Mortgagee rights - Study guides, Class notes & Summaries

Tennessee State Property & Casualty Licensing Exam Rated A+ Physical Hazard hazard that arises from the property itself Morale Hazard person driving crazy because they have insurance Moral Hazard create a loss situation to collect from insurance company Aleatory contingent on a certain event that provides for unequal transfer of value between parties Contract of Adhesion one party has greater power over the other in the contract Class 1-Frame outside support walls, roof and...

RMIN 4000 Edmunds Exam 3 Questions and Answers | 100% Pass basic parts of an insurance contract -Answer-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations -Answer-statements that provide information about the particular property or activity to be insured what does the declarations page usually contain -Answer-name and address, policy dates, amount of insurance, premium and deductible, and other relevant info definitions -Answe...

Residential Landlord and Tenant Act o :## Created in 1986 Residential Landlord and Tenant Act - Purpose o :## Simplify, clarify, modernize, and revise the law governing rental of dwelling units and the rights, obligations of landlords and tenants. To encourage landlords and tenants to maintain and improve the quality of housing. Administration Remedy o :## Any right or obligation declared is enforceable by action unless the provision declaring it specifies a different and limited effe...

A unique exclusion that is found only in the Fine Art Floater is: Correct Answer: Art on Exhibition (Due to most frequent thefts during gallery showings) Which section of a Special form policy determines whether a peril is covered? Correct Answer: Exclusions New zoning laws prevent an Insured from replacing a destroyed property. If the Insured transfers ownership of the property to the Insurer, this is an example of: Correct Answer: Abandonment Each of the following provides coverage ove...

Insurable Interest - ______in the property and would suffer a financial loss if the property were damaged by an insured peril, their family members (names need not be listed in the policy), and others such as a lien holder, for example, the bank that holds the mortgage on a house. Cause of Loss Forms - ____establish and define the causes of loss (or perils) for which coverage is provided under the form. (Please do not confuse the "cause of loss" forms with the "proof of loss" form, which ...

Greg plays trombone in his school band during football games. During a rally song in the stands one day, Greg annoys one of the opposing team's fans, who grabs his $400 trombone and hurls it down the bleachers, completely destroying it. Greg's insurance pays him $400 to replace the trombone, but then the opposing team's coach also offers to replace the instrument, at whatever the cost. So Greg orders a new $3,200 trombone and has the opposing team's athletic department absorb the cost. Which...

Property & Casualty Policy Provisions & Contract Law 24 Questions with 100% Correct Declarations - Correct Answer ️️ -Identifies named insured, mailing address, policy period, coverages (limits & premium) and loss payees (lien holders) Insuring agreement - Correct Answer ️️ -types of property covered and perils insured against Conditions - Correct Answer ️️ -describes the rights and duties of the insured and the insurance company under the contract Exclusions - Correct Answe...

Which of the following would NOT be found in the conditions section of a homeowners insurance policy? Subrogation rights Duties of the insured Insurance premium Mortgagee clause - ️️The insurance premium is not shown in the conditions section of the homeowner policy. Which of the following is true regarding dealers physical damage coverage under a garage policy? It is a blanket limit for covered autos. It extends coverage to customers' autos. It is an annual maximum limit f...

RMIN 4000 Edmunds Exam 3 Questions and Answers Rated A+ basic parts of an insurance contract declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations statements that provide information about the particular property or activity to be insured what does the declarations page usually contain name and address, policy dates, amount of insurance, premium and deductible, and other relevant info definitions key words or phrases ar...

basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page usually contain - ANSWER-name and address, policy dates, amount of insurance, premium and deductible, and other relevant info definitions - ANSWER-key words or phrases are defined so that coverage un...