Alabama Property And Casualty Insurance | 127 Questions With 100 % Correct Answers | Verified

What are the elements of Insurability or Insurance Risks? {Ans: Affordable, Calculable, Economic hship, Exclude, Accidental. Predictable.}Pure No Fault Plan {Ans: Each party - own insurance pays}Ocean Marine General Average is the same as {Ans: Partial Loss}Who is Flood Insurance available through? {Ans: The Federal Government or private companies who are reimbursed by the federal government}Coverage C Med Pay {Ans: Pays per person for each occurrence}Who does an Agent represent? {Ans: The Insurer}What are the Characteristics of an Insurance Contract? {Ans: Contract of Adhesion, Aleatory Contract, Personal Contract, Unilateral Contract, Conditional Contract, Contract of Indemnity.}Boiler is covered by {Ans: Equipment Breakdown}What type of risk does insurance cover? {Ans: Pure Risk}Commercial General Liability Form {Ans: Pays at Retroactive date}Self Insured Retention Deductible (SIR) {Ans: Must be met before an umbrella policy pays}Are medical benefits paid regardless of negligence? {Ans: Yes}Workers Compensation is determined by: {Ans: State Law}Products and Completed Operations Aggregate Limit is: {Ans: Twice the liability and medical expense limit}The most an insurer will pay for ONE breakdown is? {Ans: $25,000}Coverage D {Ans: Loss of rental value}Personal Liability {Ans: Occurrence limit is $100,000}Equipment