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P&C License Exam – Missouri Graded A+

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P&C License Exam – Missouri Graded A+ Insurance Concepts and Definitions Hazards - Moral Hazard: Dishonesty or character defects that increase the chance of loss (e.g., lying on an application). - Morale Hazard: Carelessness regarding a loss due to having insurance (e.g., leaving a door unl...

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  • September 2, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • pc license exam missouri graded a

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  • P&C License Exm – Missouri Graded A+
  • P&C License Exm – Missouri Graded A+

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P&C License Exam – Missouri Graded A+
Insurance Concepts and Definitions



Hazards

- Moral Hazard: Dishonesty or character defects that increase the chance of loss (e.g., lying on an
application).

- Morale Hazard: Carelessness regarding a loss due to having insurance (e.g., leaving a door unlocked).



Parts of an Insurance Policy (D-I-C-E-E)

1. Declarations: Information about who, what, when, and where (name, location, policy period,
coverages, limits, deductibles).

2. Insuring Agreement: Describes covered perils and major promises of the policy.

3. Conditions: Provisions outlining rules, duties, and obligations.

4. Endorsements: Modifies or adds coverage.

5. Exclusions: Specifies what is not covered.



Coverage Details

- Self Retention Limit: Amount of loss the insured covers out of pocket, functioning similarly to a
deductible.

- Risk Management Method: Transfer of risk among insureds.

- Adverse Selection: Tendency for higher-risk individuals to obtain and keep insurance, addressed
through underwriting.



Insurance Company Types

- Mutual Insurer: Owned by policyholders; profits are shared (participating policies).

- Fraternal Benefit Societies: Insurance for members of a specific organization.

- Reciprocal Insurers: Unincorporated groups of individuals sharing insurance, with subscribers assessed
to cover claims.

- Lloyd's Association: Insures unusual exposures (e.g., athlete’s body parts).

- Risk Retention Group: Liability insurer owned by members with similar risks.

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