Exam (elaborations)
STATE FARM P&C LICENSING EXAM QUESTIONS AND ANSWERS
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STATE FARM P&C LICENSING EXAM QUESTIONS AND ANSWERS
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STATE FARM P&C LICENSING EXAMQUESTIONS AND ANSWERS
RISK - Answers -UNCERTAINTY OF LOSS
INSURANCE - Answers -TRANSFER OF RISK FROM THE INSURED TO THE
INSURER
PURE RISK - Answers -NO CHANCE OF GAIN; INSURABLE
SPECULATIVE RISK - Answers -A CHANCE OF LOSS OR GAIN; NOT INSURABLE
HAZARD - Answers -SOMETHING THAT INCREASES THE RISK
PRINCIPLE OF INDEMNITY - Answers -STATES THAT THE PURPOSE OF THE
POLICY IS TO RESTORE THE INSURED FINANCIALLY TO WHERE THEY WERE
PRIOR TO THE LOSS
INSURABLE INTEREST - Answers -MUST EXIST ON A CAUALTY POLICY AT TIME
OF LOSS IN ORDER FOR THE POLICY TO PROVIDE COVERAGE
LAW OF LARGE NUMBERS - Answers -USED TO PREDICT THE LIKELIHOOD OF
LOSS
ACTUAL CASH VALUE (ACV) - Answers -REPLACEMENT COST MINUS
DEPRECIATION
NEGLIGENCE - Answers -TORT, OR A CIVIL WRONG;
GROUNDS FOR A LAWSUIT;
THE FAILURE TO ACT AS A REASONABLE PERSON WOULD IN THE SAME
CIRCUMSTANCES
OCCURENCE - Answers -HAPPENS OVER A PERIOD OF TIME
BINDER - Answers -MAY BE ORAL OR WRITTEN;
PROVIDES COVERAGE UNTIL THE POLICY IS ISSUED;
INCLUDES ALL COVERAGES PROVIDED BY THE POLICY
WARRANTY - Answers -LITERAL TRUTH
REPRESENTATION - Answers -SUBSTANTIAL TRUTH;
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