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Alabama- Property and Casualty
Terms in this set (39)
Actual Cash Value
Replacement cost minus depreciation
Interim insurance agreements
A consequential loss
represent the absolute truth
Knowingly withholding material information on an application.
Insurance company which is designed to pay dividends to policyowners
A company domiciled in the state
An insurance company's promise to pay a loss
Rules which govern the actions of the company and the policyowner within an insurance contract
A short term proof of insurance coverage provided to an insured until a policy can be delivered.
Uncertainty of loss
Property policies provide coverage only if there is insurable interest when?
at the time of loss
an unforeseen and unintended event that happened at a known time in a known place.
A fire at Smith's house which spread from Brown's house is what kind of loss?
A family that regularly leaves their house unlocked would be considered a what?
In insurance, consideration is best defined as what?
Something of value
If an HO-3 has a coverage limit of $100,000 on the dwelling, how much coverage would automatically apply to cover the insured's personal property in Coverage C?
What additional coverage is found in the Homeowners Broad Form HO-2?
What is the primary objective of the Med Pay to Others coverage in Section II of a Homeowners policy?
Coverage D - Loss of Use
In a Homeowners policy, wall to wall carpeting would be covered as what?
A home is covered under a Homeowners Comprehensive form HO-5 for $150,000. The cost of replacing the home is $200,000. Following a total loss, the insured would receive settlement of what value?
Up to the Replacement Cost
Dwelling policy sold without endorsement will cover what?
A woman has scheduled her tanzanite ring for $2,000 in an Inland Marine endorsement to her Homeowner's policy. In the event of a covered loss, how will the claim be paid disregarding any deductible?
$2,000 from Inland Marine
A house insured under a Homeowners Special Form HO-3 suffers damage to the house and the personal property inside by a Kodiak bear. What property is covered under the HO-3 contract?
Both the house and the personal property
Under a Personal Articles floater, a pair of antique bookends is scheduled for $1,000. When one of the bookends is destroyed by a covered peril, the remaining bookend is worth only $250. Assuming that the destroyed bookend cannot be replaced and disregarding any deductible, how much will the insured receive for the loss?
Uninsured Motorist coverage provides coverage for what?
Bodily injury to an insured.
The collision coverage of a personal auto policy pays claims on what basis?
Actual Cash Value
What is the equivalent Single Liability of liability to Split Limits of 50/100/50?
Personal Auto Med Pay coverage will pay medical bills for
up to 3 years from the date of the accident.
A borrows B's car and has an at-fault accident injuring C. Both A and B have a Personal Auto Policy. How is the claim paid?
B's policy is primary and A's policy is excess
An auto that your lease on a 3 year contract should be insured as an
If minimum auto limits of liability are 25/50/10, a driver with limits of 15/30/10 is considered to be
Not legal and an underinsured motorist
A 26-foot, 200 horsepower ski boat is best covered under what kind of policy?
The minimum flood deductible is how much?
A flood policy becomes effective at what time?
30 days following the date of application.
Dave wants Earthquake coverage for his home. He can obtain this coverage by purchasing which of the following?
An earthquake endorsement
How are insurance premiums calculated?
Unit of exposure times the rate
The authority given to you in your agency contract is
Under the Laws of Agency, the insurance company you represent is the what?
Other sets by this creator
Alabama Insurance: General Alabama Insurance Law
Alabama Commercial Insurance Lines
Alabama- Property and Casualty Chapter 1 - 7
Alabama - Property and Casualty