Named perils o - Study guides, Class notes & Summaries

State Farm Estimatics Exam which of the following refers to being restored to the financial condition you were in before a loss? - Correct answer-indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. - Correct answer-principle of indemnity the transfer of risk from one party to another is called - Correct answer-insurance ...

Commercial Casualty II – CISR Exam 121 Questions with Answers In BAP what does liability section provide protection from claims for? - CORRECT ANSWER Bodily Injury and Property Damage for which insured is legally responsible for. In BAP physical damage section what type of protection? - CORRECT ANSWER provides coverage for damage to or loss of an insured's covered auto. What other BAP coverages can be added by endorsement? - CORRECT ANSWER Medical payments personal injury protecti...

Accident Sudden, unexpected events that cause property damage or bodily injury. Actual Damages Damages that have a specified cost to repair them Actual Total Loss Complete destruction of insured property, so that nothing of value remains. ACV (Actual Cash Value) This is the value of the property after depreciation. As ALE (Additional Living Expense) If a homeowner is temporarily displaced from their home due to a catastrophe to allow repairs, certain homeowner's policie...

Accident - ANSWER-Sudden, unexpected events that cause property damage or bodily injury. Actual Damages - ANSWER-Damages that have a specified cost to repair them Actual Total Loss - ANSWER-Complete destruction of insured property, so that nothing of value remains. ACV (Actual Cash Value) - ANSWER-This is the value of the property after depreciation. As ALE (Additional Living Expense) - ANSWER-If a homeowner is temporarily displaced from their home due to a catastrophe to allow repai...

1 / 34 FLORIDA CLAIMS ADJUSTER EXAM QUESTIONS AND ANSWERS 2023 EXAM GRADED A (Over 200 questions and answers 100% verified) 1. 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...

Florida Claims Adjuster Actual Exam 100% Correct Answers (Passed and Licensed) Updated 2023 Best Revision Material Severability -------- Correct Answer -------- Insurance applies separately to each insured as if other insureds did not exist. Abandonment -------- Correct Answer -------- Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest -------- Correct...

Michigan Property & Casualty Limited Lines Exam Study Guide questions and answers well illustrated. Personal Contract - correct nal in nature, there must be an insurable interest Aleatory Contract - correct answers."a one sided contract" equal value is not given by both parties in the contract. Policyowner pays small premium - insurer provides a substantial benefit Contract of Adhesion - correct act and its provisions are completed by one party - the insurer. Ambigu...

FLORIDA CLAIMS ADJUSTER EXAM/203 QUESTIONS AND ANSWERS GRADED A 2023 EXAM Severability - √Answer>Insurance applies separately to each insured as if other insureds did not exist. -Abandonment - √Answer>Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value. * -Insurable Interest - √Answer>One wherein economic loss would be suffered from an adverse happening to t...

Wisconsin Property and Casualty Questions and Answers Rated A FAIR Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. • Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration Money and statements made on application Legal Purpose Risk transfer doesn't violate the law Offer Insured submits application and first month premium to insurer Insurer accepts or insurer declines the risk Counteroffer Agrees to issue policy but wit...

NGN ATI Florida Claims Adjuster Exam | 206 Questions with 100% Correct Answers A+ | 2023 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 ...