Texas Property and Casualty practice exam with Solutions
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Course
Texas Property and Casualty
Institution
Texas Property And Casualty
Texas Property and Casualty practice exam with Solutions
Coverage for water backup or sump
pump overflow is excluded from the
Dwelling Policy. However, with the pur-
chase of the water backup and sump
pump overflow endorsement, coverage
for up to $5,000 in loss or damage can
be provided for ...
Texas Property and Casualty practice exam with Solutions
Coverage for water backup or sump
pump overflow is excluded from the
$250
Dwelling Policy. However, with the pur-
chase of the water backup and sump
Coverage for up to $5,000 in loss or dam-
pump overflow endorsement, coverage
age, subject to a $250 deductible, can be
for up to $5,000 in loss or damage can
provided for an additional premium with
be provided for an additional premium.
this endorsement.
What is the deductible associated with
this coverage?
An insured relocated to another state for
Unoccupied
work. However, she still owns and in-
sures a house in this state, but has had
Unoccupancy refers to an insured struc-
no one living in it for 3 months. She is
ture in which no people have been living
also storing some furniture and clothes
or working within the required period of
in the house. From an insurance stand-
time, but the structure contains contents.
point, the insured's house is considered
Equipment dealers coverage form
An equipment dealer's coverage form
Individuals in the business of selling con- covers a dealer's stock in trade consist-
struction equipment and mobile equip- ing primarily of mobile agricultural equip-
ment should insure with a/an ment and construction equipment. It also
covers property of others in the deal-
er's care, custody, or control. It excludes
coverage for autos, motorcycles, aircraft,
and watercraft.
It must be paid in advance.
It is an estimated premium paid at the
policy issue.
All of the following are true regarding
deposit premium It could be adjusted by the audit.
Deposit premium is an estimated premi-
um paid in advance at the time the policy
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, Texas Property and Casualty practice exam with Solutions
is issued that may be adjusted by the
audit based on actual exposures.
Which of the following is NOT an essen-
counteroffer
tial element of an insurance contract?
Insurable Interest
To purchase insurance, the policyowner
The insured must have an insurable in-
must have financial interest in the prop-
terest in the person or property covered
erty being insured. This is known as
by an insurance policy. In property insur-
ance, this means the insured would incur
a financial loss if the insured property
was damaged.
What type of property does a Personal Movable personal property, wherever it
Floaters policy cover? may be located
Events or conditions that increase the
chances of an insured loss occurring are Hazards
referred to as
Workers compensation statutes provide
coverage for diseases that occur as a re-
sult of working in the employer's working An employee of a medical facility who
environment. Which of the following is an suffers from a common cold
example of a disease that would NOT be
covered by such provisions?
When a direct chain of events resulting
from a negligent act causes injury or The proximate case
damage, that act is considered to be
Perils
The causes of loss insured against in an
insurance policy are known as
Perils are the causes of loss insured
against in an insurance policy.
Surety bonds are written for a definite
The Bond Penalty
limit called
Insurance is the transfer of Risk
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