Mortgagee - Study guides, Class notes & Summaries

FLORIDA CLAIMS ADJUSTER EXAM 2024 WITH 100% CORRECT ANSWERS Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - correct answer D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one paym...

Illinois Notary Primer Guaranteed Success Notary Bond ️Provides coverage for damages to anyone who suffers financially from a Notary's action - intentional or not Reasonable Care ️The degree of attentiveness that a person of normal intelligence and responsibility would exhibit. Uniform Real Property Electronic Recording Act ️It's the electronic recording system for the filing of electronic real property documents executed and notarized with electronic signatures. Do you nee...

Guarantee Correct Answer-A promise made by one party to share responsibility for the debts of another party Mortgage Correct Answer-An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt Promissory note Correct Answer-A promise or an engagement in writing to pay a specified sum at a time therein stated or on demand or at sight to a person named therein Debtor Correct Answer-One who owes a debt Payee Correct Answer...

Pearson Vue Property Insurance Practice Test 100% Correct Solved 1. Which of the following perils is covered under the Commercial Property Basic Cause of Loss form? 1. A. Collapse 2. B. Sinkhole collapse 3. C. Falling objects 4. D. Breakage of glass - Correct Answer ️️ -Answer: B Sinkhole Collapse The National Flood Insurance Program provides coverage for losses caused by all of the following occurrences EXCEPT: A. mudslides B. runoff from heavy rain C. overflow of tidal water...

"IN REM" indicates Liens are against the - Answer Property rather than against the person. "MAJOR LINES " - Answer life health property casualty personal lines property surplus lines title insurance "MINOR LINES " - Answer bail bonds credit ticket group mort. cancel. mortgage guaranty legal insurance self-storage "Notice Of Settlement" is good for - Answer 45 days "Reinsurance treaty"/Treaties are usually - Answer neg...

Which of the following would NOT be found in the conditions section of a homeowners insurance policy? Subrogation rights Duties of the insured Insurance premium Mortgagee clauseAnswer - The insurance premium is not shown in the conditions section of the homeowner policy. Which of the following is true regarding dealers physical damage coverage under a garage policy? It is a blanket limit for covered autos. It extends coverage to customers' autos. It is an annual maximum limit...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - Ans: D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on worki...

he difference between surety bonds and insurance contracts is surety bonds do not constitute a transfer of risk. Subrogation Clause This clause is used when the insurer has paid a covered claim on behalf of the insured that is caused by another party. The insurance company is entitled to the insured's right of recovery from the negligent party. This clause is sometimes called "Transfer of Right of Recovery Against Others to Us." Cause of Loss Forms State the perils that ...

Property and Casualty Review 2024 Questions and Answers A unique exclusion that is found only in the Fine Art Floater is: - Correct Answer ️️ -Art on Exhibition (Due to most frequent thefts during gallery showings) Which section of a Special form policy determines whether a peril is covered? - Correct Answer ️️ -Exclusions New zoning laws prevent an Insured from replacing a destroyed property. If the Insured transfers ownership of the property to the Insurer, this is an example of...

1. Which of the following perils is covered under the Commercial Property Basic Cause of Loss form? 1. A. Collapse 2. B. Sinkhole collapse 3. C. Falling objects 4. D. Breakage of glass Correct Answer: Answer: B Sinkhole Collapse The National Flood Insurance Program provides coverage for losses caused by all of the following occurrences EXCEPT: A. mudslides B. runoff from heavy rain 2 C. overflow of tidal waters D. water-main breakage Correct Answer: Answer: D Water-Main Break...