Property and Casualty Insurance Test 95Question Notes and
Answers all answers 100%correctly verified latest update 2024
RATED A+
What is a peril? - CORRECT ANSWERS A Peril is a cause of loss
What is a hazard? - CORRECT ANSWERS Something that increases the chance of
a loss
What is the difference between a Moral hazard and a Morale Hazard? - CORRECT
ANSWERS Moral Hazard - dishonesty, against the law
Morale Hazard - carelessness
What is the method of handling risk that involves a deductible? - CORRECT
ANSWERS Retention (loss or portion of loss)
If a fire causes damage to a building, what is the fire considered? - CORRECT
ANSWERS A Peril
What are the elements of an insurable risk? - CORRECT ANSWERS CANHAM
Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable
If an insurance company is housed in T ennessee, what type of insurer are they
considered? - CORRECT ANSWERS Domestic
An insurance company incorporated in Wisconsin and conducting business in
Minnesota is know as what type of insurer? - CORRECT ANSWERS Foreign
What is it meant by "Express Authority"? - CORRECT ANSWERS Authorities are
written in agent contract
What is a term that is typically used to describe an Insurance Agent? - CORRECT
ANSWERS Fiduciary - a person in a position of financial trust
Property and Casualty Insurance Test 95Question Notes and Answers all
answers 100%correctly verified latest update 2024 RATED A+
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Property and Casualty Insurance Test 95Question Notes and
Answers all answers 100%correctly verified latest update 2024
RATED A+
What is a contract or device for transferring risk from a persons, business, or
organization to an insurance company? - CORRECT ANSWERS Insurance
What is Reinsurance? - CORRECT ANSWERS When insurance companies purchase
insurance to cover their own exposures to loss
What is a fiduciary? - CORRECT ANSWERS A person in a position of financial trust
What is it meant by a contract of adhesion? - CORRECT ANSWERS Policy written
by the insurer with the insured having no input
What part of the insurance policy shows the premium payment? - CORRECT
ANSWERS Declarations page
What are the duties of the insured after a loss? - CORRECT ANSWERS Notice to
insurer, protect property from further damage, Proof of loss, property available for
inspection, examination under oath if needed, cooperate with insurer
What is the FCRA? - CORRECT ANSWERS Fair Credit Reporting Act - If the insurer
uses credit, must inform insured
What are the parts to an insurance contract? - CORRECT ANSWERS Declarations,
Conditions, Insuring Agreements, and Exclusions
When an insured decides to cancel an insurance policy before the expiration date,
how is the unearned premium returned? - CORRECT ANSWERS Short-Rate basis
What are the three basic perils? - CORRECT ANSWERS Fire, Lightning, and
Internal Explosion
Property and Casualty Insurance Test 95Question Notes and Answers all
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