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5 Cards in this Set
- Front
- Back
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The provision in a property policy that states the insured has been paid up to their insurable interest is: 1. Actual Cash Value 2. Stated Value 3. Guaranteed Replacement 4. Valuation Clause |
4. Valuation Clause |
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X is in an accident with Y. X suffers $5,000 of dammage, but is determined that X is 60% responsible for the accident. How much would X receive under contributory negligence rules? 1. $5,000 2. $2,000 3. $3,000 4. $0 |
4. $0 |
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An insurer's loss reserve for a claim is:
1. The exact amount the insurer will have to pay to close the claim 2. The maximum amount the insurer will have to pay to close the claim 3. An estimate of the amount the insurer will pay for past, present and future claims. 4. Equal to claims paid divided by earned premium reserve, not including loss of adjustment expense. |
3. An estimate of the amount the insurer will pay for past, present and future claims. |
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Which of the following is an example of loss prevention?
1. A homeowner decides not to install a pool in the backyard 2. A homeowner installs a home security system 3. A homeowner installs a home sprinkler system 4. A homeowner decides not to restore water damage to basement |
1. A homeowner deicdes not to install a pool in the backyard. |
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A person can base his/her claim for legal liability on the basis of all of the following, EXCEPT:
1. Breach of contract 2. Negligence 3. Intentional tort 4. Absolute liability |
1. Breach of contract |
