Utmost good faith - Study guides, Class notes & Summaries

CAIB 1 Practice Exam Questions and Answers All Correct Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements? - Answer-Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoi...

Practice Exam for CAIB 1 Latest 2023 latest update with complete solution 1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approac...

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...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee theft d. loss of use Loss o...

AINS 24 | 351 Question with 100 % Verified Solutions | Verified& Updated 2024 | Already Passed Major roles of insurance - Risk management to deal with loss exposures; transfer system of financial loss from insured to insurer; business sufficient to pay claims and provide profit; contract between insured and insurer What are risk management techniques? - Loss prevention; loss reduction; risk transfer; loss avoidance Define Insurance Policy - A contract that states the rights and duties of both...

Adjuster Pro - Insurance Adjuster Test Questions and Answers Already Passed What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims ...

TX GENERAL LINES LIFE, ACCIDENT AND HEALTH EXAM PREP QUESTIONS WITH CORRECT ANSWERS Health insurance coverage under COBRA, HIPAA guarantees that the person will - Correct Answer Have Acces to a guaranteed-issue individual health policy, regardless of health All the following statements about ordinary (or straight) whole life insurance are correct - Correct Answer The cash value remains level throughout the life of the policy Which activity in NOT an error or omission that makes an agent o...

Texas All Lines Adjusterprinciple of indemnity - correct answer restoration to previous Financial condition, no more, no less Four qualifications of a contract - correct answer Agreement, consideration, competent parties, legal purpose Six special characteristics of an insurance contract - correct answer personal, adhesion, utmost good faith, aleatory, unilateral, conditional Personal - correct answer protects the policy holder from Financial loss. does not protect property from becomin...

GA Insurance Adjuster Course Exam Questions and Answers 100% Pass Six Special Characteristic of Insurance Contracts - Correct Answer ️️ -Personal, Adhesion, Utmost Good Faith, Aleatory, Unilateral, Condition Coverage F - Correct Answer ️️ -Medical Payments Umbrella - Correct Answer ️️ -An umbrella policy provided liability coverage over and above the normal or base limits of liability in a policy. An umbrella policy is a type of excess policy Risk Transference - Correct Answe...

Florida Health 240 Insurance/ 233 Q&A/ . Terms like: Help to identify and establish the intent of the parties to the contract - Answer: Rules of Construction Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. - Answer: Utmost good faith