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ALABAMA PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS 2025 A+ GRADED $13.19   Add to cart

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ALABAMA PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS 2025 A+ GRADED

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ALABAMA PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS 2025 A+ GRADED If a company cancels an auto policy mid term, 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 terminati...

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  • October 17, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • alabama
  • alabama property
  • ALABAMA PROPERTY AND CASUALTY
  • ALABAMA PROPERTY AND CASUALTY
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ALABAMA PROPERTY AND CASUALTY EXAM
QUESTIONS AND ANSWERS 2025 A+ GRADED

If a company cancels an auto policy mid term, 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. indemnityc .

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 - Answer 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

d. foreign company - Answer Foreign Company



Ohio Casualty is doing regular business in Indiana. Within the State of Indiana, Ohio Casualty
would be considered ?

a. admitted company

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