Policy of estoppel - Study guides, Class notes & Summaries

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

Which Business Auto Symbol is the most broad of all Symbols? A Symbol 3 B Symbol 2 C Symbol 4 D Symbol 1 correct answers Symbol 1 Symbol 1 includes any auto, whether owned or not by the insured if it is used in the insured business. Which of the following would NOT be found in the policy declarations page? A. Limits of insurance, deductibles, amount of premium B. A description of the property to be insured C. A legal representative in the event of the insured's death D. Insurers pro...

which of the following situations presents a situation of pure risk? -knowing that his family is depending on him, Frank wants to insure his life -wanting to increase his retirement savings, Saul invests his life savings in the stock market -Ralph takes a second mortgage on his house and uses the proceeds to gamble -wanting better job security, Ron cashes in his life insurance to start his own business - knowing that his family is depending on him, Frank wants to insure his own life only p...

Alabama Insurance Adjuster Exam Questions and Answers Already Passed Which of the following is NOT a requirement for a legally binding contract ? It must be a notarized document Greg plays trombone in his school band during football games . During a rally song in the stands one day , Greg annoys one of the opposing team's fans , who grabs his $ 400 trombone and hurls it down the bleachers , completely destroying it . Greg's insurance pays him $ 400 to replace the trombone , but then...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? A. Fixed amount option B. Fixed period option C. Interest only option D. Life income option correct answers D. Life income option A man with an Accidental Death & Dismemberment (AD&D) policy having a Principal Sum of $100,0...

All of the following are true regarding aviation insurance EXCEPT: - Answer-It can be added to the CPP A customer has 5 identical vases that are insured on an inland marine floater for $30,000 and 1 of the vases is stolen. The remaining 4 vases are appraised at $20,000, how much will the insurer pay? - Answer-$10,000 Which of the following is not an unfair claims settlement practice? - Answer-Requiring proof of loss to be submitted Theft, disappearance and destruction covers which of th...

The premium & the protection remain constant for the term of the policy. correct answers A level term policy is one where.... B. Single premium. correct answers Which policy will have immediate cash? A. Decreasing term B. Single premium C. 10-pay life D. 30-pay life 1 year after the annuity is purchased. correct answers An immediate annuity with quarterly payments will begin making payments when... Estoppel correct answers The legal doctrine that prevents one from exercising a rig...

If an insurance company covered an excluded claim it may have to continue paying other such claims because of: Answer Choices: Select the Correct Answer Estoppel. Indemnity rule. Comparative payment. Policy language. correct answersIf an insurer allows payment of certain excluded claims, the right to exclude similar claims in the future has been waived. This may cause someone to rely on the coverage to be in place when it is not. So the insurer is now "estopped" or stopped from exclu...

Web.Ce Correct Life Insurance AnswersLife Insurance Exam (WI) Flashcards | Quizlet - correct answer a fine of up to $1,000 Kate bought a universal life policy with a $200,000 death benefit and chose death benefit option 1. In year five of the policy, she withdrew $50,000 from the policy's cash value. If she dies after withdrawing the $50,000, what will her beneficiary receive? - correct answer $150,000 An insurer sends a premium statement to a former policyowner. However, the policy has l...