The insurer's rights to recover and sell or otherwise dispose of insured property on which the insurer has paid a total loss are called

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The insurer's rights to recover and sell or otherwise dispose of insured property on which the insurer has paid a total loss are called

A. Fiduciary rights.
B. Salvage rights.
C. Constructive rights.
D. Catastrophe rights.

Answer: B. Salvage rights allow the insurer to recover and sell or otherwise dispose of insured property on which the insurer has paid a total loss.

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?

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? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

In insurance,

In insurance, A) contracts made by the agent are considered to be contracts of the producer B) contracts made by the principal are considered to be contracts of the agent C) the insurer is the principal and the producer is the agent D) the producer is the principal and the insurer is the agent Answer: the insurer is the principal and the producer is the agent

Which is generally true regarding insureds who have been classified as preferred risks

Which is generally true regarding insureds who have been classified as preferred risks A) They can borrow higher amounts off of their policies. B) They can decide when to pay their monthly premiums. C) They keep a higher percentage of any interest earned on their policies. D) Their premiums are lower. Answer: Their premiums are lower

All of the following are general requirements of a qualified plan EXCEPT
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What does the Group Life underwriting risk selection process help protect insurance companies from?
All of the following are factors that an underwriter could use to select and classify risk EXCEPT
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Fixed annuities provide each of the following EXCEPT
What is the purpose of establishing the target premium for a universal life policy?
A domestic insurer issuing variable contracts must establish one or more
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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?
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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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A securities license is required for a life insurance producer to sell
Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
All of the following statements are correct regarding Credit Life Insurace EXCEPT:
All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
Health insurance will typically cover which of the following perils?
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What is the benefit of choosing extended term as a nonforfeiture option?
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The paid-up addition option uses the dividend
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Insurance represents the process of risk
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What is the purpose of establishing the target premium for a universal life policy?
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