California property and casualty Exam Questions Solved Correctly.
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Course
CA Component
Institution
CA Component
The process where by a mutul insurer becomes a stock company is called - Answer Demutalization
The process whereby a stock company a mutal insurer is called - Answer Mutalization
The provision in a property policy which states that the insured has been paid up to their insurable interes...
California property and casualty Exam
Questions Solved Correctly.
The process where by a mutul insurer becomes a stock company is called - Answer Demutalization
The process whereby a stock company a mutal insurer is called - Answer Mutalization
The provision in a property policy which states that the insured has been paid up to their insurable
interest is - Answer Valuation clause
The part of the policy that states the amout of coverage the insured property policy period is - Answer
Declaration
Part of the policy that establishes limits upon the insurer and the insured with the insuance policy -
Answer Conditions
Which are the characterics of negligence - Answer Duty,breach,proximate cause, damages
Which of the following is not a federal program - Answer Worker' compensation
Absolute risk(liability) is imposed - Answer When there is negligence whether proven or not
X is in an accident with Y. X suffers $5000 of damage but it is determined that X is 60% responsible for
the accident. How much would X receive under CONTRIBUTORY negligence rules? - Answer $0
what is the main purpose of tort law - Answer to determine financial responsibillty for damage
what of the following is not considered an intentional tort? - Answer Auto accident
,Which of the following statements is true regarding compensatory damages? - Answer There is usually
no direct correlation between the amount of general and special damages awarded to the victim
The insurer decides not to renewan insured's personal auto policy. How much notice must the insurer
provide to the insured - Answer 30 days
an insured's loss reserve for a claim isan estimate of the amount insurer will pay for present and future
loss, which of the following is an example of loss prevention - Answer a homeowner decides not to
install a pool in the backyard
which of the following describes the act of making a false entry in any book statement of report of any
insurer with the intent to device any examiner lawfully appointed to examine the insured's - Answer an
unfair practice
a person can base his/her claim for liability on the basis of all of the following EXCEPT - Answer breach
of liability
the term "assignment"refers to - Answer the transfer of the insured's interest in a policy to another
party
the term "subrogation" refers to - Answer the insured's right to recover payment from a responsible
3rd party
insur's right to recover the payment of the claim after they paid the insured for their property losses a
negligent 3rd party is know as, - Answer subrogation
an insurance deductible is - Answer the amount of covered expense that the insured pays before the
insurer pays,
all of the following are requirements for a notice by mail to an insured by insurer except - Answer
notice must be sent with return receipt required
which of the following is considered special damages - Answer Compensation for time away from work
,Which advisory organization(s) develop forms for the standard market? - Answer Insurane service
office and American association of insurances
Which of the following would be considered special dmamges? - Answer Lost wages
What do the initials S.tA.R.R reperesent? - Answer Methods of risk mamagement
All of the following would be considered benfits of insurance except - Answer Retention of loss by the
insured
What gives an insured party the right to seek compensation if it is proven that another person with
negligence contributed to the injury - Answer Tort law
What of the following is NOT one the three main types of insurance losses - Answer Financial loss
Under a special cause of loss form if a landslide is caused by an unnatural flow of water due to improper
grading, the loss is, - Answer Excluded under the concurrent causation
An open peril policy protects agaginst the loss from - Answer Any peril, other than those specifically
excluded
What factor supportd the principle of indemnity? - Answer Insurable interest
All of the following are characteristics of an ideally insurable loss exposure"except" - Answer Losses
that are catastrophic
The amount to replace property with " like property of the same quality and construction" is the
properties - Answer Replacement value
All of the following are considered intentional torts - Answer except, Assult
, What is the difference between per accident limit in a split limit policy and single limits - Answer There
is no difference
The intentional relinquishment of known right is - Answer Waivier
Which type of loss is a business retirement or disability of key employee, exposed to death retirement or
disability of key employee, - Answer Personnel loss exposure
The amount to replace an insured's damaged property - Answer less depreciation, is know as the,
Actual cash value
The commercial property conditions included a condition called " liberalization". The effect of this
condition is - Answer To automatically apply broader coverage to the commercial property coverage
part if a policy form revision would broaden coverage without an addition premium
In a commercial lines program policycommon policy condition do not include which of the following as a
condition?, - Answer Perils insured
A possibility of financially loss resulting from the ownership of property is know as - Answer insurable
interest
laura is driving her own car on behalf of her employer laura's negligent operation of her car injures a
member of public. The employer may be held liable because of what is called., - Answer Vicarious
liability
Type of exposure can be best defined as a condition or situation where the exposure to financial loss is
presented to a business owner by the injury - Answer disability, death, sickness, of valuable employee,
Personnel loss exposure
Which of the following is also know as a human loss exposure - Answer Personal loss exposure
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