Property and Casualty Exam – Texas with correct answers
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Course
Texas Property
Institution
Texas Property
Property and Casualty Exam – Texas
with correct answersProperty and Casualty Exam – Texas
with correct answersProperty and Casualty Exam – Texas
with correct answersProperty and Casualty Exam – Texas
with correct answersProperty and Casualty Exam – Texas
with correct answers
Property and Casualty Exam – Texas
with correct answers
____ ____ ____ is replacement cost minus depreciation. - CORRECT ANSWERS-
actual cash value
____ _____ ______ coverage pays for losses that occur during the policy period and
are found for up to 1 year after the policy is terminated. - CORRECT ANSWERS-Loss
sustained crime
____ is a transfer of risk from the insured to the insurer - CORRECT ANSWERS-
insurance
____ is uncertainty of loss - CORRECT ANSWERS-risk
____ risk means there is a chance of a loss or a gain. It is not insurable. - CORRECT
ANSWERS-speculative
____ risk means there is no chance of gain. It is insurable. - CORRECT ANSWERS-
pure
_____ ___ _____ covers only additional living expenses - CORRECT ANSWERS-loss
of use
_____ _____ _____ are voluntary, unincorporated associations whose member insurers
provide particular forms of insurance to the public - CORRECT ANSWERS-Joint
underwriting associations (JUAs)
_____ _____ _____ coverage is not mandatory in the state of Texas - CORRECT
ANSWERS-Auto Uninsured Motorist
_____ _____ agents may be authorized as a general lines agent, managing general
agent, or nonresident agent who is granted a _____ _____ license - CORRECT
ANSWERS-surplus lines
,_____ _____ and medical coverage cover the insured's activities both on and off the
premises - CORRECT ANSWERS-personal liability
_____ _____ are not covered on DP or HO forms - CORRECT ANSWERS-farm risks
_____ _____ covers product liability, but does not cover the cost of a recall - CORRECT
ANSWERS-garage liability
_____ _____ does not cover the cost of a recall or resulting lost income - CORRECT
ANSWERS-products liability
_____ _____ establishes that an employee cannot take legal action against an
employer if the employee recovers benefits through workers compensation - CORRECT
ANSWERS-exclusive remedy
_____ _____ issue participating policies, which might pay a dividend - CORRECT
ANSWERS-mutual insurers
_____ _____ may be issued to corporations if eligibility requirements are met -
CORRECT ANSWERS-agent licenses
_____ _____ must exist on a casualty policy at time of loss in order for the policy to
provide coverage. - CORRECT ANSWERS-insurable interest
_____ ______ applies only after the product is out of the control of the insured -
CORRECT ANSWERS-products liability
_____ ______ causes of loss adds falling objects; weight of ice, snow, or sleet; water
damage; collapse; and breakage of glass to those perils covered under the basic
causes of loss. - CORRECT ANSWERS-Broad form
_____ ______ insurance provides coverage on risks unavailable through authorized
insurers - CORRECT ANSWERS-surplus lines
_____ ______ is defined as a disease arising out of or during the course of
employment, resulting in damage or harm to the body - CORRECT ANSWERS-
occupational disease
_____ _____, also known as the automatic increase endorsement, must be added to a
DP policy by endorsement - CORRECT ANSWERS-inflation guard
_____ are a return of excess premiums in participating policies - CORRECT
ANSWERS-dividends
_____ can only share commissions with other agents who are licensed for the same
lines of insurance - CORRECT ANSWERS-Agents
, _____ coverage covers buildings, the contents of buildings, or both - CORRECT
ANSWERS-property
_____ is considered to be a restraint of trade and is illegal - CORRECT ANSWERS-
Coercion
_____ is defined as an intentional misrepresentation or concealment used to induce a
party - CORRECT ANSWERS-Fraud
_____ is defined as the temporary inundation of normally dry land - CORRECT
ANSWERS-flood
_____ or liability insurance provides compensation or indemnity an insured must pay as
a result of harm or wrong done to others - CORRECT ANSWERS-casualty
______ _____ are paid to an employee on a weekly basis, unless otherwise requested
and greed upon with the employer - CORRECT ANSWERS-income benefits
______ _____ on the PAP covers colliding with another object, rollover and upset.
Everything else is covered by other than collision coverage - CORRECT ANSWERS-
Collision coverage
______ _____ works best for items whose value does not fluctuate much - CORRECT
ANSWERS-Agreed value
______ ______ (such as for trees, shrubs and plants) are in addition to limits -
CORRECT ANSWERS-additional coverages
______ ______ do not cover growing crops or autos driven on the highway - CORRECT
ANSWERS-farm policies
______ ______ may pay dividends to policyholders; however, dividends are never
guaranteed - CORRECT ANSWERS-mutual insurers
______ ______ means one location is insured for a specific amount of insurance on the
structure and contents. - CORRECT ANSWERS-Specific coverage.
______ ______ refers to the value of loss being the full amount of the HO policy, in
response to a total loss of insured property - CORRECT ANSWERS-liquidated demand
______ ______ sell nonparticipating policies and pay dividend to policyholders -
CORRECT ANSWERS-stock insurers
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