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South Carolina Personal Lines Exam Questions & Answers 100% Accurate
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The reduction, decrease, or disappearance of value of a person or property insured in a policy? - ANSWER-Loss What is negligence? - ANSWER-failure to use ordinary or reasonable care Does a party need to prove negligence under absolute liability? - ANSWER-No, absolute liability exists when con...

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  • March 6, 2024
  • 38
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • south carolina personal lines exam questions ans
  • south carolina personal lines exam stuvia
  • the reduction decrease or disappearance of value

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South Carolina Personal Lines Exam Questions & Answers 100% Accurate
The reduction, decrease, or disappearance of value of a person or property insured in a policy? - ANSWER-Loss
What is negligence? - ANSWER-failure to use ordinary or reasonable care
Does a party need to prove negligence under absolute liability? - ANSWER-No, absolute liability exists when condition is inherently dangerous.
What does indemnify mean in insurance? - ANSWER-To restore insured to same financial status before a loss.
How is ACV calculated? - ANSWER-Current Replacement Cost - Depreciation
What determines insurance companies responsibility for payment, as it's stated in the policy? - ANSWER-Limits of liability
If a manufactured product is unsafe, what type of liability applies to manufacturer? - ANSWER-Strict liability
What are the two types of compensatory damages? - ANSWER-Special and general
A tornado that destroys a property would be an example of what? - ANSWER-Peril
What is the term for the causes of loss insured against in an insurance policy? - ANSWER-Peril
What sub-limit in a liability policy puts a ceiling on the payment for all claims that arise from a single accident? - ANSWER-Per occurrence What sub-limit in a liability policy puts a ceiling on the payment for bodily injury for a single person that arise from a single accident? - ANSWER-Per person
What provision states that if the policy allows for greater benefits, the insured may only be compensated only for the amount lost? - ANSWER-Indemnity
In property insurance, when must insurable interest exist? - ANSWER-At the time of the
loss
A policy that covers all causes of loss except for those specifically excluded is known as
what type of policy? - ANSWER-Open/special peril form
What type of policy insures all property at multiple locations for a single amount? - ANSWER-Blanket policy
What is burglary? - ANSWER-Forced entry into premises with felonious intent.
What type of limits of liability has the limits separately stated for different coverages? - ANSWER-Split limits
In property insurance, what is ACV? - ANSWER-Current replacement cost, minus depreciation
How are direct and indirect losses related? - ANSWER-Direct losses can cause indirect losses.
If insured peril was the proximate cause of loss, what type of loss is it? - ANSWER-
Direct
An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss is this? - ANSWER-Indirect or consequential loss What is a deductible in an insurance policy? - ANSWER-A specified dollar amount that the insured must pay before the insurer will pay the policy benefits
Both robbery and burglary can be considered what? - ANSWER-theft
Formula for coinsurance less than 80% required - ANSWER-(carried/required) * loss amount = loss payment
In property insurance, what is the purpose of a coinsurance clause? - ANSWER-To encourage insureds to insure property close to its value
Difference between vacancy and unoccupancy? - ANSWER-vacancy is when no one has live/worked and no property is stored for 60 days - like when you move out of a home to another; unoccupancy is when no one is living/working but property is stored - like when you go on vacation.
What term describes a loss caused by continuous exposure to a condition? - ANSWER-
Occurrence
What provision prevents insured from collecting twice for the same loss: from insurer and third party? - ANSWER-subrogation
Subrogation - ANSWER-when insurance company pursues third party for funds given to
insured for loss
A person who does not lock their doors shows an indifferent attitude. What type of hazard does this represent? - ANSWER-morale
What law protects consumers from the circulation of inaccurate or obsolete information?
- ANSWER-Fair Credit Reporting Act
What term defines an exact, direct, and uninterrupted cause of loss? - ANSWER-
Proximate cause what is a risk? - ANSWER-Uncertainty of loss
A situation in which a person can experience only a loss and no gain presents what type
of risk? - ANSWER-Pure risk
Wagering on a sporting event is known as what type of risk? - ANSWER-speculative risk
which is insurable pure or speculative risk? - ANSWER-pure only
A insurer discovers that an applicant for a policy submitted a fraudulent claim in the past. What type of hazard does this represent? - ANSWER-Moral
What do individuals use to transfer risk of loss to a larger group? - ANSWER-insurance
Conditions that increase chance of loss are known as what? - ANSWER-hazard
What are the three types of hazards? - ANSWER-Physical, Moral, Morale
Insurance is a contract that protects the insured from what? - ANSWER-Loss
What term includes damage where the insured peril was the proximate cause of loss? - ANSWER-Direct loss
An insured is driving her car through a residential area when she loses control and crashes into a neighbor's front porch. The neighbor, who was sitting on the porch, is injured. The insured's liability policy has a limit of $500,000. This amount applies to the total of damages for any bodily injury and property damage resulting from one accident. Which type of limit of liability does the insured have? - ANSWER-Combined Single

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