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EXAM FX PROPERTY AND CASUALTY TESTS COMPILATION BUNDLE

EXAM FX PROPERTY AND CASUALTY TESTS COMPILATION BUNDLE

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Exam FX (PA Property and Casualty - Ch. 1 General Insurance) Questions With Complete Solutions

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Insurance Transactions include what 4 tactics correct answer: Solicitation Negotiation Sale Advising 2 types of Risk correct answer: 1. Pure 2. Speculative Pure Risk Definition correct answer: A risk that can only can result in loss or no change Speculative Risk Definition correct a...

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Exam FX- Property and Casualty Glossary Michigan Questions With Complete Solutions

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Abandonment correct answer: The abdication of insured property into the hands of another, or into the possession of no one in particular. Accident correct answer: An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) correct answer: The requir...

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EXAM FX (Types of Property Policies) Questions With Complete Solutions

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3 coverage forms available under dwelling program correct answer: -basic -broad -special forms Is liability coverage included under dwelling program? correct answer: No, but can be added Does the dwelling policy can be used to insure: a) dwelling only b)contents only c)both dwelling and...

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Exam FX (PA Property and Casualty - Ch. 2 Property & Casualty Insurance Basics) Questions With Complete Solutions

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Earned Premium correct answer: Portion of the premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy. Exposure Units correct answer: used as a measure of the rating units or the premium base of a risk Exposure Unit Formula correct answer:...

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Exam FX, VA Property & Casualty Insurance Exam| 303 Questions| With Complete Solutions

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The members of a limited liability company are insureds under a businessowners policy (BOP) if correct answer: The limited liability company is designated as the named insured. An endorsement added to a businessowners policy that provides coverage for direct damage caused by utility service disr...

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Exam FX - CH 4 - Property Insurance Basics Questions With Complete Solutions

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Insurable Interest correct answer: Stand to suffer an economic loss - follows ownership! Has to be known when loss occurs Underwriting correct answer: Underwriters function is to evaluate risks - reviewing the application. Risk selection process Formula for Loss Ratio? correct answer: Loss ...

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Exam FX - CH 8 - Commercial Package Policy – Property Questions With Complete Solutions

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Policy Components correct answer: Policy Cover Common Declarations Interline Endorsements Common Policy Conditions Coverage Part Components correct answer: Declarations Coverage Forms Conditions Endorsements General Form Structure correct answer: General Liability Commercial Property...

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Exam Fx-Property and Casualty Exam Questions With Complete Solutions

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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?...

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Exam Fx Property Questions With Complete Solutions

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What sublimit in a liability policy sets the maximum amount that will be paid for all claims arising from a single accident? correct answer: Per occurrence In reference to insurable interest, which of the following is NOT an element of insurable risk? correct answer: Personal Businessowners ...

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Exam Fx Chapter 2 - Property and Casualty Insurance Basics Questions With Complete Solutions

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Financial(monetary interest) Blood(a relative) Business(a business partner) correct answer: 3 elements of insurable risk at the time of the loss correct answer: In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured correct answer: anyone who is ...

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Exam FX GA Property and Casualty| 208 Questions| With Complete Solutions

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In Return for premium, and insurance company must.. correct answer: Be Fair in underwriting and pay covered losses In return for premium, an insurance company must be fair and impartial in underwriting of risks and must pay claims made for all covered losses. The part of a policy that clarifi...

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Exam FX P&C Questions With Complete Solutions

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Judgement rating - Rating used by underwriters to rate one-of-a-kind risks. Schedule Rating - A rating plan that awards debits and credits based on specific categories, such as the care and condition of the premises or the training and selection of employees, to modify the final premium to reflec...

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Exam FX part 3, VA Property & Casualty Insurance Exam| 258 Questions| With Complete Solutions

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An endorsement is available for hired and nonowned auto on BOP liability... A. Only if the insured does not have commercial auto coverage B. In addition to commercial auto coverage C. Only if the insured has 4 or more employees D. Never correct answer: A The Mail Coverage Form is always writ...

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Different EXAM FX different Practice Test Pt.3 Questions With Complete Solutions

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The insured's mother-in-law broke her leg falling down the front steps of the insured's premises. The insured's homeowners medical payments coverage will correct answer: Apply to injuries of any guests or visitors. First aid costs for others injured on the insured's premises correct answer: ...

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Exam FX Chapter 3 - Dwelling Policy Questions With Complete Solutions

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what are the 3 separate coverage forms available under the dwelling program? correct answer: basic, broad, and special In practice, the dwelling property policy is commonly used to insure ______ _______ correct answer: rental dwellings what are the corresponding form numbers for dwelling pro...

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Exam Fx Casualty Questions With Complete Solution

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The declarations section in a homeowners policy provides all of the following information EXCEPT correct answer: Policy exclusions An insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the initial request? correct answer:...

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Texas Property & Casualty Guaranteed Exam FX Questions With Complete Solutions

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Restoring an insured financially after a claim is known as correct answer: indemnity Prior to paying a claimant under a professional liability policy, the insurer must correct answer: Obtain the consent of the insured. The purpose of purchasing an umbrella liability policy is to provide cor...

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Exam FX - CH 5 - Homeowners Policy – Casualty- With Complete Solutions

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HO - 2 - Broad Form Named Peril HO - 3 - Special Form Open & Named Peril HO - 4 - Renters/Tenants Form Named Peril HO - 5 - Comprehensive Form Open Peril HO - 6 - Condo Form Named Peril HO - 8 - Modified Form Named Peril Homeowners Liability - Coverages E & F Homeowners Li...

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Property and Casualty Exam – Texas - Exam FX Key Facts- Questions With Complete Solutions

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____ is uncertainty of loss correct answer: risk ____ is a transfer of risk from the insured to the insurer correct answer: insurance ____ risk means there is no chance of gain. It is insurable. correct answer: pure ____ risk means there is a chance of a loss or a gain. It is not insurab...

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EXAM FX- Simulated Test Questions With Complete Solutions

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Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit correct answer: General Liability written with an aggrega...

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Exam Fx (PROPERTY & CASUALTY) QUESTIONS WITH COMPLETE SOLUTIONS

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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...

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Exam Fx (PROPERTY & CASUALTY)| 117 QUESTIONS| WITH COMPLETE SOLUTIONS

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The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. correct answer: Law of Large Numbers Transfers the risk of loss from an individual or business entity to an insurance company correct answer: Insurance 1) Financial 2) Blood (relative...

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ExamFx property and casualty| 976 Questions | With Complete Solutions

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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. correct answer: 2. Coverage by endorsement. 2. Personal b...

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Maryland Property & Casualty 2023 ExamFx Questions With Complete Solutions

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Which dwelling policy coverage will provide protection for contents damaged by fire in an insured dwelling? correct answer: Coverage C-Personal Property Under what conditions can broad theft coverage be added to a dwelling policy? correct answer: if the insured is the owner-occupant of the dwel...

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EXAMFX - P&C GUARANTEE EXAM QUESTIONS WITH COMPLETE SOLUTIONS

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A golfer slices a tee shot and the ball goes through the window of a house beside the fairway. The broken glass is paid for by correct answer: The golfer's homeowners liability coverage What was the purpose of the Motor Carrier Act of 1980? correct answer: To establish financial responsibility...

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ExamFx Flashcards: Property and Casualty Insurance Terms and Provisions Questions With Complete Solutions

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What is burglary? correct answer: The forced entry into another's premises with felonious intent. Under absolute liability, does an injured party need to prove negligence? correct answer: No. Absolute liability exists when a condition or conduct is inherently dangerous, so proof of negligence ...

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ExamFX Chapter 3: Types of Property Policies Questions With Complete Solutions

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Personal Lines - Includes Dwelling and Homeowners policies Commercial Lines - Business policies such as Businessowners, Commercial Property and Commercial Package policies Dwelling Property Policy - Insures properties solely used for residential purposes, can be used to insure the dwelling onl...

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Examfx Alabama Property & Casualty Insurance| 178 Questions | With Complete Solutions

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Which endorsement Is used by individual business owners who use Company vehicles for personal use rather than Buying a car? correct answer: Individual named insured What type of liablity would a person who owns wild animals have? correct answer: Absolute The designation symbols used in comme...

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ExamFX : Types of Property Policies Chapter Questions With Complete Solutions

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Dwelling ('02) Policy correct answer: Is used to insure 1-4 unit residential dwellings that are not eligible for coverage under the regular homeowners program because of age, location, value, or other factors. 3 Coverage Forms (Dwelling Program) correct answer: 1.DP 00 01- Basic 2.DP 00 02-Br...

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ExamFX Property & Casualty - Dwelling Policy Vocab Questions With Complete Solutions

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Situations to Purchase Dwelling Property Policy correct answer: •Up to 5 roomers/boarders •Up to 4 residential units, property in construction •Owner occupied or tenant occupied, mobile homes •seasonal dwellings DP 1 correct answer: Basic Form - Named Peril DP 2 correct answer: B...

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examfx property and casualty basics questions with complete solutions

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An insured has four separate but identical policies written by different insurers to cover her $100,000 building. Each policy is written for $100,000, and each has the pro rata liability other insurance clause. In the event of a total loss to the building, what would each insurer pay? correct answer...

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ExamFX Oklahoma Property and Casualty Questions With Complete Solutions

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Insurable Interest correct answer: Something that, if damaged, will cause the insured to incur financial loss Risk correct answer: Chance of loss occurring Pure Risk correct answer: Situations that can only result in loss or no change (Insurable) Speculative Risk correct answer: Involve...

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Nevada Property & Casualty ExamFx Simulation 2 Questions With Complete Solutions

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Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losses. d) Provide advance notice of cancellation. correct answer: B According to th...

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Nevada Property & Casualty ExamFx Simulation Questions With Complete Solutions

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An insured owns a building that is valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how much should he insure the property for? a) 80% of the property's replacement cost or more b) 100% of the market value c) $400,000 d) $32,000 correct answer: A Whi...

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Property and Casualty ExamFx Key Facts Questions With Complete Solutions

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Risk is correct answer: uncertainty of loss. Insurance is correct answer: a transfer of risk from the insured to the insurer. Pure risk means correct answer: there is no chance of gain. Pure risk is correct answer: insurable. Speculative risk means correct answer: you could lose or ...

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Property & Casualty – ExamFX Questions With Complete Solutions

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If an auto policy has split limits of 30/50/25, what is the maximum amount the policy will pay for injuries to one person in a single accident? correct answer: $30,000 - Split limits expressed as 30/50/25 would provide $30,000 coverage for bodily injury per person, $50,000 for all bodily injuries, ...

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