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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)

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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...

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  • August 3, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Wisconsin Casualty Insurance
  • Wisconsin Casualty Insurance
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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





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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





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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









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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







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