Risk Management and Insurance > QUESTIONS & ANSWERS > Wisconsin Property and Casualty Questions and Answers Rated A (All)

Wisconsin Property and Casualty Questions and Answers Rated A

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Wisconsin Property and Casualty Questions and Answers Rated A FAIR ✔✔Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. ✔✔• Consideration • Legal Purpose ... • Offer • Acceptance • Competent Parties Consideration ✔✔Money and statements made on application Legal Purpose ✔✔Risk transfer doesn't violate the law Offer ✔✔Insured submits application and first month premium to insurer Insurer accepts or insurer declines the risk Counteroffer ✔✔Agrees to issue policy but with higher premium or restrictions/ exclusions Insured either accepts the conditions or withdraws their application Competent Parties ✔✔Competent• Legal age (usually 18) • Mentally sane• Sober Adhesion ✔✔Policy written by the insurance company Adhesion = glue Insured has no input If ambiguous, court will take the side of the insured Aleatory Contract ✔✔• Unequal value • Pay small premium and have a large claim, or pay premiums for many years without a claim representation ✔✔believed to be true misrepresentation ✔✔representation that is actually false. Material misrepresentation ✔✔information given that is not true and DOES affect the insurer's decision warranty ✔✔statement that is guaranteed to be true, and it may be relied on by the other party. If a warranty is not kept, there is a breach of warranty that voids the contract. Concealment ✔✔failure to disclose known facts Property insurance policies ✔✔Covers"mystuff" "Mystuff"=buildings(real property) and personal belongings First Part Loss Casualty Insurance ✔✔Casualty = Liability Always pays the other guy, never me Third party losses D. I. C. E. E. ✔✔■ Declarations■ Insuring agreements■ Conditions■ Endorsements and additional supplementary coverages ■ Exclusions Declarations ✔✔who, what, when, where, and how much Insuring agreement(s) ✔✔promise to pay and perils covered Conditions ✔✔rules for the policy Endorsements ✔✔changes to the original policy Exclusions ✔✔items not covered Named insured ✔✔listed on the declarations First-named insured ✔✔first on the declarations policy territory ✔✔typically includes the United States, Canada, Puerto Rico, and other U.S. territories and possessions. Most insurance policies do not extend coverage into Mexico flat cancellation. ✔✔policy is canceled on the effective date, by either the insurer or insured Cancellation ✔✔occurs before the policy's expiration date Insurer cancellation requires advance notice Insured cancellation—no advance notice Nonrenewal ✔✔occurs at the expiration date Insurer must give advance notice No advance notice required by the insured Nonconcurrency ✔✔result of two or more policies covering the same property but providing different or non-identical coverage. Pro Rata ✔✔Each insurer's liable for a portion of the loss calculate pro rata ✔✔policy limit of o [Show More]

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PROPERTY AND CASUALTY BUNDLED EXAMS QUESTIONS AND ANSWERS WITH APPROVED SOLUTIONS (LATEST 2022)

PROPERTY AND CASUALTY BUNDLED EXAMS QUESTIONS AND ANSWERS WITH APPROVED SOLUTIONS (LATEST 2022)

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