Property and casualty Policies- General

Appraisal

A policy condition that stipulates how the amount of damaged or lost property will be determined if the insured and the principal does not agree is known as

Mortgagee

According to the standard mortgage clause, who has the right to bring a suit in their own name to recover damages, pay policy premiums, and submit proof of loss?

Insuring agreement

All of the following are conditions commonly found in the insurance policy except

Pro visions

All of the following are considered parts of the policy structure except

Definitions

The part of a policy that clarifies terms in the policy is the

Declarations

The part of a property policy that shows the amount of insurance, premium, and policy term is The

How parties to the contract must act following a loss

The policy conditions define

To pre-established the amount of coverage available for property items that are difficult to value

Which of the following best expresses the purpose of the stated value contract?

Assignment

Which of the following describes the transfer of a legal right or interest in insurance policy?

The insured's address

Which of the following information would not be included in property insurance policies?

The loss is payable to the insured and the mortgagee

A mortgage company is named as a loss payee on the insurance homeowners policy, under the standard mortgage clause. If the insured suffers a loss due to a fire, which of the following is true?

Con current policy coverage

If him and Sher Heard holds more than one policy on our property, and the only difference is in the coverage coverage., This is called

Agreed value

In which of the following types of property valuation with the policy pay the full value as specified on the policy schedule, regardless of the insured's properties appreciation or depreciation?

Exclusions

The section of an insurance policy that details what perils are not insured against and what persons are not insured is known as the

A type of policy that is used to provide a specific amount of replacement cost for a given rest after an insured property has been destroyed is called a/an

Valued policy

Guides describing company financial integrity

What insurance concept is associated with the names Weiss and Fitch

Reading the financial strength of insurance companies

What services are associated with standard and poors and a.m. best?

The insurer pays the mortgagee according to the mortgagee's interest in the property

What will happen if the house covered by a standard mortgage clause is a total loss?

Decorations

Which of the following is a mandatory part of an insurance policy that varies with each individual policy?

Replacement cost

Which of the following is used in the formula for calculating the actual cash value of a property?

A.m. best

Which of the following produces the valuations of insurers financial status often used by state department of insurance?

After the insured to renew the policy at a different rate

When an insurer councils an automobile insurance policy for a reason other than non-payment of premium, the insurer must meet all the following requirements except

Stated amount

A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property what do use what loss valuation method?

Insurance premium paid

All of the following are factors in the determination of actual cash value except

Exclusions

All of the following are found in the declaration section of a policy except the

Losses will be paid to the mortgagee and mortgagor as their interest appears

And insured's home is mortgage by the local bank. He is required to carry insurance on the homes showing the big as the mortgagee. Which of the following is true if the home is damaged by a covered peril?

Replacement cost at the time of the loss, less depreciation

And property insurance, actual cash value is defined as which of the following?

A.m. best and company

Assigned readings for life, property and casualty insurance company based upon the financial stability of the insurer.

Conditions

The part of the policy that sets forth the rules of conduct, duties and obligations of the parties is called the

Liberalization

This clause states that if an insured changes the policy form to the benefit of the policyholder, our policy is issued within a certain time before the change will be interpreted as if they had been changed, provided the change does not require additional premium

10 days

When an auto insurance policy is canceled for nonpayment of premium how many days notice must ensure provide to the policyholder

Liberalization

Which of the following policy provisions would automatically brought in coverage under the policy without requiring additional premium?

House

Which of the following would not be classified as personal property for insurance purposes?