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?

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

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The insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. It was determined that the accident was his fault. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In this case, what will the policy beneficiary receive?

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Which type of life insurance policy generates immediate cash value?
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Which of the following is NOT the purpose of HIPAA?
The pro rata liability clause is designed to protect the principle of
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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
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The voluntary relinquishment of a legal right is called
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The authority granted to a licensed producer is provided via the
All of the following are examples of a Business Continuation Plan EXCEPT
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All of the following entities regulate variable life policies EXCEPT
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When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
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