Inland marine forms Study guides, Class notes & Summaries

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...

Florida General Lines 2-20 Terms with Complete SolutionsFlorida General Lines 2-20 Terms with Complete SolutionsFlorida General Lines 2-20 Terms with Complete SolutionsFlorida General Lines 2-20 Terms with Complete SolutionsFlorida General Lines 2-20 Terms with Complete Solutions Accident - ANSWER-A sudden fortuitous event abandonment clause - ANSWER-A clause often contained in property insurance policies stating that the insured cannot abandon damaged property to the insurer and demand to b...

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 the insured and the insurer regarding the transfer and costs of losses. Define Exposure Un...

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...

The FAJUA is composed of: - Answer All companies licensed to write auto insurance in Florida A coverage that is similar to premises and operations coverage in the Commercial General Liability Policy covering bodily injury and property damage liability for aviation risks is defined as: - Answer Airport and Air Meet Liability Homeowners HO-3 policy - severe theft loss. Coverage A limit is $100,000. Insured losses include $25,000 furniture, clothing and other ordinary personal property ...

NJ STATE PROPERTY AND CASUALTY FINAL EXAM WITH STUDY GUIDE EXAMFX RATED A+ Professional liability policies protect against liability resulting from A. Errors and Omissions Page 46 Mini-Tail or Extended. Page 60 B. 60 Days after expiration date Not an exclusion under auto physical damage selection. Page 28 C. Carpools Not a covered territory in the personal auto policy. Page 25 C. Mexico Which is covered under other than collision section of your auto policy. Page 26 A. Hail ...

Arkansas Property and Casualty ExamNationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property that may be insured under marine contracts. Th...

PROPERTY AND CASUALTY STATE FARM EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+ Warranties (GI) Statements made in an application for insurance or material stipulations in the policy that are guaranteed as true in all respects. Waiver (GI) The voluntary abandonment of a known or legal right or advantage. Agent (IL) An insurance licensed producer appointed by an insurer to represent that company to present policies on its behalf. Agent Residence (IL) Resident Agent - producer who resi...

CIC Commercial Multi-Line Exam Questions and Answers Describe how inland marine insurance started - Answer ️️ -evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? - Answer ️️ Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? - Answer ️️ Property in a fixed loca...

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...