Exam (elaborations)
PROPERTY AND CASUALTY INSURANCE STUDY TEST WITH ANSWERS
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PROPERTY AND CASUALTY INSURANCE STUDY TEST WITH ANSWERS
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PROPERTY AND CASUALTYINSURANCE STUDY TEST WITH
ANSWERS
Agreement ANSWER The offer and acceptance
Consideration ANSWER Exchange of values (premium paid vs
promise to pay claims)
Legal purpose ANSWER Contract cannot be enforced if based
on illegal
Unilateral ANSWER Developed by one party
Adhesion ANSWER Drafted by insurer and accepted by
applicant
Aleatory ANSWER One party may recover more in value than
he or she has parted with
Conditional ANSWER Both insurer and insured must satisfy
specific conditions in order for the contract to be executed
Personal ANSWER Agreement is between the insurer and
named insured
Good faith ANSWER Insurer and insured rely on statements of
one another
Representation ANSWER Statement made by applicant that is
true
, Misrepresentation ANSWER Incorrect statement made by
applicant
Material Misrepresentation ANSWER Would have caused
insurer to reject the application
Warrenty ANSWER Statement made by applicant that is totally
and unequivocally true (promise by insured upon which
coverage is based)
Concealment ANSWER Failure to disclose material facts
Fraud ANSWER Intentionally or deliberately deceiving
Waiver ANSWER Intentional abandonment of a know right as
found in the policy
Waiver ANSWER Insurer mistakenly issued a policy based on
an incomplete application
Waiver ANSWER Insurer fails to enforce a provision in the
policy
Estoppel ANSWER Insurer will be stopped from denying a
claim if a false statement was made by insurer, the insured
reasonably relied on the false statement , and financial
hardship will occur
Declarations ANSWER Personalized a policy- includes name
and address, type and location of property, coverage limit,
annual premium, deductible, policy period, name of mortgagee,
policy number, company officer name signature and stamp
Insuring provisions ANSWER Summary of agreement,
identifies parties and perils covered, and insurers promise to
pay claims
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