Waiver of subrogation - Study guides, Class notes & Summaries

NEW HAMPSHIRE ADJUSTER EXAM PREP: SERIES 12-75 QUESTIONS WITH CORRECT UPDATED ANSWERS GRADED A++ Which of the following best defines "insured"? A. Transfer of the risk of financial loss from one party to another B. A legally binding contract in which the insurance company agrees to pay for specified losses in exchange for premiums C. An individual or organization that pays premiums in exchange for financial protection D. A company, group, or government agency offering financial protec...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...

Nevada Statutes And Regulations For Property And Casualty Insurance policies that have been in effect for at least ___ days/ that have been renewed cannot be canceled by the insurer before the expiration of the agreed term or ___ year from the effective date of policy/renewal ️️70 days; 1 year What is the "endorsement" for earthquake coverage in Nevada property insurance, and why is it important? ️️ Earthquake coverage is not typically included in standard Nevada proper...

CMCA - M100 Community Association Management Test Guide Exam with 100% Correct Answers 55 and older community - CORRECT ANSWER-Must have one person who is 55 years of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforceme...

Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. (1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market - correct answers.A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting standards - correct answers.A) Tighten their underwriting standards. Tighten and ra...

What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c.A risk where there is a possibility of a gain d.A chance for insurance coverage - a What is an insurance policy? a.A binder that offers initial insurance coverage b.An oral agreement related to insurance c.A temporary agreement for insurance coverage d.A written agreement ...

Texas all lines adjusters license exam study questions & answers 2024/2025 Risk - ANSWERSUncertainty Types of risk - ANSWERSPure vs speculative Pure not insured Peril - ANSWERSCause of loss- open vs named Hazard - ANSWERSTypes- physical , moral , morale Indemnity - ANSWERSNo gain Subrogation - ANSWERSInsurance sues at fault party Fiduciary - ANSWERSResponsible for property of others Waiver - ANSWERSInsurance company voluntarily gives up a policy right Warranty - AN...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the Above CORRECT ANSWER B. Waiver of Premium "premiums are waived" Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee...

Florida General Lines Agent Exam questions and answers graded A+ What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c.A risk where there is a possibility of a gain d.A chance for insurance coverage a What is an insurance policy? a.A binder that offers initial insurance coverage b.An oral agreement related to insurance c.A tem...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the AboveB. Waiver of Premium "premiums are waived" Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The In...