What does indemnify mean - Study guides, Class notes & Summaries

Property and Casualty License in Arkansas Exam Questions and Answers 100% Pass What is Insurance? - Correct Answer ️️ -Transfers the risk of loss from individual to insurance co. What is Risk? - Correct Answer ️️ -Chance of loss occuring What are 3 types of Hazzards? - Correct Answer ️️ -Physical, Moral, Morale What is a Peril? - Correct Answer ️️ -Causes of loss insured against What does Indemnify mean? - Correct Answer ️️ -Right for Reimbursement but only to the ex...

Property and Casualty License in Arkansas Questions with complete solution 2024What is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from lo...

What is Risk? - ANSWER-Chance of loss occuring What are 3 types of Hazzards? - ANSWER-Physical, Moral, Morale What is a Peril? - ANSWER-Causes of loss insured against What does Indemnify mean? - ANSWER-Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - ANSWER-Right to seek damages from 3rd party so that the insured cannot collect 2xs. What is an accident? - ANSWER-Sudden unplanned event resulting in a loss What is an occurren...

Property and Casualty License in Arkansas Health Insurance Company :Complete Exam 2024 What is Insurance? - CORRECT ANSWER-Transfers the risk of loss from individual to insurance co. What is Risk? - CORRECT ANSWER-Chance of loss occuring What are 3 types of Hazzards? - CORRECT ANSWER-Physical, Moral, Morale What is a Peril? - CORRECT ANSWER-Causes of loss insured against What does Indemnify mean? - CORRECT ANSWER-Right for Reimbursement but only to the extent of the loss. Cannot gain...

Insurance Terms and Related Concepts. (Florida Edition) Questions and Answers 100% Pass What type of policy insures all property at multiple locations for a single amount? - Correct Answer ️️ -Blanket Policy! In property insurance, when must insurable interest exist? - Correct Answer ️️ -At the time of loss! An insured's business is damaged by a fire, and temporarily shut down for repairs. As a result, the insured suffers loss of income. What type of loss is the loss of income? -...

The reduction, decrease, or disappearance of value of a person or property insured in a policy? - ANSWER-Loss What is negligence? - ANSWER-failure to use ordinary or reasonable care Does a party need to prove negligence under absolute liability? - ANSWER-No, absolute liability exists when condition is inherently dangerous. What does indemnify mean in insurance? - ANSWER-To restore insured to same financial status before a loss. How is ACV calculated? - ANSWER-Current Replacement Cost...

Georgia Property and Casualty Insurance Terms and Related Concepts. What is insurance? - correct answer transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. Insurance Terms and Related Concepts. What is risk? - correct answer the uncertainty or chance of a loss occurring. Insurance Terms and Related Concepts. What are the 3 types of hazards? - correct answer Physical, moral...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

What is Insurance? - Transfers the risk of loss from individual to insurance co. What is Risk? - Chance of loss occuring What are 3 types of Hazzards? - Physical, Moral, Morale What is a Peril? - Causes of loss insured against What does Indemnify mean? - Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - Right to seek damages from 3rd party so that the insured cannot collect 2xs. What is an accident? - Sudden unplanned event resulting i...

Describe what happened in the case of Paul vs. Virginia. Include proximate dates and court decisions. correct answers This was the first case to regulate insurance. Paul challenged the right of the state to regulate insurance by refusing to obtain a license from the state. When he continued to sell insurance w/o a license, he was arrested and fined $50. The case went all the way to Supreme Court and was finally decided in 1869, that insurance wasn't interstate commerce. Describe the importan...