Wisconsin
Property and
Casualty
test(279
questions with
100% correct
answers)
FAIR - answer Fair Access to Insurance Requirements
Elements of a Legal Contract. L. O. A. C. - answer •
Consideration
• Legal Purpose
• Offer
• Acceptance
,• Competent Parties
Consideration - answer Money and statements made on
application
Legal Purpose - answer Risk transfer doesn't violate the
law
Offer - answer Insured submits application and first
month premium to insurer
Insurer accepts or insurer declines the risk
Counteroffer - answer Agrees to issue policy but with
higher premium or restrictions/ exclusions
Insured either accepts the conditions or withdraws their
application
Adhesion - answer Policy written by the insurance
company
Adhesion = glue
Insured has no input
If ambiguous, court will take the side of the insured
,Aleatory Contract - answer • Unequal value
• Pay small premium and have a large claim, or pay
premiums for many years without a claim
representation - answer believed to be true
misrepresentation - answer representation that is actually
false.
Material misrepresentation - answer information given
that is not true and DOES affect the insurer's decision
warranty - answer statement that is guaranteed to be
true, and it may be relied on by the other party. If a
warranty is not kept, there is a breach of warranty that
voids the contract.
Concealment - answer failure to disclose known facts
Property insurance policies - answer Covers"mystuff"
"Mystuff"=buildings(real property) and personal
belongings
First Part Loss
, Casualty Insurance - answer Casualty = Liability
Always pays the other guy, never me
Third party losses
D. I. C. E. E. - answer ■ Declarations■ Insuring
agreements■ Conditions■ Endorsements and additional
supplementary coverages ■ Exclusions
Declarations - answer who, what, when, where, and how
much
Insuring agreement(s) - answer promise to pay and perils
covered
Conditions - answer rules for the policy
Endorsements - answer changes to the original policy
Exclusions - answer items not covered
Named insured - answer listed on the declarations
First-named insured - answer first on the declarations
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