MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS AND ANSWERS UPDATE 2024/2025 ALL ANSWERS
100% CORRECT VERIFIED BEST GRADED A_+
Declarations - CORRECT ANSWERS Policy includes the
identity and address of the name insured, the policy term
or period, the amount of insurance or limits of liability, the
policy premium, and any applicable deductibles. Will also
include either a property description or a schedule of
coverage parts, and a list of any endorsements.
Conditions - CORRECT ANSWERS Set provisions, rules of
conduct, duties and obligations for the parties. A number
of common insurance conditions describe such things as
the policy period and territory. It also includes the
insured's obligation to provide proof of loss, how
settlements are handles when other insurance is involved,
and the right of each party to cancel the policy.
Exclusions - CORRECT ANSWERS May describe property,
perils, hazards, or losses arising from specific causes that
are not covered by the policy.
,MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS AND ANSWERS UPDATE 2024/2025 ALL ANSWERS
100% CORRECT VERIFIED BEST GRADED A_+
Limitations - CORRECT ANSWERS May eliminate or
reduce coverage, but only under certain circumstances or
when specified conditions apply.
Abandonment - CORRECT ANSWERS The insured cannot
simply abandon the property to the insurance company in
exchange for the full-insured value.
Salvage - CORRECT ANSWERS If the insurer pays a loss on
behalf of the insured, the insurer is entitled to the salvage
to reduce the claim
Subrogation Clause - CORRECT ANSWERS Used when the
insurer has paid a covered claim on the behalf of the
insured that is caused by another party. The insurance
company is entitled to the insured's right of recovery from
the negligent party. This is sometimes called the "Transfer
of Right of Recovery Against Other to Us"
, MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS AND ANSWERS UPDATE 2024/2025 ALL ANSWERS
100% CORRECT VERIFIED BEST GRADED A_+
Vacany - CORRECT ANSWERS The building is void of
contents and people. The building is simply not being
used. In most cases the insured can purchase Vacancy
permit coverage restored for an additional premium.
Unoccupancy - CORRECT ANSWERS The premises are
void of people.
Named Peril - CORRECT ANSWERS This form lists the
specific perils to be covered in the policy.
Open Peril - CORRECT ANSWERS Does not list the perils
but provides broader coverage.
Definition of the Insured - CORRECT ANSWERS Those
that have insurable interest in the property who would
suffer a financial loss if the property were damaged by an
insured peril can be considered an insured. In personal
insurance, this can include family members without listing
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