Abandonment clause - Study guides, Class notes & Summaries

Florida Personal Lines 20-44 Definitions Questions and Answers 100% Pass Abandonment Clause - Correct Answer ️️ -A clause often contained in property insurance policies stating that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value Accident - Correct Answer ️️ -A sudden fortuitous event Actual Cash Value (ACV) - Correct Answer ️️ -The cost to replace an item of property at the time of loss, less an allowance for depreciat...

Replacement cost - ANSWER-Which loss settlement provides new for old? the claims adjuster's role in the insurance industry includes - ANSWER-Give appropriate legal advice and write binding contracts following are examples of a peril - ANSWER-Lighting, Explosion and Fire The abandonment clause - ANSWER-The clause that prohibits the insured from dumping damaged property on the insurance company and demanding to be paid in full is? Liberalization - ANSWER-When a policy change results i...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - ANSWER D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on ...

2-20 General Lines Florida Insurance Exam Questions and Answers 100% Pass Abandonment Clause - Correct Answer ️️ -often contained in a p/c policy stating that the insured cannot abandon damaged property to the (dump on) insurer and demand reimbursement for the full value. Accounts Receivable Coverage Form - Correct Answer ️️ -Inland Marine Coverage form which insures against loss the insured suffers becasuse of an inability to collect from customers when AR records are damaged. A...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests correct answers D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests...

Frank owned a home that was destroyed by a hurricane. Both TD Bank and Bank of America were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, TD Bank B. The Insured C. Jointly to TD Bank and Bank of America D. All listed interests CORRECT ANSWER D. All listed interests Insurance applies separately to each insured as if other insureds did not exist. This is defined as: A. Severability B. Conditional C. Warranty ...

1 FLORIDA CLAIMS ADJUSTER EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ Peril - -Somthing t√dhat 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. Con...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests CORRECT ANSWER D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests ...

The deductible correct answers The dollar amount that the insured pays before the insurer is required to pay the remainder of the loss is known as? Replacement cost correct answers Which loss settlement provides new for old? the claims adjuster's role in the insurance industry includes correct answers Give appropriate legal advice and write binding contracts following are examples of a peril correct answers Lighting, Explosion and Fire The abandonment clause correct answers The clau...

Abandonment - ANSWER Non-payment of taxes Abstract of title - ANSWER A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause - ANSWER Upon default, all the principal installments come due to immediately