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Abandonment Condition - ANSWER A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - ANSWER Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. Accident - ANSWER A loss that occurs at a specific time and place.

Which policy covers mobile homes liability, theft, and flood? A)Mobile home package policy.B)DP-1.C)Endorsed HO-2 policy.D)Unendorsed HO-3 policy. - ANSWER A An insured that needs coverage for her home and its contents against loss caused by earthquake can obtain it with: A)An unendorsed Dwelling policy.B)Either a separate Earthquake policy or a DP/HO with an Earthquake endorsement attached.C)An unendorsed Homeowners policy.D)A Commercial Property coverage form. - ANSWER B

Utmost Good Faith - ANSWER Both parties must act honest and openly in order for the contract to be valid. Adhesion - ANSWER One party sets the terms for the contract; the other party may simply agree or disagree

Passive Unfair Claim Settlement Practice - ANSWER 1. Failing to act promptly upon receiving a claim 2. Failing to implement reasonable standards for the prompt investigation of claims 3. Failing to affirm or deny coverage within a reasonable time after receiving the proof of loss A property policy pays ACV at.. - ANSWER The time of a loss A premium overpaid for a sum in excess of a building's ACV must be reimnursed at.. - ANSWER 6% annual interest from the date of issue

law of large numbers - ANSWER the larger the sample size the more accurate the predictions speculative risk - ANSWER what insurance protects against - ANSWER the uncertainty (risk) of when a financial loss may occur

Provides higher limits on coverage already in effect, essentially adding an extra layer to the coverage that is already carried. - ANSWER Excess Coverage This coverage also provides higher limits for both coverages but also broadens some of the coverage by way of fewer exlusions or modifying some of the exclusions or coverages. - ANSWER Umbrella Policy This policy provides excess limits and broadened coverages over and above the Commercial Liability insurance provided under a CGL policy, a...

Company A has 5,000 policyholders. Company B has 25,000 policyholders. Company B is able to make more accurate predictions concerning the number of claims it will have to pay than Company A because: - ANSWER As the number of risks increases, the ability to make accurate predictions increases also. The law of large numbers. Which of the following terms means that the purchaser of insurance must be in a position to lose money or something of value if the contingency insured against should happe...

Surety Bond - ANSWER Guarantees performance binder - ANSWER temp insurance (effective 60 days) estoppel - ANSWER legal impediment to 1 party denying the consequence of its own actions. if insured has waived a known right, they cannot reassess that after the fact hostile fire - ANSWER fire than isnt cofined to its normal habitat

60 - ANSWER property is not covered if it has been vacant or unoccupied for ____ days? 60 - ANSWER An insured has ____ days to supply the insurer with an inventory list after a loss. 30 - ANSWER The insurer has _____ days to notify the insured that they will provide coverage for a loss after receiving proof of loss.