Proscholar

The insurer and insured agree to a specific value of insured item correct answers Agreed Value Policies Someone who has care, custody or control of another's property correct answers Bailee Claim filed by policy holder against his _ correct answers First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI correct answers Negligent Entrustment...

What is an Insurance Policy correct answers An Insurance Policy is a Contract (agreement between 2 parties) Insurance Policy in the state of Florida must be? correct answers Written in order to constitute a policy Legal Definition of Insurance correct answers Contract that undertakes to indemnity, or make whole, or pay a certain amount in the event a covered loss occurs. Consideration correct answers Value for an Insurance contract is the premium paid by insured and the promise given by...

Actual Cash Value correct answers Replacement cost minus depreciation Subrogation correct answers When an insured has a right to collect damages from another party but elects to claim damages under his/her insurance policy; rights transfer to the insurer Loss Payee Clause correct answers Provides, in event of payment being made under the policy in relation to insured risk, that payment will be made to a third party rather than the beneficiary Mortgagee Clause correct answers Protects a ...

Florida No-Fault Tort Exemption correct answers Those who comply with the law are granted limited immunity from suits of others through PIP coverage. 4 Exceptions to Tort Exemption(Threshold of No-Fault) correct answers 1. Significant and Permanent loss of bodily function. 2.Permanent injury other than scarring and disfigurement. 3.Significant and Permanent scarring or disfigurement. 4.Death What does NFIP stand for? correct answers National Flood Insurance Program Form SR-22 correct...

What is a reserve, in insurance terms? correct answers A pool of collected premiums that the insurer sets aside to pay claims Ricky was watching a baseball game at XYZ Stadium, when the railing on which he was leaning gave way and he fell two stories. As a result of his fall, Ricky broke his back and is now paralyzed from the waist down. Ricky sued the owners of XYZ Stadium and was awarded $150,000 to cover his medical bills and $2.5 million in __________ because of the permanent nature of hi...

What is insurance? correct answers protection against financial loss what is a premium correct answers a scheduled amount to be paid for an insurance policy. What are premiums used for correct answers premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? correct answers the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what ...

Accumulated Depreciation correct answers The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) correct answers A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion correct answers One of the characteristics of an insurance contract. Means that one party (the insurer) sets the ...

The deductible correct answers The dollar amount that the insured pays before the insurer is required to pay the remainder of the loss is known as? Replacement cost correct answers Which loss settlement provides new for old? the claims adjuster's role in the insurance industry includes correct answers Give appropriate legal advice and write binding contracts following are examples of a peril correct answers Lighting, Explosion and Fire The abandonment clause correct answers The clau...

Multi Peril-Package correct answers Any policy which provides property & liability coverage (not homeowner) ISO policy correct answers Sold in Texas, but not Texas form Only Texas DP 1 correct answers Mainly the only TDP sold, now with plethora of endorsements Texas Standard Fire Policy correct answers Granddaddy of all Texas property policies Business auto coverage e.g. correct answers Owner of a taxi to cover collision damage Inland Marine (build milk policy) would cover e.g. co...

Which kind of losses are covered under a standard fire policy? correct answers Direct All fires are not covered by the Standard Fire policies, only those that: correct answers are hostile and have a flame or glow At what time does a fire policy go into affect? correct answers 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 insure...