Subrogation occurs when - Study guides, Class notes & Summaries

RMIN 4000 Test 3 Brown Questions & Answers Principal of Indemnity - ANS-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANS-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANS-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANS-the price at which property would sell Va...

Property and Casualty Insurance EXAM Latest Version 100% Pass Specific insurance This type of insurance designates a particular item to be insured Blanket insurance This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative possibility of both gain and loss. Not insurable. Pure only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? avoid, control, reta...

1. Which one of the following steps should be taken first in a risk management program? A. Purchasing of adequate insurance B. Conducting of employee safety drills C. Identifying hazards and risks D. Conducting staff in-services on incident reporting and accident prevention. - ANSWER-C. Identifying hazards and risks 2. Which of the following professionals is authorized to dispense medications? A. registered nurse B. licensed nurse, physician and, in some states, medication aide. ...

AIC 300 Claims in an Evolving World Exam Questions with Correct Answers As methods of communication evolve, it's important for claims professionals to remember that any written claims communication may be a. Replaced with verbal communication b. Misinterpreted c. Edited later d. Subpoenaed - Answer-d. Subpoenaed Soft fraud occurs when a claim is exaggerated and is also referred to as a. Opportunity fraud b. Financial fraud c. Reimbursement fraud d. Victimless fraud - Answer-a. ...

What is the definition of a public adjuster? - Answer- An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - Answer- 30 Days Subrogation occurs when? - Answer- The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - Answer- To provide additional liability coverage above and beyond that which is ...

NAB Core Practice Exam 110 Questions and answers already passed 2024 1. Which one of the following steps should be taken first in a risk management program? A. Purchasing of adequate insurance B. Conducting of employee safety drills C. Identifying hazards and risks D. Conducting staff in-services on incident reporting and accident prevention. - correct answer C. Identifying hazards and risks 2. Which of the following professionals is authorized to dispense medications? A. regist...

Rhode Island Adjuster's Exam Questions and Answers Graded A+ How many days does the insurer have to send out forms when notified of accident? ten days At what time is the policy effective? 12:01 am What are the financial responsibility limits in Rhode Island? 25/50/25 By virtue of payment, the insurance company assumes the rights of the insured to pursue the responsible party for damages only to the extent of the insurance company's payment, and as a service, the insurance company will...

Property and Casualty Insurance EXAM Questions and Answers 100% Pass Specific insurance This type of insurance designates a particular item to be insured Blanket insurance This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative possibility of both gain and loss. Not insurable. Pure only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? avoid, control, retain, and ...

What is the definition of a public adjuster? - An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - 30 Days Subrogation occurs when? - The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - To provide additional liability coverage above and beyond that which is provided by the primary policy How...

RMIN 4000 Test 3 Brown| Questions and Answers 100% Accurate! Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANSWER-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANSWER-the pr...