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PROPERTY & CASUALTY TENNESSEE STATE LICENSING EXAM
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PROPERTY & CASUALTY TENNESSEE STATE LICENSING EXAM
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PROPERTY & CASUALTY TENNESSEE STATELICENSING EXAM
Physical Hazard - Answers-hazard that arises from the property itself
Morale Hazard - Answers-person driving crazy because they have insurance
Moral Hazard - Answers-create a loss situation to collect from insurance company
Aleatory - Answers-contingent on a certain event that provides for unequal transfer of
value between parties
Contract of Adhesion - Answers-one party has greater power over the other in the
contract
Class 1-Frame - Answers-outside support walls, roof and floors are made of wood or
other combustible materials
exterior is stucco or brick veneer
interior is lath and plaster
Class 2-Joist and Masonry - Answers-outside support walls are made of non-
combustible materials and the roof and floor are made of combustible materials
Combustible Materials - Answers-wood or other materials that easily catch fire
Noncombustible Materials - Answers-are materials like concrete, stone, brick, or metal
that do not easily catch fire
Class 3-Noncombustible - Answers-everything is constructed of and supported by
noncombustible materials
Class 4- Masonry Noncombustible - Answers-exterior walls constructed of masonry and
the roof and floor are constructed of noncombustible materials
Class 5- Modified Fire Resistive - Answers-everything is constructed of masonry or fire
material with a fire resistance rating of 2 hours or less
Class 6- Fire Resistive - Answers-everything is constructed of masonry or fire resistive
material rated of 2 hours or more
Mortgagee/ Loss Payable Condition - Answers-specifies the rights and duties of the
mortgagee (bank or other lender) under the policy
Personal Property Form - Answers-is open perils coverage on personal property usually
in a home
, Personal Effects Form - Answers-insures personal property while traveling
Personal Articles Form
(jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts,
stamps, and coins) - Answers-provides coverage for 9 optional classes of property
Symbol 30 - Answers-symbol for customers autos left for service
Symbol 31 - Answers-symbol for coverage for auto dealers
Symbol 48 - Answers-symbol for trailers borrowed or leased by the insured
Symbol 49 - Answers-symbol for trailers owned or hired by the insured
Discovery Form - Answers-covers losses that are sustained at any time and discovered
during the policy period or within 60 days after the expiration date
Principal - Answers-promises to do something
Surety - Answers-party that agrees to be responsible for loss
Obligee - Answers-party to whom the principal makes the promise
Name Schedule Bonds - Answers-cover each employee on the policy schedule
Position Schedule Bonds - Answers-list positions that are covered
Commercial Blanket Bonds - Answers-covers dishonest employees acting separately or
together by position and the limit applies to each loss
Blanket Position Basis - Answers-the bonds limit applies separately to each employee
involved in a loss
Part 1- Workers Compensation - Answers-is the part of the workers comp section that
promises to pay all compensation and other benefits required of the insured
Part 2- Employers Liability - Answers-is the part of the workers comp section that
provides coverage to the insured for sums the insured becomes legally liable
Part 3- Other States Insurance - Answers-is the part of the workers comp section that
lists the places where the work will be done during the policy period
Part 4- Your Duties if Injury Occurs - Answers-is the part of the workers comp section
that lists the obligations of the insured if an injury occurs
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