Which of the following does not need to be identified in an insurance policy?
Asked by: Darlene Reichert II | Last update: December 29, 2022Score: 4.7/5 (34 votes)
Which of the following does NOT need to be identified in an insurance policy? C.) The insurer's financial rating. Rationale: An insurer's financial rating does not need to be specified in an insurance policy.
What is not the consideration in a policy?
Lack of consideration means that one of the parties to a contract is not obligated in any way, while the other party holds all obligation to act. Generally, courts will not interfere with parties to a contract.
What must be specified in an insurance contract?
Correct! An insurance policy has 6 requirements: it identifies the parties to the contract; the life or property of the insured; insurable interest; the risks insured against; the period during which the insurance is to continue; and the amount of premium.
Which of the following is a mandatory part of an insurance policy?
The part of an insurance contract that varies with each individual policy, but is still a mandatory part of the policy, is the: Declarations - The Declarations section of the policy contains specific information about the insured, and thus will vary by policy, even when the type of coverage provided is the same.
What type of information would be found in a policy insuring agreement?
This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.
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What type of information would be found in the policies insuring agreement quizlet?
Insuring agreement. This provides information on the policy's coverages. Conditions state the legal obligations and duties of the parties to the contract.
Which of the following is not included in the declaration of a property policy?
Which of the following is not included in the Declarations of a Property Policy? The perils not covered are listed in the Exclusions. Theft is specifically defined as: Theft is the broadest definition and includes any act of stealing.
What are the 5 parts of an insurance policy?
Every insurance policy has five parts: declarations, insuring agreements, definitions, exclusions and conditions. Many policies contain a sixth part: endorsements.
Which of the following would not be considered part of the insured location under the liability section of a homeowners policy?
Which of the following would NOT be considered part of the insured location under the liability section of a homeowners policy? Dwelling replacement cost.
Which of the following would not be included in coverage under a personal auto policy?
Damage to vehicles of others would be under liability coverage. The Personal Auto Policy may be used to insure all of the following, except: A motorcycle; A motorcycle would not be covered unless added by endorsement.
Which of the following is not part of the consideration element of an insurance contract?
The applicant's statements on the application are representations, not warranties. All of the following are part of the consideration element of an insurance contract, EXCEPT: Insurance contracts are unilateral. Only the insurer is legally upheld to performing the promises made in the policy.
What are the 7 principles of insurance?
- Utmost Good Faith.
- Insurable Interest.
- Proximate Cause.
- Indemnity.
- Subrogation.
- Contribution.
- Loss Minimization.
What is an insurance policy quizlet?
Insurance Policy. A legal contract between an insurance company and the policyholder buying the insurance. -It details what is covered and what is excluded (not covered), as well as any conditions for coverage (conditions spell out what the insurance company won't pay)
What is not a consideration?
A contract may lack consideration if any of the following is true: The promise cannot legally (or practically) be offered. Offer is made for something that already has been done ("past consideration") and therefore cannot be bargained for.
What are the 3 requirements of consideration?
Each party must make a promise, perform an act, or forbear (refrain from doing something).
What is not an example of consideration?
Which of the following would not be considered an example of consideration? Performance of a duty you are obligated to do under the law is not good consideration.
Which of the following risk would not be eligible for coverage under a homeowner policy?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
Which is not insured by property insurance?
Property insurance policies normally exclude damage that results from a variety of events, including tsunamis, floods, drain and sewer backups, seeping groundwater, standing water, and a number of other sources of water. Mold is usually not covered, nor is the damage from an earthquake.
What are the 3 basic levels of coverage that exist for homeowners insurance?
Key Takeaways. Homeowners insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.
What are 4 different components of an insurance policy?
Most policies consist of four parts: declarations, insuring agreements, conditions, and exclusions.
What is in an insurance policy?
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.
What are the three main components of an insurance policy?
Insurance Policy Components
Three components of any type of insurance are crucial: premium, policy limit, and deductible.
Which of the following would not be found in the common policy declarations page of a commercial package policy?
The common policy declarations of the CPP contain all of the following, except: Transfer of rights and duties Transfer of Rights and Duties is in the Conditions section, not the Declarations.
Which of the following will be included in a policy summary?
A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years.
What are declarations in an insurance policy?
Your declarations page is an official document and verifies your coverages, limits, and the insured(s) named in the policy. It is updated when changes are made during your policy term. For example, if you add an endorsement, your insurance company will update the dec page and send you a revised copy.