Example of severability - Study guides, Class notes & Summaries

Florida Claims Adjuster Exam 3 | 207 Questions with 100% Correct Answers best solutions 2023/2024/2025 Severability - ANSWER Insurance applies separately to each insured as if other insureds did not exist. Abandonment - ANSWER Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - ANSWER One wherein economic loss would be suffered from an adverse happening t...

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 ANS 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 int...

Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy A Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty D Br...

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 interest...

1. 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: 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 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 ANS 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 interest...

1. 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: 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 worki...

Florida Insurance Exam All Answers Correct Risk ️the chance of financial loss Risk is NOT the loss itself, but the _________ of loss. ️CHANCE Policy ️a written contract for effecting insurance and includes Clauses, Riders, endorsements, and papers which are part of the contract Insurance ️a contract where one undertakes to indemnify another or pay a specific amount determined on contingencies Binders ️temporary insurance which can be made orally or written property insu...

Florida Claims Adjuster Exam 2 | 206 Questions with 100% Correct Answers already passed 2023/2024/2025 Severability - CORRECT ANSWER Insurance applies separately to each insured as if other insureds did not exist. Abandonment - CORRECT ANSWER Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - CORRECT ANSWER One wherein economic loss would be suffered f...

PSI EXAM PREP: CONTRACTS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ what requires that certain types of contracts, such as for a property ownership transfer, be in writing to be legally enforceable and to prevent injury from fraudulent conduct. - -The statute of frauds Is an oral contract enforceable in court? - -no Offer and acceptance Consideration Legally competent parties Legal purpose Made voluntarily are all what - -needed for a valid contract what occurs when the parties...