California property and casualty Study guides, Class notes & Summaries

The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declaration Part of the policy that establishes limits upon the insurer and the insured with the ins...

What is the name of the insurance principle that refers to an insurer giving up its right to recover money or damages paid out to the insured from another party? A. Subrogation B. Subrogree Waiver C. Waiver of subrogation D. SubrogorC. Waiver of subrogation Which portion of an insurance policy states that the insurance company will make payment in the event a covered loss occurs? A. Insuring agreement B. Declarations C. Exclusions D. Conditions E. CompensatoryA. Insuring agreement

1. A-1. Insurance is a contract whereby one undertakes to indemnify another against ANS Damage 2. A-2. A peril is ANS The actual cause of a loss. 3. A-3. The uncertainty or chance of a loss occurring is known as ANS Risk 4. A-4. Which are the main types of risks? ANS Pure and Speculative 5. A-5. A hazard is best defined as ANS Anything that increases the chance of loss or severity of loss due to a peril. 6. A-6. A hazard that deals with a person`s mental attitude, behavior and habits i...

California State Contractors License Law and Business Test Study Guide Questions with 100% Correct Answers | Verified | Latest Update 1. Who must be licensed as a contractor? ANS Anyone who constructs or alters on any job that costs 500 dollars or more. 2. How old do your have to be to get a contractors license. ANS 18 3. What are the types of licenses issued. ANS Individual, partnership, or corporation licenses. Joint Venture licenses are made up of 2 individual active licenses for a speci...

California Property and Casualty All Answers Correct Most workers compensation policies are written for 1 year terms. true A person licensed as either a property and casualty agent/broker or as an accident and health agent may be authorized to transact disability insurance for an admitted insurer by filing a notice of appointment from that insurer. This is known as: Dual Authority HMO's, PPO's, and POS, are referred to as what kind of care? Managed care Which of the following could...

California Property and Casualty Exam Already Graded A+ ___________ refers to continued coverage under the policy for an additional period of time upon expiration of the current policy period. Cancellation Forfeiture Renewal Lapse Renewal "Nonpayment of premium" means failure of the named insured to discharge when due any of his obligations in connection with the payment of premiums on a policy, or any installment of such premium, whether the premium is payable directly ...

California Property And Casualty Exam Already Verified The process where by a mutul insurer becomes a stock company is called Demutalization The process whereby a stock company a mutal insurer is called Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is Valuation clause The part of the policy that states the amout of coverage the insured property policy period is Declaration Part of the policy that establish...

CALIFORNIA PROPERTY AND CASUALTY EXAM

The process where by a mutul insurer becomes a stock company is called - ANSWER Demutalization The process whereby a stock company a mutal insurer is called - ANSWER Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - ANSWER Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - ANSWER Declaration Part of the policy that establishes limits upon the in...

Which of the following is incorrect? Part A covers long term care Part A covers hospital care Part B covers physicians Part B requires monthly premium payments - ANSWER Part A covers long term care Medical payments coverage under the personal auto policy applies for medical bills insured up to how long after an accident? One year Five years Three years Two years - ANSWER Three years Workers Comp. Part. I covers: All sums the insurer is required to pay by state law ...