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SC P&C INSURANCE EXAM STUDY GUIDE QUESTIONS WITH ACTUAL SOLUTIONS
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SC P&C INSURANCE EXAM STUDY GUIDE QUESTIONS WITH ACTUAL SOLUTIONS
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SC P&C INSURANCE EXAM STUDYGUIDE QUESTIONS WITH ACTUAL
SOLUTIONS
Abandonment vv- vvAnswerthe vvabdication vvof vvinsured vvproperty vvinto vvthe vvhands vvof
vvanother, vvor vvinto vvthe vvpossession vvof vvno vvone vvin vvparticular
Absolute vvLiability vv- vvAnswerLiability vvthat vvarises vvfrom vvan vvextremely vvdangerous
vvsituation. vvOften vvfound vvin vvcases vvinvolving vvexplosives. vvAlso vvknown vvas
vv"strict" vvliability. vvFor vvexample, vvyou vvare vvabsolutely vvliable vvif vvyou vvkeep vva
vvwild vvanimal vvas vva vvpet.
Accident vv- vvAnsweran vvunplanned, vvunforseen vvevent vvwhich vvoccurs vvsuddenly
vvand vvat vva vvspecific vvplace
Actual vvCash vvValue vv- vvAnswerthe vvrequired vvamount vvto vvpay vvdamages vvfor
vvproperty vvloss, vvwhich vvis vvcalculated vvbased vvon vvthe vvproperty's vvcurrent
vvreplacement vvvalue vvminus vvdepreciation
Additional vvCoverage vv- vvAnswera vvprovision vvin vvan vvinsurance vvpolicy vvthat vvallows
vvfor vvmore vvcoverage vvfor vva vvspecific vvloss vvexpense vvwithout vvan vvincrease vvin
vvpremium
Additional vvInsureds vv- vvAnswerindividuals vvor vvbusiness vvthat vvare vvnot vvnamed vvas
vvinsured vvon vvthe vvdecleration vvpage, vvbutr vvare vvprotected vvby vvthe vvpolicy, vvusually
vvin vvregard vvto vva vvspecific vvinterest
Adhesion vv- vvAnswerA vvcontract vvoffered vvon vva vv"take-it-or-leave-it" vvbasis vvby vvan
vvinsurer, vvin vvwhich vvthe vvinsured's vvonly vvoption vvis vvto vvaccept vvor vvreject vvthe
vvcontract. vvAny vvambiguities vvin vvthe vvcontract vvwill vvbe vvsettled vvin vvfavor vvof vvthe
vvinsured.
Admitted vvInsurer vv- vvAnswerAn vvinsurer vvto vvwhich vva vvstate vvinsurance
vvdepartment vvhas vvgranted vva vvlicense vvto vvdo vvbusiness vvwithin vvthat vvstate.
,Adverse vvSelection vv- vvAnswerIn vvgeneral, vvthe vvtendency vvfor vvpeople vvwith vvthe
vvgreatest vvprobability vvof vvloss vvto vvbe vvthe vvones vvmost vvlikely vvto vvpurchase
vvinsurance.
Agent vv- vvAnsweran vvindividual vvwho vvis vvlicensed vvto vvsell, vvnegotiate, vvor vveffect
vvinsurance vvcontracts vvon vvbehalf vvof vvan vvinsurer
Aggregate vvLimit vv- vvAnswerthe vvmaximum vvamount vvan vvinsurer vvwill vvpay vvfor vvall
vvcovered vvlosses vvduring vvthe vvcovered vvpolicy vvperiod
Agreed vvValue vv- vvAnswerA vvproperty vvpolicy vvwith vva vvprovision vvagreed vvupon vvby
vvthe vvinsurer vvand vvinsured vvas vvto vvthe vvamount vvof vvinsurance vvthat vvrepresents
vva vvfair vvvaluation vvfor vvthe vvproperty vvat vvthe vvtime vvthe vvinsurance vvis vvwritten.
Aleatory vv- vvAnswerA vvcontract vvin vvwhich vvparticipating vvparties vvexchange vvunequal
vvamounts. vvthe vvamount vvthe vvinsured vvwill vvpay vvin vvpremiums vvis vvunequal vvto
vvthe vvamount vvthe vvinsurer vvwill vvpay vvin vvthe vvevent vvof vva vvloss.
Alien vvInsurer vv- vvAnsweran vvinsurance vvcompany vvthat vvis vvincorporated vvoutside
vvthe vvU.S.
Apparent vvAuthority vv- vvAnswerThe vvappearance vvor vvthe vvassumption vvof vvauthority
vvbased vvon vvthe vvactions, vvwords, vvor vvdeeds vvof vvthe vvprincipal vvor vvbecause vvof
vvcircumstances vvthe vvprincipal vvcreated.
Appraisal vv- vvAnsweran vvassesment vvof vvproperty vvto vvdetermine vveither vvthe
vvcorrect vvamount vvof vvinsurance vvto vvbe vvwritten vvor vvthe vvamount vvof vvloss vvto vvbe
vvpaid
Arbitration vv- vvAnswerA vvprocess, vvagreed vvto vvby vvparties vvto vva vvdispute vvin vvlieu
vvof vvgoing vvto vvcourt, vvby vvwhich vva vvneutral vvperson vvor vvbody vvmakes vva vvbinding
vvdecision
Assignment vv- vvAnswerthe vvtransfer vvof vvlegal vvright vvor vvinterest vvin vvan vvinsurance
vvpolicy, vvin vvP&C vvususally vvonly vvvalid vvwith vvprior vvwritten vvconsent vvof vvthe
vvinsurer
Authorized vvInsurer vv- vvAnswerAn vvinsurance vvcompany vvthat vvhas vvqualified vvand
vvreceived vva vvCertificate vvof vvAuthority vvfrom vvthe vvDepartment vvof vvInsurance vvto
vvtransact vvinsurance vvin vvthe vvstate.
Auto vv- vvAnswera vvland vvmotor vvvehicle, vvtrailer vvor vvsemi-trailer vvdesigned vvfor vvuse
vvon vvpublic vvroads
, Avoidance vv- vvAnswerA vvmethod vvof vvdealing vvwith vvrisk vvby vvdeliberately vvkeeping
vvaway vvfrom vvit vv(e.g. vvif vva vvperson vvwanted vvto vvavoid vvthe vvrisk vvof vvbeing vvkilled
vvin vvan vvairplane vvcrash, vvhe/she vvmight vvchoose vvnever vvto vvfly vvin vva vvplane).
Bailee vv- vvAnswerOne vvwho vvholds vvthe vvpersonal vvproperty vvof vvanother vvfor vva
vvspecific vvpurpose.
Beneficiary vv- vvAnswerthe vvone vvwho vvrecieves vvthe vvproceeds vvfrom vvan vvinsurance
vvpolicy
Binder vv- vvAnswerA vvtemporary vvinsurance vvcontract vvthat vvforms vvan vvoral vvor
vvwirtten vvagreement vvbetween vvthe vvinsurance vvcompany vvand vvthe vvcustomer.
Blanket vvBond vv- vvAnswera vvtype vvof vvbond vvthat vvcovers vvlosses vvcaused vvby
vvdishonest vvemployees
Blanket vvInsurance vv- vvAnswerA vvsingle vvproperty vvinsurance vvpolicy vvthat vvprovides
vvcoverage vvfor vvmultiple vvclasses vvof vvproperty vvat vvone vvlocation, vvor vvprovides
vvcoverage vvfor vvone vvor vvmore vvclasses vvof vvproperty vvat vvmultiple vvlocations.
Bodily vvInjury vvLiability vv- vvAnswerInsurance vvthat vvprotects vva vvdriver vvfrom vvclaims
vvresulting vvfrom vvinjuries vvor vvdeaths vvfor vvwhich vvthe vvinsured vvis vvat vvfault
Boycott vv- vvAnswerAn vvunfair vvtrade vvpractice vvin vvwhich vvone vvperson vvrefuses vvto
vvdo vvbusiness vvwith vvanother vvuntil vvhe vvor vvshe vvagrees vvto vvcertain vvconditions.
Builder's vvRisk vvCoverage vvForm vv- vvAnswerThis vvcoverage vvform vvprovides
vvcoverage vvfor vvbuildings vvthat vvare vvunder vvconstruction. vvCan vvalso vvbe vvused vvto
vvcover vva vvbuilding vvwhile vvadditions vvand vvalterations vvare vvbeing vvmade vvto vvthe
vvstructure.
Building vvand vvPersonal vvProperty vvCoverage vvForm vv- vvAnswerA vvcommercial
vvproperty vvform vvthat vvcovers vvbuildings, vvand/or vvtheir vvcontents.
Burglary vv- vvAnswerentering vva vvbuilding vvunlawfully vvwith vvintent vvto vvcommit vva
vvfelony vvor vvto vvsteal vvvaluable vvproperty
Cancellation vv- vvAnswerthe vvtermination vvof vvan vvin-force vvinsurance vvpolicy vvby
vveither vvthe vvinsurer vvor vvthe vvinsured vvprior vvto vvthe vvexpiration vvdate vvshown vvon
vvthe vvpolicy
Casualty vvInsurance vv- vvAnswerA vvtype vvof vvinsurance vvthat vvis vvprimarily
vvconcerned vvwith vvthe vvlegal vvliability vvfor vvlosses vvcaused vvby vvinjury vvto vvpersons
vvor vvdamage vvto vvthe vvproperty vvof vvothers.
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