Utah Property-Property and Casualty Basics Questions & Answers Already Graded A +
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Course
Utah Property-Property and Casualty Basics
Institution
Utah Property-Property And Casualty Basics
In property insurance, actual cash value is defined as which of the following? a) Market value of the
property at the time of the loss b) Stated value of the property as shown on the declaration c) The actual
amount of a loss payable, less the policy deductible d) Replacement cost at the time of ...
Utah Property-Property and Casualty
Basics
In property insurance, actual cash value is defined as which of the following? a) Market value of the
property at the time of the loss b) Stated value of the property as shown on the declaration c) The actual
amount of a loss payable, less the policy deductible d) Replacement cost at the time of the loss, less
depreciation. - D
With regard to fire insurance premiums, structures with which of the following type of construction
would most likely have the most favorable premium rate for the peril of fire? a) Masonry b)
Noncombustible c) Fire-resistive d) Frame. - C
A contractor who builds homes has never made a claim on his business insurance policy. His agent
discovers that his policy is written on a scheduled rating. If the contractor changes to an experience
rating policy, which is most likely? a) Premiums would be unchanged b) Coinsurance would be necessary
c) Premiums would go down d) Premiums would go up. - C
Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal
property at a single location is called a) Blanket coverage b) Described coverage c) Specific coverage d)
Schedule coverage. - C
The secretary of the treasury estimates that a recent terrorist attack caused losses of more than $100
billion. According to the 2007 reauthorization of the Terrorism Risk Insurance Program, how many days'
notice must the secretary provide to Congress? a) 15 b) 30 c) 45 d) 60. - A
Compared with other drivers in his age group, a driver has had more minor accidents and traffic
violation. Which of the following rating types would most accurately reflect the driver's true insurance
risk? a) Retrospective b) Special c) Schedule d) Experience. - A
An additional loss that results from a direct loss of property is called a/an a) Liability loss b) Punitive loss
c) Indirect loss d) Proximate loss. - C
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