Property and Casualty Insurance Study guides, Class notes & Summaries

PROPERTY AND CASUALTY INSURANCE EXAM

Property And Casualty Insurance Exam With Correct Solutions 2024 Absolute Liability - correct answer.Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives. Also known as "strict" liability. For ex you are absolutely liable if you keep a wild animal as a pet. Accident - correct answer.A sudden and unexpected event, occurring at a specific time and place. Actual Cash Value (ACV) - correct answer.The c...

Property And Casualty Insurance Exam With Complete Solutions 2024 Which of the following are the authorities that an agent can hold? - correct answer.Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - correct answer.Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? - correct answer.Temporary worker The major portion of the premium of an equ...

Property And Casualty Insurance Exam With Correct And Verified Solutions 2024 Insurance - correct answer.Transfer of risk form a person or business to an insurer Loss - correct tainty/possibility of a loss Speculative vs pure risk - correct answer.Speculative - chance of loss or gain Pure - only chance of loss Exposure - correct for which the insurance company would be liable Peril - correct of loss Direct vs Indirect loss - correct answer.Direct - physical l...

Property And Casualty Exam With Detailed And Verified Solutions 2024 Bailee - correct answer.An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - correct answer.Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - correct answer.A property policy provision that changes the valuation method otherwise applicable (ACV or...

Property And Casualty Insurance Exam With Verified Solutions 2024 What is a peril? - correct answer.A Peril is a cause of loss What is a hazard? - correct answer.Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - correct answer.Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - correct answer.Retention (loss or portion of lo...

Property and Casualty Insurance Exam With Latest Updated Solutions 2024 Specific insurance - correct answer.This type of insurance designates a particular item to be insured Blanket insurance - correct answer.This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - correct bility of both gain and loss. Not insurable. Pure - correct the possibility of loss. Insurable. What are...

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