Named perils o - Study guides, Class notes & Summaries

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that the costs of defense will not erode the coverage limits available for payment of claims. •But, the duty to defend ENDS when limits have been exhausted through actual payment of claims Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be ...

Wisconsin Property and Casualty Insurance Exam Final Questions and Correct Solutions FAIR - CORRECT ANSWER-Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. - CORRECT ANSWER-• Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration - CORRECT ANSWER-Money and statements made on application Legal Purpose - CORRECT ANSWER-Risk transfer doesn't violate the law Offer - CORRECT ANSWER-Insured submits application and fir...

Property and Casualty insurance exam questions and answers rated A Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative ...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of lo...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of lo...

CDS Practice Questions Exam With 100% Correct Answers 2024When estimating operating costs of alt. designs or systems for project, which of the following factors affect estimates? Check all that Apply: A. Site location and orientation B. Management policies of owner/tenant C. Energy Costs D. Quality of maintenance staff E. Number of occupants - correct answer-ALL. If maintenance staff is experienced and does not defer maintenance, equip will operate better, and Management policies conce...

The settlement of an insurance claims dispute by the use of a neutral third party or parties Appraisal The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Assignment Property insurance that insures against a list of 11 perils (the number may vary depending on the insurer) Basic Form An agreement by a producer to provide temporary property or liability coverage, usually while waiting for the customer to complete an applica...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

ACC 356 Midterm Exam | Complete Solutions (Verified) Tiffany Evans, a medical doctor and prospective client, has come to your office for the first time. Which is the most appropriate way to greet her? A. "Welcome to my office." B. "Welcome to my office, Dr. Evans." C. "Hi, Tiffany. Welcome to my office." D. "Welcome to my office, Ms. Evans." Financial planners earn compensation in the form of: 1. A percentage of assets managed. 2. An hourly rate or fee. 3. A commission...

Property and Casualty Insurance Exam Verified Answers Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Ri...