
Insurance and Contract Principles
Flashcard
•
Business
•
Professional Development
•
Hard
Eddie Emmett
FREE Resource
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23 questions
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1.
FLASHCARD QUESTION
Front
What is the role of an appraisal clause in an insurance contract?
Back
To specify that the owner agrees to obtain an appraisal in case of a dispute
2.
FLASHCARD QUESTION
Front
What is the main reason appraisers look at comparable homes in the area during a home appraisal?
Back
To estimate the home's value based on similar properties
3.
FLASHCARD QUESTION
Front
What is a potential consequence if a home appraisal comes in too low compared to the agreed purchase price?
Back
The buyer may need to pay the difference out of pocket
4.
FLASHCARD QUESTION
Front
What is the primary purpose of an other insurance provision in an insurance policy?
Back
To specify how coverage will be apportioned if multiple policies cover the same risk
5.
FLASHCARD QUESTION
Front
Which of the following best describes subrogation in the context of insurance?
Back
The legal right of insurers to pursue a third party that caused an insurance loss to the insured
6.
FLASHCARD QUESTION
Front
What is the role of primary insurance in the context of an other insurance clause?
Back
It is the first coverage that will come into effect when the policyholder suffers an insured loss
7.
FLASHCARD QUESTION
Front
How does subrogation benefit the insured party?
Back
It allows the insured to receive payments more quickly
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