100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Insurance Personal Lines Tn State Exam Questions And Answers Already Passed!!! Latest Updated 2024 $16.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Personal Lines
  4.  
  5. Personal lines

Exam (elaborations)

Insurance Personal Lines Tn State Exam Questions And Answers Already Passed!!! Latest Updated 2024
 7 views  0 purchase
  • Course
  • Personal lines
  • Institution
  • Personal Lines

Insurance Personal Lines Tn State Exam Questions And Answers Already Passed!!! Latest Updated 2024

Preview 4 out of 78  pages

Document information

  • October 1, 2024
  • 78
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • incidental occupancy
  • insurance personal lines tn state exam questions a
  • all of the following are characteristics of the dw
  • what are the 3 types of hazards
  • what are the 2 types of risks

Written for

  • Personal lines
  • Personal lines

Seller

avatar-seller
classhub

Reviews received

Content preview

Insurance Personal Lines Tn State Exam
Questions And Answers Already
Passed!!! Latest Updated 2024
Incidental occupancy - ANSWERS✔✔minor uses that are accessory to or support
the predominant occupancy


All of the following are characteristics of the dwelling policy EXCEPT:


A.) incidental occupancy of limited service-type exposure is permitted


B.) Dwellings up to 4 family units are eligible.


C.) The dwelling must be owner-occupied.


D.) Coverage includes the dwelling only, contents only, or both. -
ANSWERS✔✔C.) The dwelling must be owner-occupied.


What are the 3 types of hazards? - ANSWERS✔✔1. Moral
2. Morale
3. Physical


Define insurance - ANSWERS✔✔Transfer of risk


What does SANS stand for in transacting insurance ? - ANSWERS✔✔Sale
Advising

,Negotiating
Soliciting


what are the 2 types of risks? - ANSWERS✔✔Pure and Speculative


What is pure risk? - ANSWERS✔✔a risk that presents the chance of loss but no
opportunity for gain


What is speculative risk? - ANSWERS✔✔a risk situation that includes a chance of
loss and a potential for gain. Speculative risks are not insurable.


What type of risk can never be insured? - ANSWERS✔✔Speculative risk


What is exposure used to do? - ANSWERS✔✔Determine the rate


Define exposure - ANSWERS✔✔A unit of measure used to determine rates
charged for insurance coverage.


Define a physical hazard. - ANSWERS✔✔A condition of the subject of insurance
that creates or increases the chance of loss


What is a morale hazard? - ANSWERS✔✔Applicant demonstrates a careless
attitude that could increase the chance of loss


What is moral hazard? - ANSWERS✔✔A dishonest predisposition on the part of
an insured which increases the chance of loss

,What is a peril? - ANSWERS✔✔cause of loss insured against in an insurance
policy


Property peril is defined as ______________. - ANSWERS✔✔The loss of
physical property or of its income producing abilities


Casualty peril is defined as _____________. - ANSWERS✔✔The loss of and/or
damage TO property and resulting LIABILITIES.


What is loss? - ANSWERS✔✔Reduction in value, destruction, or disappearance of
property or person insured in a policy


True or False? The reduction or destruction (loss) must be due to a peril insured
against in the policy. - ANSWERS✔✔True.


Hazards are conditions that ———————- the ———————— of an
insured loss. - ANSWERS✔✔Increase, probability


What are the five elements of insurable risk? - ANSWERS✔✔1. Due to chance
2. Definite & measurable
3. Statistically predictable
4. Not catastrophic
5. Randomly selected/ large loss exposure


What is adverse selection? - ANSWERS✔✔insuring of risks that are more prone to
losses than the average risk

, How do insurers protect themselves from adverse selection? - ANSWERS✔✔By
refusing or restricting coverage for bad risks or by charging a higher rate.


Define the Law of Large Numbers - ANSWERS✔✔Insurance is spreading risk
among a large pool of ppl w/ similar exposure to loss.


True or False? The larger the number of ppl w/ a similar exposure to loss, the less
predictable actual losses will be. - ANSWERS✔✔False. The larger the number of
ppl w/ a similar exposure to loss, the more predictable actual losses will be.


What is a named insured? - ANSWERS✔✔the person or party named on the
declarations page of the policy


What is a first named insured? - ANSWERS✔✔The first name on the policy & has
certain additional rights and responsibilities that do not apply to other named
insureds


What is a additional insured ? - ANSWERS✔✔The specific interest. Name may
not be on the policy.


Who owns stocks? - ANSWERS✔✔Stockholders


Who owns a mutual policy? - ANSWERS✔✔Policy owners


Reciprocal Insurers - ANSWERS✔✔Attorney in fact

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $16.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64438 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$16.49
  • (0)
  Add to cart