Proscholar

Should 2 or more insurers issue a combined Standard Fire Policy insuring a single risk, in the event of a loss, the insured must notify correct answers Any of the insurers providing coverage. The policy conditions define correct answers How parties to the contract must act following a loss. Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT correct answers Conditions. The value placed ...

In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri correct answers Robbery is: correct answers Taking of property by use of force, violence, or fear The crime of forced entry into the premises of another by a persons with felonious intent is defined as: correct answers Burglary Erroneous Publishing copied all the material from Angel's Inc book. The only changes made by ...

Roy brought his house 10 years ago for 150,000 but it would cost 200,000 to rebuild it today. Because his house is in a highly desirable area, it's Fair Market Value $275,000. What amount should the agent recommend that Roy insure his house for to provide replacement cost for a total loss? A) 150,000 B) 160,000 C)275,000 D) the ACV of the house correct answers B) 160,000 A participating company headquartered in a Guam authorized to do business in your state would be described as which ...

Which One Of The Following Is NOT A Possible Defense Against Negligence? A. Statue Of Limitations B. Doctrine Of Reasonable Expectation C. Intervening Cause D. Comparative Negligence correct answers Doctrine Of Reasonable Expectation What Is A Hazard? correct answers An Increase In The Possibility That A Loss Might Occur. The Purpose Of Insurance Is To____________ correct answers Transfer Risk From A Person, Business Or Organization To An Insurance Company. The Type Of Insurance...

Authorized insurers may choose not to participate in the plan correct answers All of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate correct answers The named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy correct answers The basis for all property insurance sold in this state is the Louisiana: Sole proprietors ...

Commissioner's term of office correct answers 4 years Commissioners will examine each insurer correct answers 5 years Time to conduct a hearing correct answers 30 days Age to apply for producer's license correct answers 18 years old Producer license valid for how long correct answers 2 years How long to file notice of appointment with Commissioner correct answers 15 days How long for commissioner to determine whether producer is suitable for appointment correct answers 30 day...

Surety Bond correct answers aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds correct answers aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond sever...

All of the following situations would be covered under a professional liability policy correct answers An accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that is customary in the medical field, .EXCEPT The failure of an attorney to properly defend a client due to his personal dislike of the client Under a professional liability policy correct ans...

Abandonment correct answers The abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability correct answers A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights Accident correct answers An unplanned, unforeseen event which occurs suddenly and at a specific place Actual Cash Value correct answers The required amount to pay damages or for property l...

Which one of the following statements about insurance contracts is true? correct answers They are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral correct answers because only the insurance company is legally bound to perform its part of the agreement. While both the insured and the insurer must give consideration, it need not be equal. The policy provisions are prepared by the insurer, with little or no input from the insured ...