To indemnify means - Study guides, Class notes & Summaries

Wisconsin Casualty Questions and Answers Already Passed A situation in which a person can experience only a loss and no gain presents what type of risk? Pure Risk A tornado that destroys a property would be an example of what? Peril What type of authority is based on the agent's actions, or words? Apparents If an insurer holds a Certificate of Authority, it is know as what type of insurer? Authorized or admitted What document is required for an insurance company to transact ...

West Virginia Property & Casualty Laws and Regulations with Complete Solutions Insurance commisioner •Appointed by the governor •6 year term •must sever all ties with any insurance company except as a claimant. Examination of insurers •Must examine each domestic insurer at least once every five years, and as often as deemed necessary. •May examine an alien or foreign insurer licensed to transact insurance in this state at least once every five years. Insurance examina...

Life and Health License Exam Questions and Answers 100% Pass What is meant by referring to an insurance policy as a unilateral contract? Only one party makes a legally enforceable promise When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? At all times Any situation that presents the possibility of a loss is known as a loss exposure Which of the following information is not required to be communicated in a Life insurance ...

CA Insurance License Exam Questions and Answers 100% Correct As used in this code the word "shall" is - Correct Answer ️️ -Mandatory (unless otherwise apparent) As used in this code the word "may" is - Correct Answer ️️ -permissive (unless otherwise apparent) "Oath" includes - Correct Answer ️️ -affirmation "Person" means - Correct Answer ️️ -person, association, organization, partnership, business trust, limited liability company, or corporation Definition of In...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restoring t...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - ANSWER b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - ANSWER c. The cause of a loss Indemnify means: a. Returning the premium of the ...

insurance - Answer ________________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. casualty - Answer ______________ insurance is insurance which pays on behalf of the insured's legal liability. liberalization - Answer The ______________ provision broadens an insured's coverage without an increase in premium when the insurer has adopted a generic global policy revision. sev...

Insurance - Answer-transfer of risk by contract to insurers who agree to indemnify insureds for losses Risk - Answer-chance of loss pure risk - Answer-only outcomes are loss or no loss personal risk - Answer-premature death, insufficient income, poor health, unemployment property risk - Answer-loss of real property or personal property (on the land not the land itself) Liability risk - Answer-something that results in loss to another (3rd party buyout) Controlling risk - Answer-risk manage...

LIFE ACCIDENT and SICKNESS GA EXAM QUESTIONS AND ANSWERS 100% PASS What is the maximum yearly contribution can an individual make into an IRA? An HR- 10? - Correct Answer ️️ -2,000 or 100% of earned income, whichever is less; 100% of earned income up to $41,000 which is broader? acc bodily injury or accidental means? - Correct Answer ️️ - accidental bodily injury Who manages a reciprocal? - Correct Answer ️️ -attorney in fact Reserves are defined as... - Correct Answer ️️...

Fundamentals of Insurance - Practice Exam Questions and Answers 100% CorrectFundamentals of Insurance - Practice Exam Questions and Answers 100% Correct The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - ANSWER-b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The o...