Insuring agreement states - Study guides, Class notes & Summaries

How much life insurance is needed? - depends on family size, income levels, existing financial assets, and financial goals Costs of Premature Death - - future earnings are lost forever. - additional expenses incurred: funeral expenses, uninsured medical bills, higher childcare costs, estate settlement expenses, and outstanding debts. - possible reduction of standard living. Why have deductibles? - -eliminate small claims -reduce premiums -reduce moral and morale hazard Declarations - st...

Washington State Insurance Exam with Complete Solutions Apparent is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing A method of dealing with risk for a group of in...

Comprehensive Review- Kansas Life and Health Exam (2024/2025) 100% Solved Entire Contract 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 the automatic load provision can be incorporated into all of these policies except... variable life insurance insurance policy that has a level premium but allows the policy owner to choose from a selection of investment options pre-existing condition clause long-...

B decides to buy a single premium immediate annuity, choosing the Life Only distribution option. How long will the insurer make payments to B? A For B's lifetime or until the principal and interest are exhausted, whichever is shorter B For the period of time it takes B to recover the initial premium or his lifetime, whichever is shorter C For a guaranteed period of time, whether or not B survives to the end of that period D Only for as long as B is alive - Answer- D Only for as long ...

Kevin, the owner of ABC Contractors, is issued a commercial general liability policy by Speedy Insurance. The policy states that Speedy Insurance agrees to pay for all liability arising from bodily injury or property damage that occurs during the policy period. This is found in the _________________ of the policy: Exclusions. Subrogation. Loss reserves. Insuring agreement. 1 of 19 Grand Insurance has a number of claims that are being processed, with an estimated value of $4 million. Th...

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

What are the four required elements of an insurance contract? - Answer-Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - Answer-General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insurable interest exist in life insurance? - Answer-At the time of application. When does coverage begin, if the premium was subm...

Property and causality Exam ADP Questions and Answers 100% Pass In a commercial general liability policy medical payment pay for medical expenses Without regard to fault Which type of insurance protection guarantees protection against legal liability from any risk arising from the ownership, maintenance, or use Professional liability In PA, what is the minimum amount required for damages for liability to cover motor vehicles accidents? a. 15K, 30K, 5K Under an equipment breakdown...

Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public - Correct Answer -B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Re...

Principal of Indemnity insured's property should be restored to it's previous state, no better no worse, insured cannot profit from the loss indemnification compensation for loss Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More legal contracts must have: agreement, consideration, competent parties, legal purpose 6 special characteristics of insurance contracts personal adhesion utmost good ...