Define Endorsement
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an extra sheet(s) or slip(s) of paper attached to the policy indicating in
writing that the insurer and the insured have agreed to a change in the
terms of the insurance contract
Your clients suffered a fire loss totalling $87,555. When making the proof
of loss, they claimed $1,500 for a stereo unit which they never owned. In
the event that the fraud is discovered by the insurer, what portion of the
claim, if any, is required to be paid under policy?
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, When the insurer is able to prove fraud, it is entitled to deny the entire
claim, and not just that part which was fraudulent.
Define Unidentified Automobile
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one which causes bodily injury or death to
an insured person arising out of actual contact of that automobile with the
automobile in which the insured is an occupant.
Define Deductible
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represents the amount the insured is required to absorb for
each loss for which insurance coverage is provided before receiving any
payment from the insurer
Your client's home is insured under an IBC Comprehensive Homeowners Form
(IBC 1155). The dwelling is insured on a Guaranteed Replacement Cost basis.
Briefly state the guarantee provided by this endorsement
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The insurer agrees to pay the full cost of repairs or replacement of the
dwelling even if it is more than the amount of insurance purchased.
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an extra sheet(s) or slip(s) of paper attached to the policy indicating in
writing that the insurer and the insured have agreed to a change in the
terms of the insurance contract
Your clients suffered a fire loss totalling $87,555. When making the proof
of loss, they claimed $1,500 for a stereo unit which they never owned. In
the event that the fraud is discovered by the insurer, what portion of the
claim, if any, is required to be paid under policy?
Give this one a try later!
, When the insurer is able to prove fraud, it is entitled to deny the entire
claim, and not just that part which was fraudulent.
Define Unidentified Automobile
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one which causes bodily injury or death to
an insured person arising out of actual contact of that automobile with the
automobile in which the insured is an occupant.
Define Deductible
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represents the amount the insured is required to absorb for
each loss for which insurance coverage is provided before receiving any
payment from the insurer
Your client's home is insured under an IBC Comprehensive Homeowners Form
(IBC 1155). The dwelling is insured on a Guaranteed Replacement Cost basis.
Briefly state the guarantee provided by this endorsement
Give this one a try later!
The insurer agrees to pay the full cost of repairs or replacement of the
dwelling even if it is more than the amount of insurance purchased.
