Inland marine forms - Study guides, Class notes & Summaries

FLORIDA GENERAL LINES 2-20 TERMS | 205 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS 100% CORRECT | UPDATE 2024 Accident A sudden fortuitous event abandonment clause A clause often contained in property insurance policies stating that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value Accounts receivable coverage forms An inland marine coverage form which insures against loss the insured suffers because of an inability to ...

Arkansas Property and Casualty Exam Question and answers 2024 verified to passNationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property tha...

Ocean 100 Exam 3 Latest Update Graded A+ Coast Land extending inland as far as marine influence is seen. Marine influence ex: fog, vegetation, etc. Offshore Extends from breakers to the edge of continental shore. Beach Shore and nearshore. Very active. Berm Dry area at foot of the coastal cliff: sand. Covered in water during high tide, storm, and tsunami. What do waves do to the coast over time? Erosion. What are the sources of sand to the beach? River and cliff erosion. Su...

1. How parties to the contract must act following a loss ANS Policy Conditions 2. an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) ANS Discovery Form in Commercial Ins. 3. Absence of people and property ANS Vacant 4. a form that may require an insurer to file for rate & form approval ANS Filed form in Commercial 5. may not require an approved filing to the insurance department in that state ANS Unfiled form in Commercial...

Which one of the following statements describes a benefit of using an intermodal cargo container to ship cargo? - Answer-Intermodal containers can be transferred from ship to truck without disturbing the contents. coinsurance formula 2.28 - Answer-1.Multiply the value of covered property, except property in transit, at the time of loss by coinsurance percentage 2.Divide the limit of insurance of the property by the figure determined in Step 1 3.Multiply the total amount of loss, before the...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for ...

PAP Part C: Uninsured Motorist Coverage - Uninsured motorist (UM) coverage provides the insured with money for bodily injuries that the insured would be legally entitled to recover from the owner or operator of a vehicle that does not carry the required liability insurance coverage. A vehicle that does not carry the required insurance is defined in this section of the PAP as an uninsured vehicle Accounts receivable coverage form - One of the most important and popular of the inland marine c...

Pennsylvania Property & CasualtyPolicy Conditions - correct answer How parties to the contract must act following a loss Discovery Form in Commercial Ins. - correct answer an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) Vacant - correct answer Absence of people and property Filed form in Commercial - correct answer a form that may require an insurer to file for rate & form approval Unfiled form in Commercial - correc...

CPCU 557 Chap 5 Questions & Answers Already Graded A+ Inland Marine Insurance - ️️ Insurance that covers many different classes of property that typically involve an element of transportation Can be included in a commercial package policy or issued as a monoline policy that provides inland marine insurance only. Marine Insurance - ️️ Insurance that, in the US, includes both ocean and inland marine coverage and in the rest of the world is limited to insurance for vessels and cargo ...

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...