Exam (elaborations)
Property and Casualty Insurance Test Question with 100% Correct Answers
- Course
- Institution
Property and Casualty Insurance Test Question with 100% Correct Answers
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMProperty and Casualty Insurance Test
Question with 100% Correct Answers
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
Hazard - dishonesty, against the law
Morale Hazard - carelessness
What is the method of handling risk that involves a deductible? - ✔️✔️Retention (loss or
portion of loss)
If a fire causes damage to a building, what is the fire considered? - ✔️✔️A Peril
What are the elements of an insurable risk? - ✔️✔️CANHAM
Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable
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
1
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
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
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now