Which of the following best describes statutes of limitations?

a. The injured party would collect damages even if he/she had contributory negligence.

b. The time limit set on how long an injured person can sue the insurer for damages

c. The defendant who is least at fault is not required to pay for any of the damages.

d. Any defendant who is partly at fault must pay in proportion to their share of the fault.

Answer: B

Property Insurance Concepts

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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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A domestic insurer issuing variable contracts must establish one or more
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
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
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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
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Which nonforfeiture option provides coverage for the longest period of time?
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of:
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?
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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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Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death?
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The pro rata liability clause is designed to protect the principle of
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All of the following statements concerning dividends are true EXCEPT:
All of the following are true regarding rebates EXCEPT
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All of the following are elements of an insurance policy EXCEPT
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What is the other term for the cash payment settlement option?
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What is the purpose of establishing the target premium for a universal life policy?
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What is the other term for the cash payment settlement option?
What documentation grants express authority to an agent?

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