Central Insurance School 2-20 Revision Exam Questions With Verified Solutions.
5 views 0 purchase
Course
Devoted Agent Certification
Institution
Devoted Agent Certification
The most accurate description of Pure Risk is which of the following?
-Insurable
-chance of financial loss
-only eligible if the insured can see the damage
-not insurable - Answer insurable
Which of the following can be found in Definitions?
-Who is an insured?
-Duties of the insured ...
Central Insurance School 2-20 Revision
Exam Questions With Verified Solutions.
The most accurate description of Pure Risk is which of the following?
-Insurable
-chance of financial loss
-only eligible if the insured can see the damage
-not insurable - Answer insurable
Which of the following can be found in Definitions?
-Who is an insured?
-Duties of the insured at time of loss
-Intentionally causing damage to their property
-Coverage territory - Answer Who is an insured?
Which of the following can be found in "Conditions"?
-Who is an insured?
-Duties of the insured at time of loss
-Intentionally causing damage to their property
-Coverage territory - Answer Duties of the insured at time of loss
All of the following choices are found on Declarations page Except:
-Carrier's home address
-Who the insurer will pay
-date of expiration
-exclusions - Answer Exclusions
What is an "Exclusion"? - Answer Events not payable under the policy
,What is a Deposit Premium? - Answer A partial premium placed as a down payment at the start of the
policy
.
Which of the following best describes a "binder"?
-Policy was received by the insured
-Temporary insurance
-Exclusions from the written contract
-Requirement is that the policies must be bound in a bound book - Answer Temporary insurance
The most accurate definition of a Contract of Adhesion is: - Answer contract created by insurance
company; insured cannot negotiate terms; ambiguities in favor of insured
What is NOT a source of underwriting?
-Exclusions
-Application
-Inspection Form
-Public Records - Answer Exclusions
What section in the PAP describes payment to others if the insured damages others? - Answer Liability
Fire loss in the insured home would be considered? - Answer peril
What is the definition of a "hazard"? - Answer increases the likelihood of a loss
What type of risk is known for unconscious mental attitude (accident proneness)?
-Physical
-Moral
, -Morale
-Coinsurance - Answer Morale
If an employee steals from his/her employer, what kind of hazard does this represent? - Answer Moral
A tree hits the insured's house. The damage is covered because of what concept? - Answer Direct Loss
Spoilage of food resulting from loss of power is known as: - Answer Consequential damage
Mortgage company rights include all Except:
-Can pay the premium if not paid by insured
-Right of notification if insured terminates coverage
-Have the mortgage company name on claim check
-Has NO rights under the insured's policy - Answer Has NO rights under the insured's policy
Under Lender's Interest, what is a mortgagee? - Answer person or financial institution which loans
money on a real property
An insurer agrees in advance to a State Amount. This is known as - Answer Agreed Value
Insured agrees to carry a certain amount of the property value in insurance. If the insured is penalized
because he does not maintain adequate coverage, this is known as? - Answer Coinsurance
Maximum amount the insurer is obligated to pay under the insurance coverage? - Answer Limit of
Insurance
If there are not enough contents in the structure, the building is considered? - Answer Vacant
One limit for all items is: - Answer Blanket Insurance
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 TestSolver9. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
