Massachusetts Property & Casualty(bundled)

Property and Casualty-Insurance Law and RegulationsInsurance Commissioner - correct answer A individual who is appointed by the Governor and cannot be a director, officer or agent of an insurer. Their primary duty is to see that insurance laws are properly executed and the public interest is prote...

property and casualty-dwelling Dwelling property policy eligiabilities - correct answer up to 5 roomers, 4 residential units, mobile homes on basic form only, owner OR tenant occupied. Basic Dwelling form (DP1) - correct answer named peril, most limited coverage. Automatically included Fire, Lig...

Property and Casualty Insurance EXAMSpecific insurance - correct answer This type of insurance designates a particular item to be insured Blanket insurance - correct answer This type of insurance covers more than one item of property at a single location or one more items of property at multiple ...

Property and Casualty EndorsementsAutomatic Increase in Insurance (Dwelling) - correct answer Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) - correct answer Used when dwelling under construction - policy limit based on value of parti...

Property and Casualty - Types of Property PoliciesWhat type of policy consists of the declarations, conditions, endorsements, and other attachments applicable to a single line of insurance? Monoline What are the coverage parts that may be included in a Commercial Package Policy (CPP) Commerci...

Property & Casualty Practice Exam: Commercial Lines Who is responsible for damage to improvements in a leased building? A) Tenant B) Building owner C) Improvements to a leased building are not covered D) Both the tenant and the building owner - correct answer B Equipment Breakdown insurance ...

Property & Casualty Insurance Comprehensive ExamSpouse of a partner - correct answer Which of the following would be insured under the CGL policy? 3 years - correct answer Under the PAP, how long does an injured party have following an accident to report a Medical Payments Claim? Proximate Cau...

Property & Casualty ExclusionsExclusions specify.....? - correct answer specify what the insurance company will not cover in terms of types of property, perils or losses. They may appear in a separate section of the policy or throughout the policy. In open peril policies, coverage is for all perils ...

Producer property & casualty license Abandonment Condition - correct answer A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - correct answer T...

MS Property & Casualty Exam Questions The penalty for violating a cease and desist order of the Commissioner might be a loss of license and...? - correct answer A fine up to $1,000 for each violation An insurer formed under the laws of Mississippi is known as...? - correct answer Domestic Insure...

Massachusetts Property & Casualty Examrisk - correct answer possibility that a loss will occur insurance - correct answer contract that transfers the risk of financial loss from an individual/business to an insurance company speculative risk - correct answer chance of loss or gain; not insurab...

MA Property and Casualty InsuranceAgreement - correct answer The offer and acceptance Consideration - correct answer Exchange of values (premium paid vs promise to pay claims) Legal purpose - correct answer Contract cannot be enforced if based on illegal Unilateral - correct answer Develope...

Exam FX - CH 4 - Property & Casualty Insurance Basics Loss Ratio Formula - correct answer (Incurred Losses + Loss Adjusting Expense)/Earned Premium Insurable Interest - correct answer Ownership Stand to suffer economic loss Components - correct answer Factors that determine rates including l...