ccurred loSSC. a legally recognized relationship between the insured and the financial lossO D. risk that have high frequency and high severity2. When two or more policies cover the same loss, the right of the one insurer tocall upon the other to share the loss is called the principle ofO A. indemnityO B. subrogationO C. contributionD. utmost good faith3, Which of the following principles of insurance denotes a positive duty of the

Let us evaluate each option Q: When a loss is covered by two or more policies, then right of one…

Answered: 2. When two or more policies cover the…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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1. Reinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT: A. provide evidence of insurability B. make collateral assignment to the insurer C. pay back interest on any outstanding policy loa D. pay all past-due premiums
the purpose of coinsurance clause is to? require the insurer to pay the losses in full encourage the insured to insure property to full value c)allow the insured to choose any amount of coverage d) permit other insurance on the same property
Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policy
4 which of the following policies allows the insured to continue the policy at the end of the policy term with no questions insured, even the insured's death A decreasing term B non-convertible term CEndowment D renewable term
One of three tenants in your insured’s rented triplex, sets fire to his apartment, is charged with arson and jailed. Next day the tenant's wife bails out her husband who allegedly set the fire and they return to live in the damaged apartment. The insurance company wishes to retire from this risk as soon as possible. What procedure must the insurer follow to legally cancel the policy? O A) Insurer can cancel in five days by written notice of termination personally delivered and any return premium paid to insured. O B) Insurer cannot cancel the policy mid-term and must remain on risk until the renewal date. O C) Cancellation can only be made fifteen (15) days following receipt of cancellation notice by registered mail. O D) Policy must remain in force but any additional damage done by the tenant will not be covered."
Calculator An insured who wants to guarantee that an Accident and Health policy will remain in foros even in the event of being det hold purchase which of the following res Accidental Death and Dismemberment (ADD) Double Indemnity Walver of Premium Guaranteed Insurabilly OA O B. OC OD.
3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.
7. What is Insurance? Explain Indemnity and Contingency Insurance?
The purpose of the insuring clause in on accident and Health policy is to A) specify the schedule and method of premium payments B) specify the conditions under which benefits are payable C) indicate the responsibility of the insured alter a covered loss D) satisfy the requirements of te undorm policy provision code
Which of the following policy provisions specifies that, it an insured tals to pay a renewal premium within the time granted but the insurer subsequently occ may be restored? OA Grace Period OB. OC O. D. Reinatatement Time of Payment of Chirns Entire Contract
true or false 1. Captive insurer may be used to insure loss exposures that the parent firm finds it difficult to insure with private insurers. 2. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 3. For the safety of the residents of the apartment, a barrier is installed at the entrance of the apartment. Only the vehicles belong to the residents are allowed to pass through. This physical barrier system is a risk management technique called loss prevention 4. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage.
Practically demonstrate how the Principle of Outmost Good Faith the growth of Marine Insurance?

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2. When two or more policies cover the same loss, the right of the one insurer to call upon the other to share the loss is called the principle of O A. indemnity O B. subrogation O C. contribution D. utmost good faith