Indemnification - Study guides, Class notes & Summaries

1. 1. The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must advise the insurance company of the problem within if the system cannot be restored to working order: 48 hours Your Answer 2. 2. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two pol...

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...

NASCLA Business, Law and Project Management (Basic) - Practice Test 2 Already Graded A The _____ method recognizes income when the employer has done the work but has not received the income. A. Accrual B. Appreciation C. Depreciation D. Cash A. Accrual 13-7 A _____ bundles all cost factors for entire task. A. Lump sum B. Cost plus C. Percent completion method D. Unit price method D. Unit price method 6-7 _____ requires paying prevailing wages in federally-financ...

All of the following are characteristics of insurance EXCEPT A) risk avoidance. B) pooling of losses. C) payment of fortuitous losses. D) indemnification. A) risk avoidance. Which of the following is implied by the pooling of losses? A) sharing of losses by an entire group B) inability to predict losses with any degree of accuracy C) substitution of actual loss for average loss D) increase of objective risk A) sharing of losses by an entire group

Adjuster Pro - Insurance Adjuster Exam With Verified And 100% Correct Answers 2024

Accident Insurance - Answer Covers expenses associated with a covered accident and can extend to ambulance and emergency room expenses, intensive care, and hospital costs. Accident insurance also provides for loss of income, and a death benefit if injuries prove fatal. Accumulated Depreciation - Answer The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used). Subtract this number from the item's replacement cost to get its actua...

Define: Claimant - ANSWER A person or entity that requests indemnification for losses under the terms of an insurance policy Define: Adjuster - ANSWER Person who investigates, evaluates, and negotiates claims arising under insurance contracts Define: Adjusting - ANSWER The process of comparing a claimant's losses to the promises made in an insurance policy

KY Study Set - Property & CasualtyAll of the following are casualty coverages EXCEPT A. Auto Insurance B. Fidelity and Surety Bonds C. Ocean Marine insurance D. Crime Insurance - correct answer C. Ocean Marine Insurance Which of the following describes the major responsibilities of an insurance company's claims department? A. Uses company standards and experience to determine whether or not to accept an application for insurance. B. Inspects losses, determines if there is coverage, est...

Property and Casualty Insurance KYAll of the following are casualty coverages EXCEPT A. Auto Insurance B. Fidelity and Surety Bonds C. Ocean Marine insurance D. Crime Insurance - correct answer C. Ocean Marine Insurance Which of the following describes the major responsibilities of an insurance company's claims department? A. Uses company standards and experience to determine whether or not to accept an application for insurance. B. Inspects losses, determines if there is coverage, est...

`serve as one point of responsibility to who? - the owner `The 3 method of payment are ? - 1. Lump Sum 2. Unit price 3. Cost Plus `total float or simply "float" is also referred to as a what - "slack" `With OCIPs and CCIPs the disadvantages of the programs includes what? - increased administration burden by the owner or contractor `With Sole Proprietorship type of business entity, any debt that exceeds the company's assets must what? - Be paid for with private the owner. A certifi...