What is a peril - Study guides, Class notes & Summaries

eal property is - Answer-comprised of buildings, structures and fixtures that are tangible. Real property can be seen. Give examples of Real Property - Answer-Land is real property, but it is generally not the subject of insurance. Buildings are real property. They have walls and a roof. You can probably envision many types of buildings, ranging from a small one-story office to a skyscraper. Structures. A structure is any construction, including buildings. However, examples of structures t...

1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...

Insurance Adjuster Exam Questions and Answers Rated A+ Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insur...

Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss - ANSWERSConsequential loss When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The trunk floor The quarter panels The frame rails - ANSWERSThe frame rail...

Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome Pure Risk - Answer- a chance of loss or no loss, but no...

2022/2023 Texas Adjuster Study Guide 367 QUESTIONS AND ANSWERS 1. PERILS: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE CON- TRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILD- ING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT 2. LAW OF LARGE NUMBERS: A FUNDAMENTAL CONCEPT IN STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A RANDOM- LY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY RE- LIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE PRE- DICTAB...

Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss Consequential loss When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The trunk floor The quarter panels The frame rails The frame rails In auto p...

Florida 2-15 Insurance Final Exam Test Bank (All Chapters complete 1-30, Questions and Answers, 100% Verified) Latest 2023/2024 1. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as a a. domestic company b. local company c. foreign company d. preferred company a 2. With regard to life insurance, all of the following statements are correct EXCEPT a. all individuals are considered to have insurable interests i...

PA Motor Vehicle Physical Damage Appraiser - Practice Exam 100+ questions correctly answered & verified True or False: Each appraiser, while engaged in appraisal duties, must carry his/her appraiser's license & display it to an owner of the vehicle or shop upon request: - ANSWER true What are the number of business days you have per Act 361 to inspect vehicle? - ANSWER 6 How many days after an inspection should a total loss be offered to the owner? - ANSWER 5 A...

PA Appraisal License 16-20 Auto Physical Damage Questions & Answers 2023 In PA, a consumer reporting agency may list all of the following information about a consumer EXCEPT: - Correct Answer-Medical Information The device that synchronizes the spark plug firing sequence is: - Correct AnswerCamshaft Sensor If an insured fail to report a claim in a timely fashion the adjuster will usually: - Correct Answer-Send the insured a reservation of rights letter When using a dedicated bench fixtur...