Exam (elaborations)
PROPERTY AND CASUALTY INSURANCE TEST QUESTION
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PROPERTY AND CASUALTY INSURANCE TEST QUESTION
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PROPERTY AND CASUALTY INSURANCE TESTQUESTION
What is a peril?
A Peril is a cause of loss
What is a hazard?
Something that increases the chance of a loss
6 Ways to Show Appreciation for Your Child's Teacher
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
Property coverage B provides coverage for what?
Other structures; 10% of A
How much will DP-2 and DP-3 cover for trees, shrubs, and other plants?
$500 for any one tree/shrub/plant
Which dwelling form covers collapse?
DP-2 and DP-3
For Dwelling insurance, how long will the insured cover medical payments to others
after the policy expires?
3 years after the accident
Which section of the Homeowners policy does not contain a deductible?
Section II - Liability
What are the three perils covered in a basic form for homeowners?
WCSHAVVER
For a homeowners policy, how much is covered for the fire department service charge?
Up to $500, no deductible
Which HO form limits theft coverage to $1,000?
HO-8
Damage to property of others is an additional coverage that pays up to how much for
property damaged or destroyed by the insured?
$1,000 per occurence
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