Insuring agreement - Study guides, Class notes & Summaries

Insuring Agreement Correct Answer company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions Correct Answer what the policy will not pay for Definitions Correct Answer names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage Correct Answer coverages under a policy that are provided by the insurer at no extra cost Casualty Policies Correct 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 loss c. employee theft d. loss of use Loss o...

Define Insurance Insurance is a tool that protects people from overwhelming financial losses. Explain how Insurance works Under an insurance contract, the insured pays a scheduled fee called a premium. In return, the insurer promises to pay for specified losses if they occur. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen Brainpower Read More What is insurance? Insurance transfers risk. A person or organization called the i...

manuscript policy correct answers a policy that allows insurers to alter & change coverages according to each person standard policy correct answers a policy that does not change from contract to contract; same form for every person dec page correct answers the front page of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured parties; #; dates; exposure; options; premiums co...

Insurance Adjuster Exam Questions and Answers Rated A+ Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insur...

GEORGIA PROPERTY & CASUALTY INSURANCE EXAM Prep |QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A (2024/ 2025 UPDATE) Q: For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become Answer: Larger Q: Which method of loss valuation is contrary to the basic concept of indemnity? Answer: Replacement cost Q: What term includes damage where the insured peril was...

Risk - ANSWER-the chance or uncertainty of loss Risk - ANSWER-used within the insurance industry to refer to the subject of the insurance policy Possibility of loss - ANSWER-the concept of risk involves ___________________ Insurance - ANSWER-a formal social device used to accomplish the transfer of risk from an insured to the insurer Insurance policy - ANSWER-a legal contract in which the premium paid represents a small certain cost exchanged so that the insurer will cover the possib...

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) CORRECT ANSWER-1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy CORRECT ANSWER-1. follow forms - hella ...

Life Insurance Exam Questions and Answers (2023 / 2024) (Verified Answers) J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request...