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TEXAS PROPERTY AND CASUALTY PRACTICE EXAM/BRAND NEW EXAM QUESTIONS WITH HIGHLIGHTED ANSWERS ALL GRADED A+/GUARANTEED SUCCESS/LATEST UPDATE 2024$10.49
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TEXAS PROPERTY AND CASUALTY PRACTICE EXAM/BRAND NEW EXAM QUESTIONS WITH HIGHLIGHTED ANSWERS ALL GRADED A+/GUARANTEED SUCCESS/LATEST UPDATE 2024
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Texas Property and casualty
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Texas Property And Casualty
TEXAS PROPERTY AND CASUALTY PRACTICE EXAM/BRAND NEW EXAM QUESTIONS WITH HIGHLIGHTED ANSWERS ALL GRADED A+/GUARANTEED SUCCESS/LATEST UPDATE 2024
all of the following are basic parts of an insurance contract EXCEPT
a) declarations
b) conditions
c) exclusions
d) binders - ANSW...
TEXAS PROPERTY AND CASUALTY
PRACTICE EXAM/BRAND NEW EXAM
QUESTIONS WITH HIGHLIGHTED
ANSWERS ALL GRADED
A+/GUARANTEED SUCCESS/LATEST
UPDATE 2024
all of the following are basic parts of an insurance contract EXCEPT
a) declarations
b) conditions
c) exclusions
d) binders - ANSWER-Binders
which of the following terms is used to describe an empty building that is not being
used? - ANSWER-Vacant
An insurance company takes possession of a damaged auto it has covered. when the
company becomes the legal owner of the auto, it is exercising the right of? -
ANSWER-Salvage
all of the following are property coverage forms EXCEPT?
a) special
b)basic
c)broad
d)base - ANSWER-base
which of the following legal principles allows insurance companies to collect from a
negligent third party damages it paid to an insured? - ANSWER-Subrogation
transferring is a method of handling risk. which of the following best describes the
concept of transfer? - ANSWER-purchasing insurance
the insured has a named peril policy that covers hail, fire, wind, and lightning. which
one of the following events would be covered? - ANSWER-A roof that is damaged in
an electrical storm
, (TRIPRA) the federal govt's share of compensation that exceeds the insurer's
TRIPRA deductible is - ANSWER-80%
why do ins. policies usually define who is considered an insured under the policy? -
ANSWER-to specify who is covered in addition to the named insured
the federal govt. is not obligated under the TRIA to make payments for any portion
of losses that exceed how much annually? - ANSWER-$100 BILLION
in the insurance business, the insurance comp. is also known as the? - ANSWER-
principle
an insurance company that sells insurance only to people who meet specific
membership requirements is known as what kind of ins. comp? - ANSWER-Fraternal
what is the actual cause of a loss? - ANSWER-peril
the purpose of insurance is to - ANSWER-Transfer risk
a warranty is a statement made by the applicant regarding the risk to be insured.
which of the following statements is NOT true about warranties? - ANSWER-A
warranty must be refer to a material fact
all of the following are basic ways in which underwriters assign rates EXCEPT?
a) manual (class) rating
b) judgement rating
c) application rating
d) experience (merit) rating - ANSWER-c) application rating
Bob has a liability policy in the amount of 300/500/100 how much coverage does he
have per occurrence for property damage liability? - ANSWER-100,000
an insurance binder is best described as - ANSWER-temporary, short-term evidence
of coverage.
an insured owns a pet lion that is caged on the homeowner's property. the owner
takes great care to warn neighbors of the possible danger by posting signs, fencing the
yard, and locking the cage at all times. when a neighbor's child manages to open the
cage and is bitten, what type of liability would apply to the lion owner? - ANSWER-
Absolute liability
which of the following risks are insurable?
a) pure
b) whole
c)partial
d) speculative - ANSWER-a) pure
methods of handling risk - ANSWER-STARR
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