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Alabama Property and Casualty Exam Questions and Correct Answers

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  • Alabama Property and Casualty
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  • Alabama Property And Casualty

A company which provides private passenger vehicles for each of its 10 sales reps would likely purchase the a. Business Auto Coverage Form b. Motor Carrier Coverage Form c. Auto Dealers Coverage Form d. Personal Auto Policy Ans Business Auto Coverage Form A business concerned with its l...

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  • August 9, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • alabama property and casualty exam questions and

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  • Alabama Property and Casualty
  • Alabama Property and Casualty

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Alabama Property and Casualty
Exam Questions and Correct
Answers

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


Ans 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

,Ans Nonrenewal




Which is the best example of an indirect loss ?




a. sequential loss


b. liability loss


c. employee theft


d. loss of use


Ans Loss of Use




Which is a two party contract?




A. property


B. casualty


C. liability


D. auto


Ans Property




Insurance Contracts offset

,a. speculative risk


b. pure risk


c. gambling


d. created risk


Ans Pure Risk




Which of the following is a third party contract ?


a. property


b. casualty


c. earthquake


d. theft


Ans Casualty




Risk is best defined as


a. chance of loss


b. certainty of loss


c. financially loss


d. sentimental loss


Ans Chance of loss

, Being subject to a loss is


a. liability


b. indemnity


c . exposure


d. subrogation


Ans Exposure




The ranking insured in a personal lines contract is the


a. named insured


b. first named insured


c. mortgagee


d. husband


Ans 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

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