Insuring agreement states - Study guides, Class notes & Summaries

Wisconsin Property and Casualty Insurance Exam Final Questions and Correct Solutions FAIR - CORRECT ANSWER-Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. - CORRECT ANSWER-• Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration - CORRECT ANSWER-Money and statements made on application Legal Purpose - CORRECT ANSWER-Risk transfer doesn't violate the law Offer - CORRECT ANSWER-Insured submits application and fir...

Property and Casualty Insurance Mastery Exam A Latest Update 100% Pass An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his personal auto policy? The loss is covered under an unendorsed personal auto policy. Under the workers' compensation laws, which of the following would NOT be covered? Heart-related illness resulting from hereditary causes An insurance policy covers fire, will not cover nuclear contamination, and loss must be...

Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company - ️️B In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured subsequently sails the yacht on the seas, coverage may be denied because th...

Basic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activity to be insured definitions - ANSWER-statements that provide information about the particular property or activity to be insured Insuring Agreement - ANSWER-Summary of the major promises of the insurer (what the policy covers) nam...

NC LIFE insurance state exam questions and answers 100% pass CREDIT LIFE a special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS a legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled. Otherwise known as a business continuation agreement INSURABLE INTEREST to purchase insurance the policy owner must face the possibility of losing mo...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Colorado Life & Health Insurance Exam Study Guide| Complete with Verified Answers| 100% Correct (2023/2024 New Update) QUESTION Long-Term Care Rider Answer: -Type of Insurance Rider -Costs extra and may be added to a cash value policy -Allows policy owner to take money out of policy's cash value to pay for qualifying nursing home or home health care QUESTION Return of Premium Rider Answer: -Type of Insurance Rider -Same as term -Could be added to term depe...

Insuring Clause (or Insuring Agreement) correct answersis the insurer's basic promise to pay specified benefits to a designated person in the event of a covered loss. States the scope and limits of coverage "We ensure to INSURE you for..." Consideration Clause correct answersstates a policyowner must pay a premium in exchange for the insurer's promise to pay benefits. A policyowner's consideration consists of completing the application and paying the initial premium. The amount and frequ...

Entire Contract - Answer is the provision that states that the producer does NOT have the authority to change the policy or waive any of its provisions Decreasing Term - Answer the automatic load provision can be incorporated into all of these policies except... variable life insurance - Answer insurance policy that has a level premium but allows the policy owner to choose from a selection of investment options pre-existing condition clause - Answer long-term care policy mus...

1. Methods of risk management include: A. Transfer B. Sharing C. Avoidance D. All of the above. - Answer- D. All of the above. 2. An insured has suffered a fire loss to his/her dwelling. This insured is which party to the claim? A. Third party B. First party C. Second party D. Loss payee - Answer- B. First party 3. Mr. Jones, a pedestrian, was injured by Mr. Smith while driving his vehicle. Mr. Smith is insured by I Am Bogus Insurance Company. The insurance company would be which p...