Commercial auto insurance - Study guides, Class notes & Summaries

NY Independent General Adjuster Exam - Series 17-70 Questions and Answers Graded A+ Dram Shop Liability refers to: Liquor Law Liability. The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? Neglect. To be eligible for the New York assigned risk auto plan a person must: Hold a valid driver's license. A...

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking only covere...

New York State Property and Casualty Licensing Exam Questions and Answers Graded A+ Pro Rata Liability Clause is included in an insurance policy to deal with the problem of Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability If a loss occurs that is covered...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Pearson VUE: Property Insurance Practice Exam Already Passed S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 C The MAXIMUM amount a policy will pay in the event of a loss is ca...

What is the underwriter's goal? - ANSWER-To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - ANSWER-Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally co...

Statutes and Regulations Casualty Insurance (Illinois Property and Casualty IL Law, IL Casualty Insurance Practice Test) Questions and Answers Graded 100% 2023. When a commercial property insurance policy, in effect for more than 60 days is cancelled for an allowable reason, other than non-payment of premium, the insured must give written notice to the first named insured of at least 60 days A person is in the process of becoming permanently licensed as a producer. A temporary producers lic...

What is the underwriter's goal? - Answer- To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - Answer- Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally ...

AU62 Course Exam Practice Questions & Answers, 100% Accurate. Verified. An organization may incur losses from legal liabilities in a number of different ways. Which one of the following actions would best be described as an intentional tort? - -A newspaper mistakenly identifies the driver in an alcohol-related hit and run accident as John Doe, a prominent local attorney. Martin, a 15-year-old boy, carelessly tossed a glass bottle over the heads of several people toward a recycling bin 15...

The coverage territory of the Business Auto form provides for "worldwide liability coverage" for private passenger autos that the insured: a) Hires, leases, rents or borrows without a driver while outside the United States, its territories and possessions. b) Purchases while outside the United States, its territories and possessions. c) Sells while outside the United States, its territories and possessions. d) Occupies while outside the United States, its territories and possession...