Policy of estoppel - Study guides, Class notes & Summaries

KENTUCKY ADJUSTER EXAM PREP EXAM QUESTIONS WITH COMPLETE VERIFIED ANSWERS LATEST UPDATES Insurance Transfers risk of financial losses from one party to another Insured Individual or organization that pays premiums in exchange for protection Insurer Company, group, or government agency offering financial protection Insurance policy A legally binding contract in which the insurer agrees to take on specified risks in exchange for the insured's premium. Principle of indemnity Restoration t...

Law 3220 Exam 4 Clemson Latest Update Graded A Agency An agency is created when a person or company (an agent) agrees to act for or in place of another person or company (the principal) Parties in an Agency -The principal creates authority in an agent -The agent receives authority and carries out the principal's instructions -Third parties make contract or are involved in torts with the agents Disclosed Principal Identity of principal is known by the third party at time of making of contract w...

XCEL SOLUTIONS: Georgia Life-Only Pre-Licensing Questions and Answers 100% Pass When a policy pays dividends to its policyholders, it is said to be -profitable -mutual -nonparticipating -participating - Correct Answer ️️ --Participating A participating policy is one in which insurance policies pay out dividends to the policyholders. A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: -a fraternal benefit s...

Colorado Title Test Questions and Answers 100% Pass AGENTS' LICENSES TO REPRESENT A NATIONWIDE BUSINESS CONDUCTING BUSINESS IN COLORADO ARE ISSUED BY? THE COMMISSIONER OF INSURANCE OF THE STATE OF COLORADO THE APPROVED MANNER IN WHICH A TITLE INSURER IS SUPPOSED TO WRITE OVER, OR INSURE THROUGH, RECORD ENCUMBRANCES OR DEFECTS IN TITLE IS? BY A SPECIALLY FILED ENDORSEMENT PURSUANT TO THE PROVISIONS OF THE UNIFORM PROBATE CODE, THE ADMINISTRATION OF THE ESTATE OF A COLORADO RESIDENT WHO DIED O...

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

NEW HAMPSHIRE ADJUSTER EXAM PREP: SERIES 12-75 QUESTIONS WITH CORRECT UPDATED ANSWERS GRADED A++ Which of the following best defines "insured"? A. Transfer of the risk of financial loss from one party to another B. A legally binding contract in which the insurance company agrees to pay for specified losses in exchange for premiums C. An individual or organization that pays premiums in exchange for financial protection D. A company, group, or government agency offering financial prot...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

Florida 6-20 All Lines Adjuster Test Question and answers 2023 verified A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Report D. None of the above A. Field Report States have adopted statutes regarding claims adjusting. To avoid u...

Alabama AdjusterPro Exam for P&C with WC and Crop (2023) Alabama AdjusterPro Exam for P&C with WC and Crop (2023) 1: Incorrect Indemnification may include all of the following except: reimbursement for hotel costs. reimbursement for rental car costs. Answer Given payment for repairs to property. Actual Answer payment for pain and suffering. 2: Correct What is a reserve, in insurance terms? The amount of revenue that the insurer sets aside to pay employee s...

Kentucky Life Insurance Exam Questions With All Correct Answers Elements of a Contract - CORRECT ANSWERS Competent parties, legal purpose, offer and acceptance, consideration Waiver - CORRECT ANSWERS Voluntary giving up of a known right or privilege, can be express or implied Estoppel - CORRECT ANSWERS A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...