UTAH Property and Casualty Insurance Exam Questions Correctly Answered.
3 views 0 purchase
Course
UTAH.
Institution
UTAH.
UTAH Property and Casualty Insurance Exam Questions Correctly Answered.
Absolute Liability - CORRECT ANSWER Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives. Also known as "strict" liability. For ex you are absolutely l...
UTAH Property and Casualty Insurance
Exam Questions Correctly Answered.
Absolute Liability - CORRECT ANSWER Liability that arises from an extremely dangerous situation.
Absolute liability is often found in cases involving explosives. Also known as "strict" liability. For ex you
are absolutely liable if you keep a wild animal as a pet.
Accident - CORRECT ANSWER A sudden and unexpected event, occurring at a specific time and place.
Actual Cash Value (ACV) - CORRECT ANSWER The cost to replace an item of property at the time of loss,
less an allowance for depreciation. Often used to determine amount of reimbursement for a loss
(Replacement Cost minus Depreciation.)
Additional Insured - CORRECT ANSWER A person, firm, or corporation other than the Named Insured on
a policy, or a lender named in a mortgage clause, who is protected against loss by the terms of the
policy.
Additional Living Expenses - CORRECT ANSWER A coverage designed to reimburse the insured for an
increase in living expenses necessitated by a loss to the dwelling. This Indirect Loss must be the result of
Direct Loss by a covered Peril.
Adjuster - CORRECT ANSWER Represents the insurance company and acts for the company in working
on agreements as to the amount of a loss and the liability of the company.
Admitted Company - CORRECT ANSWER A company that meets the state insurance department's
standards and is authorized by the Director to do business in the state.
Agent/Producer - CORRECT ANSWER An individual appointed by an insurance company to solicit,
negotiate, effect, or countersign insurance contracts on its behalf.
Aggregate Limit - CORRECT ANSWER A type of policy limit found in Liability policies that limits coverage
to a specified total amount for all losses occurring within the policy period.
, Alien Company - CORRECT ANSWER An insurance company incorporated in a country other than the
United States
Allied Lines - CORRECT ANSWER Property coverages that are closely associated with and frequently sold
with fire insurance: Dwelling Building and Contents form, Earthquake insurance, Sprinkler Leakage, etc.
All-Risk Insurance - CORRECT ANSWER Insurance protecting the insured from loss arising from any Peril
other than those specifically excluded by name. This contrasts with Named Peril Insurance, which names
the Peril or Perils insured against.
Application - CORRECT ANSWER A questionnaire that is filled out by an agent and the prospect seeking
insurance. The form contains rating and underwriting information. The applicant is expected to make
representations by answering questions to the best of his knowledge (truthfully).
Appraisal - CORRECT ANSWER If the insured and insurer cannot agree on the amount of loss, either may
demand an appraisal, If demanded, each will select an appraiser, who jointly will select an umpire. The
appraisers will appraise the loss and either agree or submit differences to the umpire. Agreement by any
two of the three will be binding. Each party will pay its own appraiser and share equally the expenses of
the appraisal and the umpire.
Appurtenant Structure - CORRECT ANSWER A structure belonging to the insured structure, such as a
tool shed. Appurtenant structures are provided for in the Homeowners policy and other Dwelling
policies. This coverage is often called Other Structures or Out Buildings.
Assigned Risk - CORRECT ANSWER There are some applicants that underwriters do not care to insure,
but because of state law or otherwise, must be provided protection. To become authorized, a Casualty
company must agree to participate in the Assigned Risk Pool and take its turn providing Auto insurance
to high-risk drivers. Also known as the auto insurance "plan".
Audit - CORRECT ANSWER A survey of the financial records of the insured conducted to determine
exposures, limits, etc., \which are needed to calculate the premium. The initial premium is only a
deposit.
Bailee - CORRECT ANSWER A person who has temporary custody of property belonging to another
person. An example of a bailee: the dry cleaners.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
