Policyholder - Study guides, Class notes & Summaries

CPCU Ethics Exam (2023/ 2024) Questions and Verified Answers| Graded A Q: Which one of the following statements is correct? Choose one answer. A. Continuous pursuit of knowledge, utmost good faith in all dealings, and adherence to standards and regulations all contribute to professionalism. B. Aspiring to be a professional need not require much personal sacrifice or time away from family or recreational pursuits. C. Support of family, friends, and colleagues is irrelevan...

Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by insurers to reflect an item's current market value right before being damaged ...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...

PSI PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED 2024 LATEST UPDATE What will happen if a house covered by a standard mortgage clause is a total loss? The insurer pays the mortgage according to the mortgagee's interest in the property Which coverage form would provide coverage for all incoming and outgoing shipments? Annual transit Tom's Truck Service's vehicle is stolen. The policyholder may obtain coverage for transportation expenses subject to wh...

SC Property, Casualty, Surety, Marine Exam Questions and Answers 100% Answered!!Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by...

CPCU 530 II Exam Questions with Correct Answers What is an insurance contract? - Answer-A contract where the policyholder pays premiums and the insurer promises to cover losses. What are the five main parts of a common insurance contract? - Answer-Declarations page, definitions section, insuring agreement, exclusions, and conditions. What information is included in the declarations page of an insurance contract? - Answer-Address of insured property, deductibles, description of insured pro...

New York Adjuster Exam Questions with 100% correct Answers 2023 The insured has moved into a dwelling that was being build and was covered by the "Dwelling under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? {{Correct Ans- 30 days When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. {{Correct Ans- 30 day Personal property tha...

Florida 3-20 Public Adjuster Exam Outlines Latest 2023 Rated A+ There are several important statutory requirements pertaining to contracts made by public adjusters: Must state the type of claim, including an emergency claim, non-emergency claim or supplemental claim. Requires the signatures of all named insureds. If the signatures of all named insureds are not available, the public adjuster must submit an affidavit signed by the available named insureds attesting that they have authority to ent...

Insured Contingent Beneficiary - Answer If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform Simultaneous Death Act? Reimbursement - Answer Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? $25,000 - Answer J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedge...

Commercial Lines 101 CE Questions and Answers 2024 Insurer - Answer -The insurance company Named Insured/Insured - Answer -The policyholder Financial Definition of Insurance - Answer -A financial agreement involving the redistribution of financial losses Legal Definition of Insurance - Answer -A contractual agreement in which one party (the insurer) agrees to compensate or indemnify another party (the insured) for fortuitous losses Loss Pooling - Answer -the sharing of total losses susta...