Inflation guard - Study guides, Class notes & Summaries

Which of the following is not a coverage extension under the Building and Personal Property Coverage Form? - Inflation guard (this is an OPTIONAL COVERAGE) Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? - Contribution by equal shares Choose the physical damage claim that would be covered under the Personal Auto Policy. - Malicious mischief to the tires When...

An unlicensed employee of an insurance agency may perform all of the following EXCEPT: - Answer A) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A producer must notify the insurance division of an address change within: - Answer A) 10 days B) 20 days C) 25 days •• D) 30 days A Temporary License may be issued to approved individuals for a perio...

FL Personal Lines Agent 2044 Exam Questions With Answers warranty - ANS Agreement between insured and insurer that certain conditions will be met Vicarious Liability - ANS Legal responsibility placed on one person for the acts of another. Vacant - ANS The absence of both people and property from the premises. Unscheduled Coverage/ Blanket Insurance - ANS A single coverage amount that applies generally to personal property. UM - ANS Pays insured if the at fault...

In property insurance, the term "property in transit" refers to which one of the following? C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? B. Cost to rent temporary office space Radley Contracting Company is installing new signage on the front of...

Adjuster Pro Exam 2024 Questions and Answers John is doing some lawn maintenance using a steel blade on his weed-whacker. He fails to properly tighten the blade and it comes loose while he is trimming some tall grass at the edge of his property. The blade flies off towards his neighbor's house and crashes into the HVAC unit, severing the lines and effectively destroying the unit. Which coverage in John's homeowners policy might pay for the damage he caused to his neighbor's HVAC system?...

Key questions in determining insurable interest - Answer- 1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with maintain insurance to value - Answer- 1. The amount of insurance required to maintain insurance to value is based on the property's value at the time of loss, but the limit is chosen at the time of policy incep...

CPCU 500 Exam Questions With 100% Correct Answers Key questions in determining insurable interest - answer1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with maintain insurance to value - answer1. The amount of insurance required to maintain insurance to value is based on the property's value at the time of loss, but ...

A life or health insurance company formed to provide insurance for members of an affiliated lodge, religious, or fraternal organization with a representative form of government - Fraternal Benefit Society A definition on liability forms that describes the types of contracts in which liability is assumed by the insured and included for coverage in the policy. Examples are leases of premises, elevator maintenance agreements, easement agreements, and other agreements related to the insured's ...

Key questions in determining insurable interest - 1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with maintain insurance to value - 1. The amount of insurance required to maintain insurance to value is based on the property's value at the time of loss, but the limit is chosen at the time of policy inception 2. The i...

CIC Commercial Property Exam Questions with Answers Actual Cash Value (ACV) - Answer ️️ replacement cost less an allowance for insurance depreciation, wear and tear, or obsolescence Advance premium - Answer ️️ initial premium paid to begin coverage on a policy Agreed Value - Answer ️️ a limit agreed upon by the underwriter and Named Insured that is deemed adequate, therefore, suspending the coinsurance clause Bailee - Answer ️️ person or organization that has possession of ...