Your insured has a homeowner’s policy with a Coverage A limit of $50,000, His coverage B limit is $20,000. His deductible is 1%. He has 30 trees that are damaged during the fire. How much are you going to pay on his claim?

2500

If you have a covered loss, in excess of a limit, you can apply that excess towards the deductible. This best describes?

Absorbing the deductible

What type of contract exists when the insurance policy is valid even though there is an unequal exchange?

Aleatory Contract

What is the intentional or unintentional impression by the insurance company that a certain fact exists when it does not?

Estoppel

An event that results in an insured loss / damage.

Occurrence

Joseph ross owns a 2014 Toyota Avalon. while at the mall shopping, someone hit his car and left a big dent on the right side of his car. He does not know who hit his car, and there are no witnesses to this accident. What type of insurance protection does he need to protect him from financial loss in this situation

Comprehensive

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved.

$30,000

Which of the following statements best describes an inland marine policy?

Pertains to Cargo with no fixed location

Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay?

$1000

This department is responsible for making rates and determines the rates charged by the insurer

Actuarial department

Johnny has 30/60/25 limits on his auto policy, and he negligently ran into a parked car driven by Steve Garcia. What is the maximum amount of coverage that can be provided for the damage to Steve's car?

25,000