NC Insurance Personal Lines
( questions with complete
verified solutions)
Risk - answer Uncertainty of Loss
Insurance - answer A way to transfer risk
Pure Risk - answer Risk where there is no chance of gain
(Insurable)
Hazard - answer something that can cause harm or injury.
It increases risk
Indemnity - answer Restored to pre loss
insurable Intrest - answer Must exist at the time of loss
Actual Cash value - answer Replacement Cost -
Depreciation
, Negligence - answer A tort, a civil wrong, that is grounds
for a lawsuit. The failure to act as a reasonable person
would in the same set of circumstances.
Occurrence - answer an event that happens over a period
of time
Binder - answer May be written or oral.
Provides coverage until the policy is issued.
Includes all coverages provided by the policy.
Warranty - answer Is a literal truth
Representation - answer A substantial truth.
Is a statement of the applicant/ policy holder that is true
to the best of their knowledge
Concealment - answer Omission of material fact.
ISSA LIE
Parts of a Policy - answer Declarations
Insuring Agreement
( questions with complete
verified solutions)
Risk - answer Uncertainty of Loss
Insurance - answer A way to transfer risk
Pure Risk - answer Risk where there is no chance of gain
(Insurable)
Hazard - answer something that can cause harm or injury.
It increases risk
Indemnity - answer Restored to pre loss
insurable Intrest - answer Must exist at the time of loss
Actual Cash value - answer Replacement Cost -
Depreciation
, Negligence - answer A tort, a civil wrong, that is grounds
for a lawsuit. The failure to act as a reasonable person
would in the same set of circumstances.
Occurrence - answer an event that happens over a period
of time
Binder - answer May be written or oral.
Provides coverage until the policy is issued.
Includes all coverages provided by the policy.
Warranty - answer Is a literal truth
Representation - answer A substantial truth.
Is a statement of the applicant/ policy holder that is true
to the best of their knowledge
Concealment - answer Omission of material fact.
ISSA LIE
Parts of a Policy - answer Declarations
Insuring Agreement
