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California property and casualty exam Questions with Answers (Latest 2023 Update)
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California property and casualty exam Questions with Answers (Latest 2023 Update)
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California property and casualty exam Questions with Answers (Latest 2023 Update)The process where by a mutul insurer becomes a stock company is called - Correct Answer ✅Demutalization
The process whereby a stock company a mutal insurer is called - Correct Answer ✅Mutalization
The provision in a property policy which states that the insured has been paid up to their insurable interest is - Correct Answer ✅Valuation clause
The part of the policy that states the amout of coverage the insured property policy period is - Correct Answer ✅Declaration
Part of the policy that establishes limits upon the insurer and the insured with the insuance policy - Correct Answer ✅Conditions
Which are the characterics of negligence - Correct Answer ✅Duty,breach,proximate cause, damages California property and casualty exam Questions with Answers (Latest 2023 Update)
Which of the following is not a federal program - Correct Answer ✅Worker' compensation
Absolute risk(liability) is imposed - Correct Answer ✅When there is negligence whether proven or not
X is in an accident with Y . X suffers $5000 of damage but it is determined that
X is 60% responsible for the accident. How much would X receive under CONTRIBUTORY negligence rules? - Correct Answer ✅$0
what is the main purpose of tort law - Correct Answer ✅to determine financial responsibillty for damage
what of the following is not considered an intentional tort? - Correct Answer
✅Auto accident
Which of the following statements is true regarding compensatory damages?
- Correct Answer ✅There is usually no direct correlation between the amount of general and special damages awarded to the victim California property and casualty exam Questions with Answers (Latest 2023 Update)
The insurer decides not to renewan insured's personal auto policy. How much notice must the insurer provide to the insured - Correct Answer ✅30 days
an insured's loss reserve for a claim isan estimate of the amount insurer will pay for present and future loss, which of the following is an example of loss prevention - Correct Answer ✅a homeowner decides not to install a pool in the backyard
which of the following describes the act of making a false entry in any book statement of report of any insurer with the intent to device any examiner lawfully appointed to examine the insured's - Correct Answer ✅an unfair practice
a person can base his/her claim for liability on the basis of all of the following EXCEPT - Correct Answer ✅breach of liability
the term "assignment"refers to - Correct Answer ✅the transfer of the insured's interest in a policy to another party California property and casualty exam Questions with Answers (Latest 2023 Update)
the term "subrogation" refers to - Correct Answer ✅the insured's right to recover payment from a responsible 3rd party
insur's right to recover the payment of the claim after they paid the insured for their property losses a negligent 3rd party is know as, - Correct Answer ✅subrogation
an insurance deductible is - Correct Answer ✅the amount of covered expense that the insured pays before the insurer pays,
all of the following are requirements for a notice by mail to an insured by insurer except - Correct Answer ✅notice must be sent with return receipt required
which of the following is considered special damages - Correct Answer ✅Compensation for time away from work
Which advisory organization(s) develop forms for the standard market? - Correct Answer ✅Insurane service office and American association of insurances
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