Fx Property and Casualty Study guides, Class notes & Summaries

To be considered an insurable risk, a loss may NOT be - Correct Answer -catastrophic Which of the following persons would be required to hold a producer license? - Correct Answer -a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - Correct Answer -ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - Correct Answer -the difference in the act...

To be considered an insurable risk, a loss may NOT be catastrophic Which of the following persons would be required to hold a producer license? a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? the difference in the actual cash value as a pair and as a single Which of the following additional ...

Fx-Property and Casualty Exam Questions And Answers/ Download

Fx property and casualty Exam Comprehensively covered Questions and Answers 2023 1. In dwelling policies, automatic increase in insurance is (Choose from the following options) 1. Coverage for newly acquired property. 2. Coverage by endorsement. 3. Automatic coverage. 4. Coverage without additional premium. - 2. Coverage by endorsement. 2. Personal business property out in the open is covered under Commercial Property Policy only while (Choose from the following options) ...

Fx-Property and Casualty Exam With Complete Solution A Pass To be considered an insurable risk, a loss may NOT be - catastrophic Which of the following persons would be required to hold a producer license? - a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? - ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? - the difference in the actu...

Aleatory - A contract in which the participating parties agree to exchange unequal amounts. Insurance contracts are ________ in that the amount the insured will pay in premiums is unequal to the amount the insurer will pay in the event of a loss. Alien Insurer - An insurance company that is incorporated outside of the United States. Apparent Authority - The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the pri...

What is Insurance? - Answer Transfers the risk of loss from individual to insurance co. What is Risk? - Answer Chance of loss occuring What are 3 types of Hazzards? - Answer Physical, Moral, Morale What is a Peril? - Answer Causes of loss insured against What does Indemnify mean? - Answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - Answer Right to seek damages from 3rd party so that the insured cannot collect ...

Which policy consists of the Declarations and Conditions, Endorsements, and other attachments applicable to a single line of insurance? (a) Commercial Package (b) Monoline (c) Insurance (d) Casualty - Answer (b) Monoline A Monoline Policy contains only one coverage part page 72 A Commercial Package Policy (CPP) allows the insured to select the coverage needed and customize the policy to meet the needs of the insured's business. In a CPP, the business owner may select from ...

Accelerated benefits - Answer riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses accident - Answer an unplanned, unforeseen event which occurs suddenly at an unspecified place Accidental Death and Dismemberment - Answer an insurance policy which pays a specified amount or a specified multiple of the insured's benefits if the insured dies, loses sight, or loses two limbs accidental death benefits - Answer...

Insurance - Answer Transfers risk of loss from an individual or business to a company Law Of Large Numbers - Answer States that the larger # of people with a similar exposure to loss, the more predictable the losses will be Insurable Interest - Answer The insured would become subject to financial loss if the insured property was damaged. 3 Elements Of Insurable Risk - Answer * Financial (monetary interest) *Blood (relative) *Business (business partner) Risk - Answer Un...