Texas Property and Casualty Exam - FX Key Facts.pdf about:bl
Texas Property and Casualty Exam – FXKey
Facts Questions & Answers
1. is uncertainty of loss
Answer risk
2. is a transfer of risk from the insured to the insurer
Answer insurance
3. risk means there is no chance of gain. It is insurable.
Answer pure
4. risk means there is a chance of a loss or a gain. It is not insurable.
Answer -
speculative
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,Texas Property and Casualty Exam - FX Key Facts.pdf about:bl
5. a is something that increases the risk.
Answer hazard
6. the principle of governs property and casualty policies. It states that
the purpose of the policy is to restore the insured financially to where they
were prior to the loss
Answer indemnity
7. must exist on a casualty policy at time of loss in order for the
policy to provide coverage.
Answer insurable interest
8. the law of is used to predict the likelihood of loss
Answer large numbers
9. is replacement cost minus depreciation.
Answer actual cash value
10. is a tort, or civil wrong; it is grounds for a lawsuit.
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,Texas Property and Casualty Exam - FX Key Facts.pdf about:bl
Answer Negligence
11. is the failure to act as a reasonable person would in the same set of
circumstances
Answer negligence
12. an happens over a period of time
Answer Occurrence
13. a may be oral or written
Answer binder
14. a provides coverage until the policy is issued. it includes all cover-
ages provided by the policy.
Answer binder
15. a is a literal truth
Answer warranty
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,Texas Property and Casualty Exam - FX Key Facts.pdf about:bl
16. a is a substantial truth. in insurance, statements of the appli-
cant/policyowner are - true to the best of their knowledge
Answer represen- tation
17. is an omission of a material fact.
Answer concealment
18. the insurer has the right to sue a negligent third party for damages paid to an
insured under the concept of
Answer subrogation
19. four parts of a policy
Answer DICE (declarations, insuring agreement, conditions, and exclusions)
20. the list the named insured, policy limits, and premium and policy
period
Answer declarations
21. the are found on the declaration page of the policy
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