Property and Casualty Insurance Test Question Notes. Questions and answers, 100% Accurate. Rated A
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Course
Property and Casualty
Institution
Property And Casualty
Property and Casualty Insurance Test Question Notes. Questions and answers, 100% Accurate. Rated A
What is a peril? - A Peril is a cause of loss
What is a hazard? - Something that increases the chance of a loss
What is the difference between a Moral hazard and a Morale Hazard? - Moral Ha...
If an insurance company is housed in Tennessee, what type of insurer are they considered? -
✔✔Domestic
An insurance company incorporated in Wisconsin and conducting business in Minnesota is know as what
type of insurer? - ✔✔Foreign
What is it meant by "Express Authority"? - ✔✔Authorities are written in agent contract
, What is a term that is typically used to describe an Insurance Agent? - ✔✔Fiduciary - a person in a
position of financial trust
What is a contract or device for transferring risk from a persons, business, or organization to an
insurance company? - ✔✔Insurance
What is Reinsurance? - ✔✔When insurance companies purchase insurance to cover their own exposures
to loss
What is a fiduciary? - ✔✔A person in a position of financial trust
What is it meant by a contract of adhesion? - ✔✔Policy written by the insurer with the insured having
no input
What part of the insurance policy shows the premium payment? - ✔✔Declarations page
What are the duties of the insured after a loss? - ✔✔Notice to insurer, protect property from further
damage, Proof of loss, property available for inspection, examination under oath if needed, cooperate
with insurer
What is the FCRA? - ✔✔Fair Credit Reporting Act - If the insurer uses credit, must inform insured
What are the parts to an insurance contract? - ✔✔Declarations, Conditions, Insuring Agreements, and
Exclusions
When an insured decides to cancel an insurance policy before the expiration date, how is the unearned
premium returned? - ✔✔Short-Rate basis
What are the three basic perils? - ✔✔Fire, Lightning, and Internal Explosion
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