Property and Casualty Exam 2023 with 100% correct answers
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Course
Oklahoma Property and Casualty
Institution
Oklahoma Property And Casualty
the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - correct answertrue
which of the following coverages does an open peril policy provide? - correct answerperils other t...
Property and Casualty Exam
the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - correct answertrue
which of the following coverages does an open peril policy provide? - correct answerperils other than those specifically named as being excluded
determine the actual cash value in the following situation: original price of office equiptment when purchased 8 years ago- 9,000. depreciated amount at time of fire-5,000 current replacement cost 12,000
- correct answer7,000
liquor liability - correct answerneed for a dram shot, liquor, or package store
inherent vice or defect - correct answeriron rusting, milk going sour, rubber breaking down are all inherent vices
how is hitting an animal on the road covered? - correct answerother than collision otc
medicare supplement insurance - correct answeraka medical gap insurance. must include core benefits
ordinance or law - correct answeran endorsement for building code upgrades
loss sustained/discovery forms under crime coverage - correct answerloss is for later than the policy period. discovery is for before the policy (loss is later, discovery before)
designated brush fire or civil unrest areas - correct answerqualifying areas under the fair plan
stop loss provision - correct answerused in health insurance to limit the maximum amount of money the
insured would have to pay out of pocket on a health claim in any particular claim shortages of inventory - correct answerunder crime insurance the employee dishonesty endorsement never covers
can the mortgagee still collect if the insured burns their house down - correct answeryes, the mortgage clause is a standard provision
otc covers - correct answerearthquake, flood, hail, theft, hitting an animal, gunshots (no collision or upset)
law of large numbers - correct answerthe greater the number of insured the more accurately the prediction
where does a driver have coverage? - correct answerU.S. Canada and US possessions eg puerto rico, guam
what is excluded under commercial general liability? - correct answerpollution-with the exception of fuel spilled during normal operations. Pollution is normally covered under cpp or builders risk
what is the midi-tail on claims made? - correct answerprovides 5 years coverage for something reported during minitail
speculative risk - correct answerchance for loss or gain
commercial package - correct answermodular policy
Binder - correct answera temp insuring contract (written or oral)
Hazard - correct answeranything that increases a chance for loss
OTC - correct answeranything causing loss or damage to the car, except collision
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