ANSWERS RISK - ANSWERS IS THE CHANCE OF FINANCIAL LOSS PERIL - ANSWERS IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE WATER AND EARTHQUAKE WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWERS IS TO ALLOW THE SPREAD OF RISK INDEMNITY - ANSWERS MEANS RESTORING THE INSUREDS TO THE SAM FINANCIAL POSITION AS THEY WERE IN IMMEDIATELY PRIOR TO THE LOSS. WHOSE OPTION IS TO OF HOW THEY WANT TO SETTLE A CLAIM? - ANSWERS THE INSURER INSURA...

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