Subrogation occurs when - Study guides, Class notes & Summaries

Property and Casualty Insurance EXAM Insurance Concepts and Definitions Types of Insurance - Specific Insurance ️: Covers a particular item or property. - Blanket Insurance ️: Provides coverage for multiple items at a single location or for several items across different locations. Risk Types - Speculative Risk ️: Involves the possibility of both loss and gain; it is non-insurable. - Pure Risk ️: Involves only the possibility of loss; this type of risk is insurable. Risk Manage...

If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - ANSWER-30 Days Subrogation occurs when? - ANSWER-The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - ANSWER-To provide additional liability coverage above and beyond that which is provided by the primary policy How is the value of personal property determined when using ACV? ...

Income Statement - Produced once a month to ensure expense review and control Income Statement' - Allows a company to determine how much money is coming in and how it's being spent Promissory Note - Indicates a loan and debt financing to raise capital Convertible Securities - Used to raise capital by way of equity financing Convertible Securities' - Stock or bond, that can be converted to another type of security Convertible' Securities - Another type of bond or stock Direct Stock Off...

AIC 30 EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ First Party Focus Correct Answer: Coverage and Amount of damage Second Party Correct Answer: Insurance Company First Party Correct Answer: Insured Third Party Correct Answer: Claimant Third Party Focus Correct Answer: Liability, Coverage, and Amount of damage Third Party Administrator (TPA) 2 Correct Answer: an organization that provides admin services associated with risk financing and insurance. They h...

RMI EXAM 2(2024 Latest Update)Accurate 100% chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market valu...

What is the definition of a public adjuster? - An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - 30 Days Subrogation occurs when? - The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - To provide additional liability coverage above and beyond that which is provided by the primary policy How...

Rhode Island Adjuster's Exam Questions and Answers Graded A+ How many days does the insurer have to send out forms when notified of accident? ten days At what time is the policy effective? 12:01 am What are the financial responsibility limits in Rhode Island? 25/50/25 By virtue of payment, the insurance company assumes the rights of the insured to pursue the responsible party for damages only to the extent of the insurance company's payment, and as a service, the insurance company will...

Business and Finance 6-12 (276) Exam Questions And Answers (Updated And Verified) When a company is trying to regulate its spending and track incoming funds, the accountant should prepare an income statement once A. every month. B. every two months. C. every six months. D. every year. - answerOption A. every month Income statements are usually produced once a month to ensure expense review and control. This will allow a company to determine how much money is coming in and how it's bei...

Business and Finance 6-12 (276) Exam Questions And Answers (Updated And Verified) When a company is trying to regulate its spending and track incoming funds, the accountant should prepare an income statement once A. every month. B. every two months. C. every six months. D. every year. - answerOption A. every month Income statements are usually produced once a month to ensure expense review and control. This will allow a company to determine how much money is coming in and how it's bei...

NAB Core Practice Exam 110 Questions and Answers 2024 1. Which one of the following steps should be taken first in a risk management program? A. Purchasing of adequate insurance B. Conducting of employee safety drills C. Identifying hazards and risks D. Conducting staff in-services on incident reporting and accident prevention. - Answer ️️ -C. Identifying hazards and risks 2. Which of the following professionals is authorized to dispense medications? A. registered nurse B. licensed ...