Property loss exposure a - Study guides, Class notes & Summaries

1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...

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...

Florida 2-20 Agents License Exam Questions and Answers 2023 Graded A The Florida Surplus Service Lines Office (FSLSO) was created to oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: Pays insurance claims Once license, you have how long to obtain an appointment? 48 months Which of the ...

Abiotic disorder - Answer- A non-pest plant stress such as improper nutrition, too much or too little water, winter or frost injury Action threshold - Answer- The pest density at which action (such as pesticide application) is justified to prevent further damage. Adelgid - Answer- An insect closely related to aphids that feed on conifers. Their feeding often causes galls to form. Aesthetic injury level - Answer- The point at which damage from a pest becomes noticeable enough to negative...

Lead Abatement Supervisor | 2023 questions and answers 100% verified Identify the materials used for enclosure - Drywall vinyl siding Plywood Paneling Caulk and sealant Hazards that exist in residential environments - Lead dust Lead contaminated soil Peeling, chipping paint Folk remedies Describe how children are typically exposed to lead - Hand to mouth activities Worker take home dust Identify the common routes of worker lead exposure - Inhalation Ingestion Describe the bas...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...

Acceptable Risk The average rate of loss that is considered tolerable for a given activity. Accident An unplanned event or sequence of events that results in an undesirable consequence. An occurrence where property damage, material loss, detrimental environmental impact or human injury occurs. Accidental Release An unanticipated emission of a regulated substance or other extremely hazardous substance into the ambient air. Action Items A column in the What-If/Checklist Wo...

The coverage territory of the Business Auto form provides for "worldwide liability coverage" for private passenger autos that the insured: a) Hires, leases, rents or borrows without a driver while outside the United States, its territories and possessions. b) Purchases while outside the United States, its territories and possessions. c) Sells while outside the United States, its territories and possessions. d) Occupies while outside the United States, its territories and possession...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

A.R.M. 400 Exam Practice Exam 2023 With Correct Answers… When communicating a decision up the organization's chain of command, consulting with outside experts can help a risk management professional do which one of the following? A. Seek feedback from stakeholders B. Stay focused on the organization's objectives C. Define the organization's risk appetite D. Enhance stakeholders' confidence in the process D Which of the following risk management program goals is an essential goal f...