Proscholar

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as correct answers A recipient location recipient location correct answers Businesses who support insured by being the primary buyer for their products HO-3 (special form) correct answers covers the dwelling and other structures on a risk-of-dire...

All of the following pieces of information can be found in the conditions section of an insurance policy EXCEPT: correct answers Causes of loss that are not covered Which of the following best defines the principle of indemnity? correct answers After a loss, the insured should be restored to his approximate financial condition before the loss SureTrust Insurance was founded and operates in Texas. In Texas, Suretrust is considered correct answers a domestic insurer What is a reserve, in ...

Insurance History and Regulation: Insurance correct answers Coverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC correct answers An organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. Protection of Consumer Interests: The Texas Department of Insurance (...

All of the following are exempted from the requirement of an adjuster's license examination except: A. Those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. Those persons who have received the Associate in Claims (AIC) designation; D. Those persons who have a certificate of completion showing that within the past 12 months the applicant has completed a certified adjuster prelicensing education program and passed the state examination. correct answers...

Law of Large Numbers correct answers A statistical concept that describes how the average of a randomly selected large sample from a population is likely to be close to the average of the whole population Underwriting correct answers The process an insurance company uses to decide whether to accept or reject an application for a policy. Peril correct answers A cause of property losses.. Fire/Lightning, explosion, windstorm, hurricane Hazard correct answers A situation that poses a le...

Insurance Adjuster correct answers Any person who, as an independent contractor, or as an employee of an independent contractor, adjustment bureau, association, insurance company or corporation, local recording agent, managing general agent, or self-insured, investigates or adjusts losses on behalf of either an insurer or a self insured, or any person who supervises the handling of claims. Types of adjusters (Five) correct answers staff adjusters, independent adjusters, contractors, public ad...

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) Acreage Reporting Date correct answers The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) correct answers A valuation method used by insurers to reflect an item's current market value right before...

abandonment correct answers a term that applies to property and signifies both a relinquishing of it and the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of property to an insurance company is something sinusoids are expressly prohibited from doing in most property policies. abandonment clauase correct answers a property policy provision that stipulate that the insurer need not accept any damaged property that the insured closes to relinqui...

All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: correct answers While performing a task that a fellow worker requested, that was unusual to the employee's job description, but occurred on the employer's premises during working hours. Which of the following statements is NOT TRUE regarding the implied warranties of an Ocean Marine policy? correct answers The implied warranties are attached t...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. correct answers $30,000 Which of the following statements best describes an inland marine policy? correct answers Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay? correct...