What is a peril - Study guides, Class notes & Summaries

CPCU 530 II Exam Questions with Correct Answers What is an insurance contract? - Answer-A contract where the policyholder pays premiums and the insurer promises to cover losses. What are the five main parts of a common insurance contract? - Answer-Declarations page, definitions section, insuring agreement, exclusions, and conditions. What information is included in the declarations page of an insurance contract? - Answer-Address of insured property, deductibles, description of insured pro...

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - correct answer Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - correct answer Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation - correct...

FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) FINN 3623 Risk Management Exam 1 (2024) || With Complete Answers (Graded A+) PROTECT & ENHANCE the assets of an organization - ANSWER - What is the primary jobs/functions of the chief risk manager? peril - ANSWER - a cause of loss insurance - ANSWER - a mechanism of risk transfer hazard - ANSWER - anything that increases the probability of or severity of a loss physical hazard - ANSWER - a literal obstac...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n) Answers>>Guaranteed insurability rider A guaranteed insurability rider allows for the insured to purchase additional insurance at specific dates or events without evidence of insurability. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered Answers&...

Property and Casualty Insurance Mastery Exam A Questions and Answers 100% Pass An insured rents a car while on vacation in Canada and causes an accident. Is there coverage under his personal auto policy? - Correct Answer ️️ -The loss is covered under an unendorsed personal auto policy. Under the workers' compensation laws, which of the following would NOT be covered? - Correct Answer ️️ -Heart-related illness resulting from hereditary causes An insurance policy covers fire, will ...

NEW YORK STATE AUTO DAMAGE AND THEFT QUIZ 17-71 Correctly Answered 2024 Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss - Answer -Consequential loss When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The trunk ...

New York Adjuster Exam 2024 The insured has moved into a dwelling that was being build and was covered by the "Dwelling Under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? - Answer ️️ -30 days When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. - Answer ️️ -30 day Personal property that is covered under the Personal P...

Xcel Solutions Property & Casualty Exam Questions and Answers An earned premium resulting from the cancellation of a policy is calculated on: - Correct Answer ️️ -On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Correct Answer ️️ -Excess Direct Coverage An insurance company writing business in a state o...

Personal Lines Insurance Practice Exam Questions and Answers Latest | 100% Correct. Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered ...