Property and Casualty Insurance

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 equipment breakdown policy pays? CORRECT ANSWER For inspections and examinations An ins...

Property and Casualty Insurance EXAM Latest Version 100% Pass Specific insurance This type of insurance designates a particular item to be insured Blanket insurance 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 possibility of both gain and loss. Not insurable. Pure only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? avoid, control, reta...

Insurer - ANSWER the insurance company or carrier. Insured (Homeowners policy( - ANSWER 1. The named insured. 2. The named insured's spouse, if a resident. 3. Relatives of the named insured and anyone under age 21 in the insureds care. Like a foreign exchange student. 4. Full time students living away at college. Residence Premises (Homeowners policies) - ANSWER 1. The single family dwelling the named insured lives in. 2. A 2, 3, or 4-family dwelling in which the named insured ...

An unlicensed employee of an insurance agency may perform all of the following EXCEPT: - Answer- A) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A producer must notify the insurance division of an address change within: - Answer- A) 10 days B) 20 days C) 25 days •• D) 30 days A Temporary License may be issued to approved individuals for a per...

Specific insurance - ANSWER This type of insurance designates a particular item to be insured Blanket insurance - 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 - ANSWER possibility of both gain and loss. Not insurable. Pure - ANSWER only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - ANSWER avoid, control, retain, and transfer risk. ...

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability limits of 50/100. It is determined that Driver B is at fault for the accident. Driver A has $125,000 in medical expenses. How much will his Part C: UM/UIM coverage pay? a) $125,000 b) $75,000 c) $50,000 d) $25,000 CORRECT ANSWER c) $50,000 Underinsured motorist coverage acts as excess over the at-fault motorist's coverage. It will pay the d...

Property and Casualty Insurance Basics Latest 2024 Graded A+ INSURABLE INTEREST an economic interest in a property that must exist at the time of loss (you can insure the equity interest in your own home) UNDERWRITING classifies the applicant based upon the underwriting requirements of the insurer; matches the risk presented with the premium charged by the insurer LOSS RATIO percentage of claims paid in comparison to total premiums collected during a particular period of time R...

Depreciation correct answers reduction in value, particularly due to wear and tear Earned premium correct answers the portion of premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy Exposure units correct answers used as a measure of the rating units or the premium base of a risk (exposure units multiplied by the rate results in the premium) Homogeneity correct answers the degree to which items are similar Implied warranty corre...

Property and Casualty Insurance EXAM 100% accurate!! Specific insurance - ANSWER This type of insurance designates a particular item to be insured Blanket insurance - 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 - ANSWER possibility of both gain and loss. Not insurable. Pure - ANSWER only the possibility of loss. Insurable. What are the 5 methods of managing or handling ri...