Insurable interest Study guides, Class notes & Summaries
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Test Bank for Business Law: Text and Cases, 15th Edition, Kenneth W. Clarkson, Roger LeRoy Miller. All Chapter 1-51 A+ Updated
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Test Bank for Business Law: Text and Cases, 15th Edition, Kenneth W. Clarkson, Roger LeRoy Miller. All Chapter 1-51 A+ Updated Table of Contents UNIT ONE: THE LEGAL ENVIRONMENT OF BUSINESS. 1. Law and Leg al Reasoning. 2. Business and the Constitution. 3. Ethics in Business —Appendix to Chapter 3: Costco Code of Ethics. 4. Courts and Alternative Dispute Resolution. 5. Court Procedures. Unit One: Task-Based Simulation – Application and Ethics: Arbitration, No Class Actions. UNIT TWO: TORTS AN...
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Louisiana Life, Health & Accident Insurance Series 103 Practice Exam | 90 Questions with 100% Correct Answers | Verified | Latest Update 2024
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Under which situation must insurable interest exist between the applicant and insured at the time of 
application? - When a third-party applicant names themselves beneficiary. 
Which of the following is true about a decreasing term life policy? - The face amount reaches zero at 
policy expiration. 
Which of the following occurs immediately after the application is submitted and the initial premium 
paid? - The underwriting process begins 
For an individual long-term care policy there is an annua...
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West Virginia Insurance Property & Casualty Exam | 200 Questions with 100% Correct Answers | Verified | Latest Update 2024
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a domestic user will be examined by the commissioner at least once every ___ - 5 years. 
an insurance company owned by its policyholder is known as ___ - mutual insurance company. 
an insurance company headquartered in ohio, conducting business with west virginia is know as ___ - 
foreign insurer. 
agent wilson strikes a deal with his client: if the client agree to purchase homeowners insurance from 
agent wilson, wilson will waive the clients first premium payment. wilson is guilty of ___ - reb...
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C11 Principles and Practice of Insurance Questions and Answers(A+ Solution guide)
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Areas of regulation for Intermediaries - Q-ualifaction (must pass test) 
O-peration of business (must follow requirements) 
L- Icences - Must have license 
L- icence Renewal - Renewed annual 
The Categories of insurance: - 1) Social 
-Workers Compensation 
2) Life and Health 
Life, accident and sickness, and disability. 
3) General property/casualty insurance 
Personal Property 
Boiler and Machinery 
Automobile 
Commercial property 
Crime 
Business interruption 
Liability 
Aviation 
Marine 
Inla...
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KY Property & Casualty Insurance Exam 2024 with 100% correct answers
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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...
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Life Insurance Exam-Illinois questions with 100% correct answers 2023 passed
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Life Insurance Exam-IllinoisPooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid 
 
Policyowner - correct answer is the person or org that applies for the policy and pays the premium 
 
Actuarial Tables - correct answer Are statistical tables that are used when calculating premium rates and mortality loss reserves 
 
Life Insurance Policies transfer: - correct answer financial risks of premature death on a defined amount 
 
Lo...
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MAINE ADJUSTER PROPERTY AND CASUALTY EXAM 2 2024 WITH 100% CORRECT ANSWERS
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The required minimum amounts of liability car insurance coverage in Maine Answer - 50/100/25 
 
Would a ferry crashing between the coast of Maine and Nova Scotia a be covered by the personal auto insurance policy Answer - No 
 
Limit on Theft of Unscheduled Jewelry Answer - $1500 
 
When insurer and insured cannot agree on loss Answer - they each hire an appraiser 
 
If the appraisers cannot agree on loss Answer - they select an umpire 
 
If the appraisers cannot agree on an umpire Answer - a ju...
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Florida Life and Health Insurance State Exam Review (2-15) Questions and Answers
- Exam (elaborations) • 38 pages • 2023
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Florida Life and Health Insurance State Exam Review (2-15) Questions and Answers 
Under Florida Law, which of the following provisions is NOT required in a medicare supplement policy? - Ans: -limitation on pre-existing conditions for up to 12 months 
 
M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the...
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Pearson Vue Life + Health Insurance Practice Exam Questions And Correct Answers
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Pearson Vue Life + Health Insurance Practice Exam Questions And Correct Answers 
 
P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: 
a: irrevocable beneficiary 
b: revocable beneficiary 
c: secondary beneficiary 
B 
A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: 
A. indemnity contract 
B. invest...
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Wyoming Producer License Test | Questions with 100% Correct Answers | Verified | Latest Update 2024
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Which of the following is most closely related to the concept of insurable interest? 
A. Loss valuation 
B. Indemnity 
C. Actual cash value 
D. Replacement cost - B. Indemnity 
An insured is indemnified to the degree of his insurable interest in the covered property. 
Replacement cost minus depreciation best defines 
A. actual cash value 
B. direct loss value 
C. insurable interest 
D. financial risk - A. actual cash value 
Actual cash value (ACV) is equal to replacement cost minus depreciation....
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