Acv actual exam update Study guides, Class notes & Summaries

ACV Final Exam | ACV Actual Exam Update Latest Questions and Correct Answers Rated A+

GEORGIA PROPERTY & CASUALTY INSURANCE EXAM Prep |QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A (2024/ 2025 UPDATE) Q: For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become Answer: Larger Q: Which method of loss valuation is contrary to the basic concept of indemnity? Answer: Replacement cost Q: What term includes damage where the insured peril was...

TEXAS ALL LINES ADJUSTER EXAM 2023/2024 UPDATE!! (QUESTIONS AND VERIFIED ANSWERS) 100% CORRECT ANSWERS 1. What is the increased cost of compliance under FEMA? ~ Answer: $30,000 max limit for demolition and stilts 2. FEMA will repair your home to: safe, secure and sanitary but will not pay ______________________________. ~ Answer: ALE Additional Living Expense 3. Texas windstorm insurance association TWIA provides TX citizens with adequate ______________ and ______...

Property and Casualty Exam Latest Update Graded A+ Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, acco...

Idaho Life Insurance Exam Latest Update Graded A+ Accelerated Benefits Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance An insurance policy that provides payment if the insured's death is the result of the a...

ND PROPERTY INSURANCE EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Insurance Correct Answer: the transfer of financial responsibility associated with a potential of a loss (risk) to an insurance company, which in turn spreads the cost of unexpected losses to many individuals. Law of Large Numbers Correct Answer: Principal stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the unde...

Idaho Life Insurance Exam New Update 2023 with complete solution Accelerated Benefits ANS-Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits ANS-A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance ANS-An insurance policy that provides payment if the insured's death is ...

Nevada Property & Casualty Exam Latest Update Graded A+ Agreed value Property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written. At the time of a loss, the policy pays the agreed value as specific on the policy schedule, regardless of the insured property's appreciation or depreciaion. Absolute liability Any conduct that is inherently dangerous (swimming ...

CPCU 551 Exam Compilation Questions with 100% Correct Answers | Verified | Latest Update A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler leakage, building glass breakage, water da...

State Farm Insurance License Exam Questions and Verified Answers LATEST 2022/2023 UPDATE GRADED A+ Complete Guide for your final Abandonment Condition - ANS A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - ANS A loss that occurs at a specific time and place Actual Cash Value (ACV) - ANS Today's replacement cost minus depreciation. Depreciatio...