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Alabama Property and Casualty Exam Questions With Answers
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Alabama Property and Casualty Exam Questions With Answers
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Alabama Property and Casualty ExamQuestions and Answers
If a company cancels an auto policy midterm, the refund will be made on
a. pro rata basis
b. short rate basis
c. retroactive basis
d. coinsurance basis –ANSWER; Pro Rata Basis
What is the term used to describe terminating the insurance relationship at the
end of the policy period ?
a. cancellation
b. nonrenewal
c. separation
d. exclusion - ANSWER; Nonrenewal
Which is the best example of an indirect loss ?
a. sequential loss
b. liability loss
c. employee theft
d. loss of use - ANSWER; Loss of Use
Which is a two party contract?
A. property
B. casualty
C. liability
D. auto - ANSWER; Property
Insurance Contracts offset
a. speculative risk
b. pure risk
c. gambling
d. created risk - ANSWER; Pure Risk
Which of the following is a third party contract ?
, a. property
b. casualty
c. earthquake
d. theft - ANSWER; Casualty
Risk is best defined as
a. chance of loss
b. certainty of loss
c. financially loss
d. sentimental loss - ANSWER; Chance of loss
Being subject to a loss is
a. liability
b. indemnity
c . exposure
d. subrogation - ANSWER; Exposure
The ranking insured in a personal lines contract is the
a. named insured
b. first named insured
c. mortgagee
d. husband - Named Insured
To be paid under a P&C contract, insurable interest must exist
a. at the time of the application
b. on the policy date
c. at the time of the loss
d. at the time of claim settlement - ANSWER; At the time of the loss
This type of company benefits the policyowners
a. stock
b. mutual
c. foreign
d. alien - ANSWER; Mutual
Ohio Casualty is doing regular business in Indiana. Within the State of Indiana,
Ohio Casualty would be considered ?
a. domestic company
b. nonadmitted company
c. alien company
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