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Illinois Casualty Insurance Exam Review 2024 Questions With Complete Solutions.
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Illinois Casualty Insurance Exam Review 2024 Questions With Complete Solutions.
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IllinoisCasualty
Insurance
Exam
Review
Premium
-
ANS
money
paid
by
the
insured
to
the
insurance
company
in
exchange
for
the
insurance
policy
Lapse
-
ANS
when
a
policy
is
terminated
due
to
non-payment
of
premiums
First
Party
Claimant
-
ANS
is
an
insured
making
a
claim
under
their
own
policy
for
damage
to
their
insured
property
Third
Party
Claimant
-
ANS
is
a
person
or
organization
other
than
the
insured
making
a
claim
against
an
insured
for
the
insured
to
submit
to
their
insurance
company
for
insurance
coverage
Legal
Liability
-
ANS
occurs
when
an
insured
is
involved
in
an
accident
or
an
occurrence
in
which
a
third
party
claimant
is
injured
or
incurs
property
damage
Peril
-
ANS
is
an
actual
cost
of
loss
that
can
be
insured
against
-
legal
liability
hazard
-
ANS
is
a
condition
or
operation
in
property
which
either
creates
or
increases
the
chance
of
loss
by
a
covered
peril
-
ie
bad
driving
habits
risk
-
ANS
likelihood
or
degree
of
uncertainty
that
a
covered
peril
will
cause
a
loss
Insurable
Interest
-
ANS
financial
risk
which
the
insured
must
possess
at
the
time
of
loss
Limits
of
Liability
-
ANS
maximum
amounts
which
the
insurance
company
will
pay
under
each
coverage
-
aka
Face
amount
or
Amount
carried
Aggregate
Limit
-
ANS
maximum
limit
of
liability
that
the
policy
will
pay
to
all
persons
who
are
injured
or
who
incur
property
damage
in
an
occurrence
Additional
coverages
-
ANS
Things
specified
in
homeowner
policies
that
the
insurance
company
will
pay
for
in
addition
to
the
homeowner
policy
limits
of
liability
Supplemental
Payments
-
ANS
Things
specified
in
auto
policies
that
the
insurance
company
will
pay
for
in
addition
to
the
auto
policy
limits
of
liability
Certificate
of
Insurance
-
ANS
issued
by
an
insurance
company
to
someone
other
than
a
named
insured
as
official
documentation
of
coverage
Declaration
Page
-
ANS
the
information
page
-
effective
date
and
expiration
date Moral
hazard
-
ANS
risk
of
loss
is
caused
by
the
insured
acting
in
an
indifferent,
careless,
or
irresponsible
manner.
Morale
Hazard
-
ANS
when
there
is
risk
of
loss
due
to
legal
action
-
a
loss
caused
by
order
of
civil
authority
(another
name
that
can
be
used
for
civil
authority
is
legal
authority)
Physical
Hazard
-
ANS
when
there
is
a
risk
of
loss
due
to
condition
or
use
of
the
property.
ie;
wear,
tear,
rot,
settling,
insects,
rodents,
vermin
or
mold.
These
losses
are
sometimes
due
to
condition
of
the
property
or
the
property
not
being
properly
maintained
Three
Reasons
People
Buy
Liability
Insurance
-
ANS
1-
sometimes
required
by
law
2-
protects
assets
and
income
should
the
insured
be
involved
in
an
accident
or
an
occurance
that
was
unintended
but
which
occured
in
such
a
way
that
a
court
would
find
the
insured
is
legally
liable
(responsible)
for
another
person's
injuries
and
or
damages
3-
If
a
claim
is
covered,
a
liability
policy
will
provide
the
insured's
defense
Liability
Coverage
-
ANS
issued
as
a
separate
policy
or
other
times
it
is
packaged
together
with
property
insurance
covers
It
is
possible
for
an
insured
to
have
liability
coverage
in
effect
at
the
time
of
an
accident,
for
the
claimant
to
have
injuries,
for
the
claimant
to
make
a
claim,
for
the
insured
to
be
covered,
but
the
insurance
company
to
pay
no
money
to
the
claimant
An
insurance
company
will
pay
an
injured
claimant
on
a
liability
claim
only
if
the
insurance
company
determines
that
a
court
would
find
the
insured
legally
liable
and
a
court
would
order
the
insured
to
pay
to
the
claimant
if
the
claim
were
to
go
to
court
hearing
Omission
-
ANS
failing
to
do
something
that
he
should
have
done
commission
(negligence
related)
-
ANS
doing
something
that
he
should
not
have
done
Damages
-
ANS
covered
damages
can
be
special
and
or
general
special
damages
-
ANS
damages
that
are
able
to
be
easily
determined
such
as
medical
bills,
lost
wages,
repair
costs
and
replacement
value
general
damages
-
ANS
damages
that
cannot
be
calculated
precisely
and
which
are
subject
to
judgement
and
differences
of
opinion.
they
include
compensation
for
pain
and
suffering,
compensation
for
permanent
disabilities
and
compensation
for
scarring
and
disfigurement
punitive
damages
-
ANS
extra
amounts
a
court
orders
the
insured
to
pay
to
the
claimant
as
punishment
for
doing
something
particularly
dangerous,
grievous
or
reckless.
Court
Orders
for
punitive
damages
are
generally
not
covered
by
liability
insurance
Necessary
Elements
(
to
persuade
a
court
that
the
insured
is
legally
liable)
-
ANS
1-
Negligence 2-
Damages
3-Proximate
Cause
4-
Comparative
Negligence
Proximate
Cause
-
ANS
direct
or
immediate
cause
Comparative
Negligence
-
ANS
claimant
is
entitled
to
collect
from
an
insured
the
percentage
of
damages
for
which
the
insured
is
responsible
Law
of
Torts
-
ANS
legal
proceeding
through
which
claims
for
money
for
bodily
injuries
and/or
property
damage
are
made.
AKA
civil
liability
Accident
-
ANS
any
sudden,
unforseen,
unintended
event
which
results
in
bodily
injuries
and
or
property
damage
Occurance
-
ANS
an
accident
including
continuous
or
repeated
exposure
to
conditions
which
results
in
bodily
injuries
and
or
property
damage.
Both
accident
and
occurrence
policies
cover
claims
made
after
the
policy
expiration,
as
long
as
the
accident
or
occurrence
occurred
while
the
policy
was
in
effect
Claims
Made
Policy
-
ANS
some
commercial
and
or
professional
liability
policies
are
written
as
"claims
made
policies"
Claims
Made
Policy
info:
-
ANS
1-
coverage
commences
on
the
date
specified
in
the
policy
as
the
retroactive
date.
The
occurrence
must
occur
sometime
after
the
retroactive
date
and
before
the
policy
termination
date.
2-
the
occurrence
must
be
reported
by
the
insured
person
or
business
to
the
insurance
company
while
the
policy
is
in
effect
or
during
the
60
day
reporting
period
that
follows
after
the
policy
terminates
(called
a
mini
tail)
3-
the
claim
must
be
made
by
the
injured
person
either
while
the
insurance
policy
is
in
effect
or
within
the
five
year
claim
reporting
period
that
follows
after
the
policy
terminates
(
called
a
midi
tail)
4-
a
supplemental
reporting
period
(supplemental
or
full
tail)
endorsement
can
be
purchased
for
an
extra
premium
charge.
If
added,
the
occurrence
and
claim
can
be
reported
either
while
the
policy
was
in
effect
for
any
time
after
the
policy
terminates
Occurrence
Policy
-
ANS
not
an
accident
policy
-
which
means
it
will
cover
liability
arising
out
of
an
accident
or
any
continuous
or
repetitions
exposure
to
conditions
which
results
in
damages
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