100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Wisconsin Casualty INSURANCE Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) $12.99   Add to cart

Exam (elaborations)

Wisconsin Casualty INSURANCE Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

 11 views  0 purchase
  • Course
  • Wisconsin Casualty Insurance
  • Institution
  • Wisconsin Casualty Insurance

Wisconsin Casualty INSURANCE Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) A situation in which a person can experience only a loss and no gainpresents what type of risk? ANS Pure Risk 2. A tornado that destroys a property would be an example of what? ANS Peril 3. Wh...

[Show more]

Preview 4 out of 31  pages

  • August 3, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Wisconsin Casualty Insurance
  • Wisconsin Casualty Insurance
avatar-seller
TIPSCORE
Wisconsin Casualty INSURANCE.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Casualty%20I




Wisconsin Casualty Insurance Exam Questions &

Answers


1. A situation in which a person can experience only a loss and no gainpresents

what type of risk?

ANS Pure Risk

2. A tornado that destroys a property would be an example of what?

ANS Peril

3. What type of authority is based on the agent's actions, or words?

ANS Apparents

4. If an insurer holds a Certificate of Authority, it is know as what type ofinsurer?

ANS Authorized or admitted

5. What document is required for an insurance company to transact insur-ance?

ANS Certificate of Authority

6. Insurers are classified according to their domicile.What are the three typesof insurers?

ANS Domestic, Foreign, and Alien





1 of 31 8/2/2024, 4:59

,Wisconsin Casualty INSURANCE.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Casualty%20I




7. What would a misrepresentation on an insurance application be consideredfraud?

ANS When it is material and intentional

8. What provision states that if a policy allows for greater benefits than the financial loss

incurred, the insured may be compensated only for the amountlost?

ANS Indemnity

9. In insurance contracts, when is the offer usually made?

ANS When the insuranceapplication is submitted

10. What is the term for the causes of loss insured against in an insurancepolicy?

ANS Peril

11. In insurance contracts, when does acceptance usually occur?

ANS When theinsurer approves a prepaid application

12. What do individuals use to transfer their risk of loss to a larger group?

ANS -

Insurance

13. Insurance contracts are aleatory in nature.What does that mean?

ANS Unequalvalues are exchanged between the parties to a contract.

14. What type of insurer is formed under the laws of another state?

ANS Foreign





2 of 31 8/2/2024, 4:59

,Wisconsin Casualty INSURANCE.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Casualty%20I




15. According to the Laws of Agency, who represents the principal?

ANS The Agentor producer

16. What is consideration in an Insurance Contract?

ANS Consideration is some-thing of value that each party gives to the other. Consideration

on the part of theinsurer is binding

17. What does the term reasonable expectation mean in insurance?

ANS Certain expectations for coverage that a reasonable person would have based on sources

other than just the policy.

18. What does indemnify mean in insurance?

ANS To restore an insured to the samefinancial status as before the loss

19. What does the term unilateral contract mean?

ANS A unilateral contract is aone-sided contract. This means only one party makes an

enforceable promise









3 of 31 8/2/2024, 4:59

,Wisconsin Casualty INSURANCE.pdf file:///C:/Users/HP/Desktop/eewwww/Wisconsin%20Casualty%20I




20. What are the four elements of an insurance contract?

ANS Agreement, consid-eration, competent parties and legal purpose

21. What is a warranty in an insurance contract?

ANS An absolutely true statementupon which the validity of the policy depends

22. What are the three types of hazards?

ANS Physical, Moral, Morale

23. What are three types of agent authority?

ANS express, implied, apparent

24. What are the methods of managing risk?

ANS Avoidance, transfer, sharing, reten-tion, and reduction

25. Wagering on a sporting event is known as what type of risk?

ANS Speculative

26. What is consideration on the part of the insurer?

ANS A promise to pay in theevent of a loss

27. What are the five characteristics of an ideally insurable risk?

ANS Loss must be,due to chance, definite and measurable, statistically predictable, not

catastrophic, and coverage cannot be mandatory







4 of 31 8/2/2024, 4:59

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TIPSCORE. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79650 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart