SASU Study guides, Class notes & Summaries

Property And Casualty License In Arkansas Exam Questions And Answers 2024

Arkansas Property and Casualty ExamPersonal Auto Policy - correct answer Part A: Liability Coverage Part B: Medical Payments Coverage Part C: Uninsured Motorists Coverage Part D: Coverage for Damage to Your Auto Part E: Duties After an Accident or Loss Part F: General Provisions You and Your - correct answer The named insured listed in the declarations, and the spouse if a resident of the same household. The named insured should always be the person or persons to whom the vehicle is titl...

Arkansas Property and Casualty ExamNationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property that may be insured under marine contracts. Th...

Arkansas Property & Casualty Accident - correct answer A sudden & unexpected event which occurs at a specific time & place. In easy-to-read policies, also includes loss which occurs over a period of time. Actual Cash Value (ACV) - correct answer The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimbursement for a loss. Additional Living Expense - correct answer A Coverage designed to reimburse the insured fo...

Arkansas Property and CasualtyPure Risk PART 1 - correct answer Loss only no financial gain, insurable Speculative Risk - correct answer A chance of loss, no loss, or gain. Ex: Gambling Hazard - correct answer Something that increases the chance of loss Physical Hazard - correct answer individual characteristics that increases the frequency or severity of loss EX. Smoking Moral Hazard - correct answer Individuals moral or ethical code. EX. Lying on the application Morale Hazard -...

Property and Casualty License in ArkansasWhat is Insurance? - correct answer Transfers the risk of loss from individual to insurance co. What is Risk? - correct answer Chance of loss occurring What are 3 types of Hazards? - correct answer Physical, Moral, Morale What is a Peril? - correct answer Causes of loss insured against What does Indemnify mean? - correct answer Right for Reimbursement but only to the extent of the loss. Cannot gain from loss. Define Subrogation - correct an...

Arkansas Property and Casualty License ExamThe National Association of Insurance Commissioners (NAIC) - correct answer Consists of all State and territorial insurance commissioners or regulators. The NAIC provides resources, research, legislative and regulatory recommendations and interpretations for state insurance regulators. The NAIC has no legal authority to enact or enforce insurance laws. The Federal Insurance Office (FIO) - correct answer This office monitors the insurance industry ...

ASUMH_FUS Arkansas State Laws Test (Arkansas Funeral Director State Test)

Pay the claims covered under the policy. correct answer: A primary obligation of an insurance company is to: Accumulating Risk correct answer: Which of the following is not a reaction to risk? An increase in the possibility that a loss may occur. correct answer: Which of the following describes a hazard? Requiring the policyholder to carry insurance to value. correct answer: Which of the following best meets the test of the "Principle of Indemnity"? Overpayment of a claim corre...

Arkansas Property and Casualty Exam Nationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be held in the possession of a bailee, who is someone other than the property owner. The Nationwide Marine Definition defines 6 broad classes of property that may be insured under marine contracts. ...