Property in transit Study guides, Class notes & Summaries

The purpose of the definition of Marine is - Answer- to describe the kinds of risks and coverage's which may be classified or identified under state insurance laws as Marine, Inland Marine, or Transportation Who needs inland marine coverage's? - Answer- Business that have an exposure to property in transit or property that in not in a fixed location Imports - Answer- Goods coming into the US Exports - Answer- Goods going out of the US Domestic Shipments - Answer- Goods moving aroun...

AD Banker Comprehensive Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest Update 2024/ 2025) Q: Which of the following applies when two parties rely upon the promises of the other? Answer: Concept of utmost good faith Q: Which of the following is not an unfair claims practice? Answer: A. Attempting to settle claims on the basis of an altered application Answer:Failing to inform a claimant about appealing arbitration awards C. Requiring an insured to sue ...

Arkansas Property and Casualty ExamNationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property that may be insured under marine contracts. Th...

You are the security subject matter expert (SME) for an organization considering a transition from the legacy environment into a hosted cloud provider 's data center. One of the challenges you 're facing is whether the cloud provider will be able to comply with the existing legislative and contractual frameworks your organization is required to follow. This is a _________ issue. a. Resiliency b. Privacy c. Performance d. Regulatory D 76. You are the security subject matter expert (SME) ...

Pennsylvania Property & CasualtyPolicy Conditions - correct answer How parties to the contract must act following a loss Discovery Form in Commercial Ins. - correct answer an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) Vacant - correct answer Absence of people and property Filed form in Commercial - correct answer a form that may require an insurer to file for rate & form approval Unfiled form in Commercial - correc...

Arkansas Property and Casualty Exam Nationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property that may be insured under marine contracts. ...

C12 - Insurance on Property – Midterm Latest Update Graded A+ Defining Property Insurance -Protection against loss/damage to property -First party insurance -Premium exchanged for protection -Fortuitous losses (sudden and accidental) -Insurable interest -Intangible product Real vs Personal Property R: buildings or land (can't be moved) P: office desk or machinery (can be transported) Promise that Property Insurance is based on -Insured promise to pay a premium -Insurers p...

Categories of personal property - Answer- Contents, Property in transit, Property in the possession of others, Floating property Floating property - Answer- does not remain at a fixed worksite or is in transit between work sites. Property in transit - Answer- Transported by a variety of means, for any length of time Property in the possession of others - Answer- an organization may place its property in the possession of others for repair or storage Financial Consequences of a proper...

RMIN 5100S Exam 2 Study Guide 2024 With Complete Solution categories of commercial loss exposures -️️ property, personnel, liability, net income loss property loss -️️ - tangible: personal property, real estate -intangible: patent, copyright personnel loss -️️ death, disability, injury, retirement liability loss -️️ your responsibility to someone else for property damage, bodily injury, or net income loss net income loss -️️ reduction in income due to a direct loss comm...

Describe how inland marine insurance started CORRECT ANSWER--evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? CORRECT ANSWER-Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? CORRECT ANSWER-Property in a fixed location is not eligible for marine insurance Lost 4 types...