Exam (elaborations)

California property and casualty exam questions and answers graded A

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California property and casualty

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California Property And Casualty

alifornia property and casualty exam questions and answers graded A The process where by a mutul insurer becomes a stock company is called Demutalization The process whereby a stock company a mutal insurer is called Mutalization The provision in a property policy which states that the insured has...

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Uploaded on October 28, 2022
Number of pages 86
Written in 2022/2023
Type Exam (elaborations)
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california property and casualty exam questions and answers graded a
the process where by a mutul insurer becomes a stock company is called demutalization
the process whereby a stock company a mutal i

Institution California property and casualty
Course California property and casualty

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California property and casualty exam questions and answers graded A The process where by a mutul insurer becomes a stock company is called ✔✔Demutalization The process whereby a stock company a mutal insurer is called ✔✔Mutalization The provision in a property policy wh ich states that the insured has been paid up to their insurable interest is ✔✔Valuation clause The part of the policy that states the amout of coverage the insured property policy period is ✔✔Declaration Part of the policy that establishes limits upon th e insurer and the insured with the insuance policy ✔✔Conditions Which are the characterics of negligence ✔✔Duty,breach,proximate cause, damages Which of the following is not a federal program ✔✔Worker' compensation Absolute risk(liability) is imposed ✔✔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? ✔✔$0 what is the main purp ose of tort law ✔✔to determine financial responsibillty for damage what of the following is not considered an intentional tort? ✔✔Auto accident Which of the following statements is true regarding compensatory damages? ✔✔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. H ow much notice must the insurer provide to the insured ✔✔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 ✔✔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 ✔✔an unfair practice a person can base his/her claim for liability on the basis of all of the following EXCEPT ✔✔breach of liability the term "assignment"refers to ✔✔the transfer of the insured's interest in a policy to another party the term "subrogation" refers to ✔✔the in sured'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, ✔✔subrogation an insurance deductible is ✔✔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 ✔✔notice must be sent with return receipt required which of the following is considered special d amages ✔✔Compensation for time away from work Which advisory organization(s) develop forms for the standard market? ✔✔Insurane service office and American association of insurances Which of the following would be considered special dmamges? ✔✔Lost wages What do the initials S.tA.R.R reperesent? ✔✔Methods of risk mamagement All of the following would be considered benfits of insurance except ✔✔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 ✔✔Tort law What of the following is NOT one the three main types of insurance losses ✔✔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, ✔✔Excluded under the concurrent causation An open peril policy protects agaginst the loss from ✔✔Any peril, other than those specifically excluded What factor supportd the principle of indemnity? ✔✔Insurable interest All of the following are characteristics of an ideally insurable loss exposure"except" ✔✔Losses that are catastrophic

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