PSI Property and Casualty Exam Questions And Answers
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Course
PSI Property and Casualty
Institution
PSI Property And Casualty
1. All of the following losses are general exclusions under a dwelling policy
excepta. Neglectb. Debris removalc. Nuclear hazardd. Off premises power
failure
~ debris removal (included)
all of the following are subject to false advertising regulations except
gift, illustrations, circulars, ...
PSI Property and Casualty
Exam Questions And Answers
Property Insurance Basics
All of the following may be listed as an insured on a property policy, except:
A . mortgagee listed as an additional insured
B. The policyowner
C. A business with temporary custody of the insured property
D. A named insured's legal representative
✓~ C
under no benefit to bailee remember 3 C's, care,custody, control of an insured's
property does NOT benefit from claim, payment and cannot be named on policy
Property Insurance Basics-
listed on a property policy
✓~ -mortgagees
-loss payees
,-legal insured
Property Insurance Basics-
when property is valued on a replacement cost basis losses are paid:
A
At the cost to replace with functionally equivalent property
B
At today's costs, without any deduction for depreciation
C
At market value of the damaged property
D
At an amount previously agreed upon by the insured and insurer
✓~ B
remember functional replacement cost is for materials or techniques that are
outdated or too expensive
,Property Insurance Basics-
Which construction classification uses materials that can withstand fire for at
least 2 hours?
A
Frame
B
Noncombustible
C
Fire-Resistive
D
Masonry
✓~ Fire-Resistive
The pair and set clause found in property policies states that in the event of a
loss to only part of pair or set, losses will be settled
either by
A. repairing or replacing the damaged part or by paying the difference between
the actual cash value before and after the loss
, B. deny coverage
C. Replace entire set with equal value
D. Pay the appraised value
✓~ Repairing or replacing the damaged part
OR
paying the difference of ACV before and after loss
Property Insurance Basics-
when filing a property insurance claim, the insured is required to do all of the
following except
A
Hire an appraiser
B
Give notice of loss as soon as possible
C
Protect property from further damage
D
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