A) Garage liability
B) Peril
C) Employee liability
D) Vehicle liability
E) Transportation liability
G) D) and E)
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A) ABC will likely be required to provide coverage on the jeep because any misrepresentations made were innocently made in the belief that the jeep would be returned soon.
B) ABC will not have to provide coverage because Ace Photo did not have an insurable interest in the jeep.
C) ABC will likely not be required to provide coverage on the jeep because Ace Photo made material misrepresentations in the renewal of the policy that would have prevented its renewal.
D) ABC will not likely be required to provide coverage because Ringo's new employer was liable under workers' compensation.
E) ABC will have to provide coverage unless Ringo had already obtained his own insurance on the vehicle because one vehicle may only be insured under one policy.
G) C) and E)
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A) Imari had a duty to cooperate with the insurer only because it appears that the accident was her fault.
B) Imari's only duty was to show up for court;otherwise she had no duty to assist the insurer.
C) Imari had a duty to cooperate with the insurer.
D) Imari had a duty to assist the insurer and to provide a share of funds to help the insurer in defending her claim.
E) Imari's only duty was to show up for a court and for any depositions for which she received a subpoena;otherwise,she had no duty to cooperate with the insurer.
G) C) and D)
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A) Hypochondria psychosis
B) Moral hazard
C) Medical excessiveness
D) Hypochondria neurosis
E) Unfair persuasiveness
G) A) and D)
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A) Antilapse clause
B) Investigation clause
C) Appraisal clause
D) Arbitration clause
E) Incontestability clause
G) B) and E)
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A) Surrender-life
B) Entire-life
C) Whole-life
D) Term-life
E) Useful-life
G) B) and D)
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A) The insured made material misrepresentations in the insurance application and if the insurer would have known of these material representations,it would have rejected the application.
B) The insured made material misrepresentations in the insurance application,but the insurer knew these representations were likely false when it issued the policy.
C) The insured failed to disclose any fact;material or nonmaterial,on the insurance application and the insurer relied on the information contained in the application when it issued the policy.
D) The insured made material misrepresentations in the insurance application,but the insurer did not rely on these representations when it issued the policy.
E) The insured made material misrepresentations in the insurance application,regardless if the misrepresentation would have altered the insurer's decision to issue the policy.
G) B) and C)
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A) That the insurer could choose between repairing the building or paying for its loss of value and that once proper repairs were made,the insurer had no obligation to cover any diminution in value.
B) That when a policy promised to pay the insured's loss,the insured had a claim for diminution in value even if repairs were made.
C) That a claim for diminution in value could be made only if the insurer delayed in making repairs such that the insured had an equitable claim for diminution in value.
D) That unless the insured notified the insurer prior to the beginning of repairs that a claim for diminution in value would be made,the issue was waived because the insurer was entitled to take such a claim into consideration in making its decisions.
E) That when a policy promised to pay the insured's loss,the insured has no claim for diminution in value if repairs are made.
G) B) and E)
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A) Insurable interest
B) Pecuniary interest
C) Financial effect
D) Financial concern
E) Profit impact
G) A) and C)
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A) Useful-life
B) Entire-life
C) Surrender-life
D) Term-life
E) Whole-life
G) C) and E)
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A) Beatriz is incorrect
B) Beatriz is only correct if Imari is still carried on a parent's insurance policy.
C) Beatriz is correct only if Imari has had at least two previous accidents.
D) Beatriz is correct because insurance on vehicles is meant to assist drivers who are involved in accidents through no fault of their own.
E) Beatriz is likely correct only because Imari is a student with a student policy.
G) B) and E)
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A) The Mellins were allowed to proceed with their claim because the court held physical loss can include changes perceived by the sense of smell,even in the absence of physical damage.
B) The Mellins' claim was dismissed because they sold the property and did not receive a proper appraisal demonstrating their damages prior to bringing the lawsuit.
C) The Mellins' were allowed to proceed with their claim because the insurance company failed to exclude odors in its policy.
D) The Mellins' claim was dismissed because an odor was not considered to be a "physical loss" as defined under the insurance policy.
E) The Mellins' claim was dismissed because the suit should have been brought against the downstairs neighbor,not against their insurance company.
G) C) and D)
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A) A business approved policy
B) A business tort policy
C) An economic protection policy
D) A litigation commercial policy
E) A commercial general liability policy
G) A) and D)
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The incontestability clause is a state-m...View Answer
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If the insured and the insurance company...View Answer
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A) Property
B) Personal
C) Commercial
D) Individual
E) Casualty
G) B) and D)
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A) Insurance companies lessen the impact of moral hazard by requiring that individuals with insurance make co-payments or pay a deductible.
B) The only avenue for insurers seeking to reduce moral hazard is through the use of deductibles.
C) It is not possible for insurers to reduce the risk of moral hazard,and this is seen as a risk of doing business.
D) The only avenue for insurers seeking to reduce moral hazard is through refusing to insure those who have previously made multiple insurance claims.
E) Insurers refuse to pay claims believed to result from the effects of moral hazard.
G) B) and D)
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Kim is incorrect regarding her duties in...View Answer
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A) Fire
B) Natural forces
C) Livestock
D) Casualty
E) Water
G) A) and C)
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A) Nari is correct because the incontestability clause acts to bar an insurer from denying coverage in cases in which any driver with permission is driving an insured's vehicle.
B) Nari is correct,and the insurance has been in effect over one year,a sufficient length of time for the incontestability clause to bar any defense by the insurer based on her failure to mention Joon on the application.
C) Nari is incorrect because the incontestability clause operates to deny her the right to dispute inaccuracies on the application,not as a bar against the insurer.
D) Nari is incorrect because the incontestability clause does not generally apply until coverage has been in effect for at least two years.
E) Nari is incorrect because incontestability clauses were barred by federal law a number of years ago.
G) All of the above
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