Subrogation - Study guides, Class notes & Summaries

Transferring the risk to an insurance company is known as what? Correct Answer Insurance When the insured request to have the company change a condition or provision in an insurance policy the document attach to the policy is referred to as what? Correct Answer Endorsement George and Sandy only home which was damaged by fire who has insurable interest Correct Answer George and Sandy What is the most common loss settlement valuation in the property policies? Correct Answer Actual cash va...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text Michael undertakes to build a carport for Ashleigh. Unfortunately, Michael fractured his left shoulder and cannot do any building work. He asks his cousin Rickly to take over the job. Michael, Ashleigh, and Ricky agree to this arrangement. Which ONE of the following terms will complete the sentence below CORRECTLY? Michael’s obligation is extinguished because of ... 1. settlement. 2. delegatio...

LPL OCTOBER/NOVEMBER PORTFOLIO 100 % PASS QUESTION 1 NATURE AND ASSESSMENT OF NON-PATRIMONIAL LOSS (ESSAY) (a) Study Nemangwela v Road Accident Fund (437/2022) [2023] ZASCA (8 June 2023) case herein attached as well as the Road Accident Fund Act 56 of 1996 as amended and answer the question below: Write a critical appreciation/analysis of the court’s reasoning to disqualify the forklift as a motor vehicle for the purposes of claiming damages from the Road Accident Fund. Refer t...

QUESTION 1 NATURE AND ASSESSMENT OF NON-PATRIMONIAL LOSS (ESSAY) (a) Study Nemangwela v Road Accident Fund (437/2022) [2023] ZASCA (8 June 2023) case herein attached as well as the Road Accident Fund Act 56 of 1996 as amended and answer the question below: Write a critical appreciation/analysis of the court’s reasoning to disqualify the forklift as a motor vehicle for the purposes of claiming damages from the Road Accident Fund. Refer to the relevant case law and applicable legislation quo...

Transferring the risk to an insurance company is known as what? - Answer- Insurance When the insured request to have the company change a condition or provision in an insurance policy the document attach to the policy is referred to as what? - Answer- Endorsement George and Sandy only home which was damaged by fire who has insurable interest - Answer- George and Sandy What is the most common loss settlement valuation in the property policies? - Answer- Actual cash value The insurance...

Property and Casualty License in ArkansasWhat is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - correct an...

Which kind of losses are covered under a standard fire policy? CORRECT ANSWER Direct All fires are not covered by the Standard Fire policies, only those that: CORRECT ANSWER are hostile and have a flame or glow At what time does a fire policy go into affect? CORRECT ANSWER 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured m...

What are the reasons for investigating fires? - Answer To eliminate reoccurrence Upgrade existing fire codes Determine if a criminal act took place What is NFPA 921 - Answer Guide for Fire and Explosion Investigations What is NFPA 1033 - Answer Standards for Professional Qualifications for Fire Investigation What is NIST? - Answer National Institute of Standards and Technology What is CCAI? - Answer California Conference of Arson Investigators Subrogation - Answer Th...

Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANSWER-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANSWER-the price at which property would sell Valued Policy - ANSWER-a pol...

TX ADJUSTER TESTSubrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss. - correct answer While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Appraisal - correct answer What is the process when an i...

LML4805 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED MEMO- DISTINCTION GUARANTEED) Question 1 (a) Distinguish between the essential features of an insurance contract and the general requirements of a valid contract; then address the consequences if any of these are absent. In your answer, also mention one example of an essential feature of an insurance contract and one example of a validity general requirement of a contract. (5) (b) Describe any two informal risk-sprea...