Property and Casualty Insurance Study guides, Class notes & Summaries

pearson vue practice exam questions and answers 100% pass Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company - Correct Answer ️️ -B In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured...

PearsonVue Practice Exam 1 Questions and Answers 100% Pass Which of the following persons may assign a Standard Fire Policy? - Correct Answer ️️ -A Claims Adjuster Under the standard flood insurance policy, all of the following loss avoidance measures are covered up to $1,000 when damage to the insured property due to flooding is imminent EXCEPT: - Correct Answer ️️ -The value of work, at the federal minimum wage, that a member of the household performs The Insurance Commissioner...

NC casualty exam advantage practice test 100% Correct Solved Which of the following is an example of redlining? Select one: a. YLR Insurance charges people in Metropolis an $800 premium for life insurance if they live in homes valued at $150,000, but $1,800 for people who live in homes less than that amount. b. Agent Francesco gives a cell phone to anyone who buys a life insurance policy from him. c. An insurer decides not to offer term insurance to any of its customers. d. An admitted...

Exam Fx (PROPERTY & CASUALTY) Questions and Answers 100% Pass Law of Large Numbers - Correct Answer ️️ -The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Correct Answer ️️ -Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Correct Answer ️️ -1) Financial 2) Blood (relative) 3) Business Risk - Correct Answer ️️ -The uncert...

PSI Practice Questions Property Casualty Exam Questions and Answers 100% Correct An insured operates a auto repair shop and has a garage coverage form with garagekeepers insurance when an employee on a test drive with a customer's car is involved in a crash. How will the customer's car be covered by the insured's policy? - Correct Answer ️️ -The customer's car is covered for any physical damage while in the custody of the insured. Liability arising out of any of the following is e...

Personal lines Property & Casualty Exam Questions and Answers 100% Pass Risk - Correct Answer ️️ -Chance or Uncertainty of a Loss Peril - Correct Answer ️️ -Possible cause of a loss 2 Years - Correct Answer ️️ -The Commissioner of insurance is appointed by the governor for a term of ______ ending on February 1 of each odd-numbered year? 5 Years - Correct Answer ️️ -The Commissioner of insurance MUST have ________ of experience in business or government. $50,000 - Correct ...

Missed PSI Exam - Property & Casualty Questions and Answers 100% Pass Federal Crop Insurance is a type of insurance sometimes called which one of the following? - Correct Answer ️️ -residual market insurance Homeowner Form HO-2 provides coverage for loss of appliances, carpeting, and other household furnishings for a maximum of how much? - Correct Answer ️️ -$2,500 All of the following are the most commonly used personal inland marine forms EXCEPT - Correct Answer ️️ -builder...

Property & Casualty Exam Questions and Answers 100% Pass Insurance - Correct Answer ️️ -The transfer of risk from insured to insurer. Indemnity - Correct Answer ️️ -To restore policy holder to pre-loss condition; make whole. - No better - no worse Law of Large Numbers - Correct Answer ️️ -▬Insurance companies take on many risks with a reasonable assurance of paying a certain number of claims.▬- As number of loss exposures increase, difference between actual & expected res...

Property and Casualty Insurance Exam Prep Questions and Answers 100% Pass Insurance - Correct Answer ️️ -the transfer of risk from one party to another Indemnity - Correct Answer ️️ -to restore to pre-loss condition. no better, no worse. Real Property - Correct Answer ️️ -permanent structures Personal Property - Correct Answer ️️ -moveable items Peril - Correct Answer ️️ -the cause of a loss Casualty Insurance - Correct Answer ️️ -non-property losses of the insured...