Which of the following is a fundamental purpose of the principle of indemnity?

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Which of the following is a fundamental purpose of the principle of indemnity?

A) to reduce moral hazard
B) to minimize physical hazards
C) to settle property insurance losses on a replacement cost basis
D) to require deductibles in all property insurance policies

Answer: A) to reduce moral hazard

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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All of the following are general requirements of a qualified plan EXCEPT
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A domestic insurer issuing variable contracts must establish one or more
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A beneficiary change can occur
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Life insurance policies will normally pay for losses arising from
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Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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All of the following statements are true regarding installments for a fixed amount EXCEPT
Fraternal Benefit Society has each of the following characteristics EXCEPT
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Life income joint and survivor settlement option guarantees
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What documentation grants express authority to an agent?

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