Property and Casualty Insurance Study guides, Class notes & Summaries

GA Property & Casualty Exam Questions and Answers Insurance policy covers what type of losses In order to have an indirect loss, you must have What does property insurance cover? Direct loss Indirect loss What is the purpose of personal lines insurance? What is the purpose of commercial insurance? Who transfers risk in insurance? How do insurance companies use premiums? Named Insured Who is the insurance company? Cancellation Insured cancels policy Risk Mad...

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

Pearson Vue Life Insurance Practice Exam Questions and Answers 100% Pass P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: A.irrevocable beneficiary B.revocable beneficiary C.secondary beneficiary - Correct Answer ️️ -B.revocable beneficiary A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called ...

Property Practice Exam Questions and Answers 100% Pass Which of the following helps protect insurance companies from catastrophic losses and from wild fluctuations in underwriting results? - Correct Answer ️️ -Reinsurance Which of the following standards is an agent violating by providing insurance to an insured at a lower or higher premium than another insured in identical circumstances? - Correct Answer ️️ -Unfair discrimination All of the following are elements of a valid contr...

Property Insurance Practice Exam Questions and Answers 100% Pass One of the following policies covers Mobile Homes: a. Dp-1 b. Dp-2 c. Dp-3 d. Ho-4 - Correct Answer ️️ -a. Dp-1 On a dwelling policy, personal property would be covered at: a. ACV b. Replacement Cost c. Not covered d. 80% of Value - Correct Answer ️️ -a. ACV DP-1 would cover all of the following without endorsement except: a. other structures b. personal property c. rental value d. additional living expense ...

INSURANCE - PRACTICE EXAM QUESTIONS AND ANSWERS 100% PASS at least how many hours of prelicensing education must be completed by an applicant for an insurance producer license? - Correct Answer ️️ -20 which of the following does an appointed insurance producer represent in an insurance transaction? - Correct Answer ️️ -insurer for the purposes of conducting an investigation, the Tennessee commissioner of insurance has all of the following powers EXCEPT: - Correct Answer ️️ -th...

Casualty Insurance Exam Questions and Answers 100% Pass Coverage that is triggered when a claim is first made against the insured, regardless of when the injury took place, is known as - Correct Answer ️️ -Coverage under the claims-made form According to the other insurance condition, which of the following are methods used to decide how the claim will be divided? - Correct Answer ️️ -Contribution by equal shares or contribution with limits Which of the following limits of liabil...

Illinois Casualty Insurance Exam Review 2024 Questions and Answers 100% Pass Premium - Correct Answer ️️ -money paid by the insured to the insurance company in exchange for the insurance policy Lapse - Correct Answer ️️ -when a policy is terminated due to non-payment of premiums First Party Claimant - Correct Answer ️️ -is an insured making a claim under their own policy for damage to their insured property Third Party Claimant - Correct Answer ️️ -is a person or organiza...

pearson vue practice exam questions and answers 100% pass Which of the following sections of an insurance policy would explain the term "auto" ? A.Declarations A. Declarations B.Definitions B. Definitions C.Insuring agreement C. Insuring agreement D.Obligations of the insurance company D. Obligations of the insurance company - Correct Answer ️️ -B In an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured...

PearsonVue Practice Exam 1 Questions and Answers 100% Pass Which of the following persons may assign a Standard Fire Policy? - Correct Answer ️️ -A Claims Adjuster Under the standard flood insurance policy, all of the following loss avoidance measures are covered up to $1,000 when damage to the insured property due to flooding is imminent EXCEPT: - Correct Answer ️️ -The value of work, at the federal minimum wage, that a member of the household performs The Insurance Commissioner...

NC casualty exam advantage practice test 100% Correct Solved Which of the following is an example of redlining? Select one: a. YLR Insurance charges people in Metropolis an $800 premium for life insurance if they live in homes valued at $150,000, but $1,800 for people who live in homes less than that amount. b. Agent Francesco gives a cell phone to anyone who buys a life insurance policy from him. c. An insurer decides not to offer term insurance to any of its customers. d. An admitted...