Bailee - Study guides, Class notes & Summaries

State Farm Insurance License Exam| Questions and Answers, 100% Solved| Latest Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized i...

Marine Policies Cover: - Answer--Imports - Goods coming into the USA -Exports - Goods leaving the USA -Domestic shipments - Goods moving around the USA -Instruments of transportation and communication - Not necessarily mobile but facilitate movement of goods ─ Bridges ─ Tunnels ─ Piers, wharfs, docks ─ Railways ─ Pipelines ─ Transmission lines ─ Communication equipment - towers, antennas, etc. - Floaters (property that does not always stay at described location) Fi...

CIC Commercial Property Exam Questions with Complete Solutions Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️ 1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer️️ Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss...

Bailee - ANSWER An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - ANSWER Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - ANSWER A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buye...

Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? A Excess insurance B Pro rata liability C Primary insurance D Contribution by equal shares D: Contribution by equal shares The formal statement an insured provides to an insurer, including all the details an insurer needs to assess its liability following a loss, is known as a: A Notice of loss B Binder ...

The insurer and insured agree to a specific value of insured item Correct Answer: Agreed Value Policies Someone who has care, custody or control of another's property Correct Answer: Bailee Claim filed by policy holder against his _ Correct Answer: First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI Correct Answer: Negligent Entrustment Hazard t...

Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses which are considered catastrophic, Earthquake, snow slides,...

Arkansas Property and Casualty Insurance Exam Customer's property whether or not the insured has been negligent An unique feature in a bailee form is that it covers intentional tort Which of the following would NOT be covered by HO liability insurance? 6 Ways to Show Appreciation for Your Child's Teacher Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:37 / 0:54 Full screen 30 days The mail coverage form is always written on a reporting form basi...

Describe how inland marine insurance started - Answer- -evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? - Answer- Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? - Answer- Property in a fixed location is not eligible for marine insurance Lost 4 types of floaters - ...

CAIB 2 Practice Exam Questions with Verified Answers Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses ...