AMIM 122 Study guides, Class notes & Summaries

AMIM 122 Latest Update Graded A+ Nationwide Marine Definition Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class ...

Nationwide Marine Definition - Answer-Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes - Answer-or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that...

Which one of the following statements describes a benefit of using an intermodal cargo container to ship cargo? - Answer-Intermodal containers can be transferred from ship to truck without disturbing the contents. coinsurance formula 2.28 - Answer-1.Multiply the value of covered property, except property in transit, at the time of loss by coinsurance percentage 2.Divide the limit of insurance of the property by the figure determined in Step 1 3.Multiply the total amount of loss, before the...

Describe the exposures associated with earth-moving equipment. - Answer-- Upset and overturn can occur because of rough working terrain, the large size of equipment, the weight distribution of the equipment, and the weight of materials. - A high concentration of equipment on a job site can create traffic problems and increase the likelihood of fire and collision. - Fire hazards develop from the variety of ignition sources and combustible materials found in equipment and on job sites. - Va...

Nationwide Marine Definition - Limits the types of risks and policies that marine insurers were permitted to underwrite. Property must be in transit or bear some relation to transportation or communication to qualify for coverage under a marine or inland marine policy. Filed classes - or controlled classes - those classes of business for which rates or forms or both must be filed with the insurance commissioner of a state for the insurer to write that class of business in that state. Nonfi...