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SC P&C INSURANCE EXAM STUDY GUIDE QUESTIONS WITH ACTUAL SOLUTIONS
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SC P&C INSURANCE EXAM STUDY GUIDE QUESTIONS WITH ACTUAL SOLUTIONS
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SC P&C INSURANCE EXAM STUDYGUIDE QUESTIONS WITH ACTUAL
SOLUTIONS
Abandonment zvv- zvvAnswerthe zvvabdication zvvof zvvinsured zvvproperty zvvinto zvvthe
zvvhands zvvof zvvanother, zvvor zvvinto zvvthe zvvpossession zvvof zvvno zvvone zvvin zvvparticular
Absolute zvvLiability zvv- zvvAnswerLiability zvvthat zvvarises zvvfrom zvvan zvvextremely
zvvdangerous zvvsituation. zvvOften zvvfound zvvin zvvcases zvvinvolving zvvexplosives. zvvAlso
zvvknown zvvas zvv"strict" zvvliability. zvvFor zvvexample, zvvyou zvvare zvvabsolutely zvvliable zvvif
zvvyou zvvkeep zvva zvvwild zvvanimal zvvas zvva zvvpet.
Accident zvv- zvvAnsweran zvvunplanned, zvvunforseen zvvevent zvvwhich zvvoccurs
zvvsuddenly zvvand zvvat zvva zvvspecific zvvplace
Actual zvvCash zvvValue zvv- zvvAnswerthe zvvrequired zvvamount zvvto zvvpay zvvdamages
zvvfor zvvproperty zvvloss, zvvwhich zvvis zvvcalculated zvvbased zvvon zvvthe zvvproperty's
zvvcurrent zvvreplacement zvvvalue zvvminus zvvdepreciation
Additional zvvCoverage zvv- zvvAnswera zvvprovision zvvin zvvan zvvinsurance zvvpolicy zvvthat
zvvallows zvvfor zvvmore zvvcoverage zvvfor zvva zvvspecific zvvloss zvvexpense zvvwithout zvvan
zvvincrease zvvin zvvpremium
Additional zvvInsureds zvv- zvvAnswerindividuals zvvor zvvbusiness zvvthat zvvare zvvnot
zvvnamed zvvas zvvinsured zvvon zvvthe zvvdecleration zvvpage, zvvbutr zvvare zvvprotected zvvby
zvvthe zvvpolicy, zvvusually zvvin zvvregard zvvto zvva zvvspecific zvvinterest
Adhesion zvv- zvvAnswerA zvvcontract zvvoffered zvvon zvva zvv"take-it-or-leave-it" zvvbasis
zvvby zvvan zvvinsurer, zvvin zvvwhich zvvthe zvvinsured's zvvonly zvvoption zvvis zvvto zvvaccept
zvvor zvvreject zvvthe zvvcontract. zvvAny zvvambiguities zvvin zvvthe zvvcontract zvvwill zvvbe
zvvsettled zvvin zvvfavor zvvof zvvthe zvvinsured.
Admitted zvvInsurer zvv- zvvAnswerAn zvvinsurer zvvto zvvwhich zvva zvvstate zvvinsurance
zvvdepartment zvvhas zvvgranted zvva zvvlicense zvvto zvvdo zvvbusiness zvvwithin zvvthat
zvvstate.
,Adverse zvvSelection zvv- zvvAnswerIn zvvgeneral, zvvthe zvvtendency zvvfor zvvpeople zvvwith
zvvthe zvvgreatest zvvprobability zvvof zvvloss zvvto zvvbe zvvthe zvvones zvvmost zvvlikely zvvto
zvvpurchase zvvinsurance.
Agent zvv- zvvAnsweran zvvindividual zvvwho zvvis zvvlicensed zvvto zvvsell, zvvnegotiate, zvvor
zvveffect zvvinsurance zvvcontracts zvvon zvvbehalf zvvof zvvan zvvinsurer
Aggregate zvvLimit zvv- zvvAnswerthe zvvmaximum zvvamount zvvan zvvinsurer zvvwill zvvpay
zvvfor zvvall zvvcovered zvvlosses zvvduring zvvthe zvvcovered zvvpolicy zvvperiod
Agreed zvvValue zvv- zvvAnswerA zvvproperty zvvpolicy zvvwith zvva zvvprovision zvvagreed
zvvupon zvvby zvvthe zvvinsurer zvvand zvvinsured zvvas zvvto zvvthe zvvamount zvvof zvvinsurance
zvvthat zvvrepresents zvva zvvfair zvvvaluation zvvfor zvvthe zvvproperty zvvat zvvthe zvvtime zvvthe
zvvinsurance zvvis zvvwritten.
Aleatory zvv- zvvAnswerA zvvcontract zvvin zvvwhich zvvparticipating zvvparties zvvexchange
zvvunequal zvvamounts. zvvthe zvvamount zvvthe zvvinsured zvvwill zvvpay zvvin zvvpremiums zvvis
zvvunequal zvvto zvvthe zvvamount zvvthe zvvinsurer zvvwill zvvpay zvvin zvvthe zvvevent zvvof zvva
zvvloss.
Alien zvvInsurer zvv- zvvAnsweran zvvinsurance zvvcompany zvvthat zvvis zvvincorporated
zvvoutside zvvthe zvvU.S.
Apparent zvvAuthority zvv- zvvAnswerThe zvvappearance zvvor zvvthe zvvassumption zvvof
zvvauthority zvvbased zvvon zvvthe zvvactions, zvvwords, zvvor zvvdeeds zvvof zvvthe zvvprincipal
zvvor zvvbecause zvvof zvvcircumstances zvvthe zvvprincipal zvvcreated.
Appraisal zvv- zvvAnsweran zvvassesment zvvof zvvproperty zvvto zvvdetermine zvveither zvvthe
zvvcorrect zvvamount zvvof zvvinsurance zvvto zvvbe zvvwritten zvvor zvvthe zvvamount zvvof zvvloss
zvvto zvvbe zvvpaid
Arbitration zvv- zvvAnswerA zvvprocess, zvvagreed zvvto zvvby zvvparties zvvto zvva zvvdispute
zvvin zvvlieu zvvof zvvgoing zvvto zvvcourt, zvvby zvvwhich zvva zvvneutral zvvperson zvvor zvvbody
zvvmakes zvva zvvbinding zvvdecision
Assignment zvv- zvvAnswerthe zvvtransfer zvvof zvvlegal zvvright zvvor zvvinterest zvvin zvvan
zvvinsurance zvvpolicy, zvvin zvvP&C zvvususally zvvonly zvvvalid zvvwith zvvprior zvvwritten
zvvconsent zvvof zvvthe zvvinsurer
Authorized zvvInsurer zvv- zvvAnswerAn zvvinsurance zvvcompany zvvthat zvvhas zvvqualified
zvvand zvvreceived zvva zvvCertificate zvvof zvvAuthority zvvfrom zvvthe zvvDepartment zvvof
zvvInsurance zvvto zvvtransact zvvinsurance zvvin zvvthe zvvstate.
Auto zvv- zvvAnswera zvvland zvvmotor zvvvehicle, zvvtrailer zvvor zvvsemi-trailer zvvdesigned
zvvfor zvvuse zvvon zvvpublic zvvroads
, Avoidance zvv- zvvAnswerA zvvmethod zvvof zvvdealing zvvwith zvvrisk zvvby zvvdeliberately
zvvkeeping zvvaway zvvfrom zvvit zvv(e.g. zvvif zvva zvvperson zvvwanted zvvto zvvavoid zvvthe
zvvrisk zvvof zvvbeing zvvkilled zvvin zvvan zvvairplane zvvcrash, zvvhe/she zvvmight zvvchoose
zvvnever zvvto zvvfly zvvin zvva zvvplane).
Bailee zvv- zvvAnswerOne zvvwho zvvholds zvvthe zvvpersonal zvvproperty zvvof zvvanother zvvfor
zvva zvvspecific zvvpurpose.
Beneficiary zvv- zvvAnswerthe zvvone zvvwho zvvrecieves zvvthe zvvproceeds zvvfrom zvvan
zvvinsurance zvvpolicy
Binder zvv- zvvAnswerA zvvtemporary zvvinsurance zvvcontract zvvthat zvvforms zvvan zvvoral
zvvor zvvwirtten zvvagreement zvvbetween zvvthe zvvinsurance zvvcompany zvvand zvvthe
zvvcustomer.
Blanket zvvBond zvv- zvvAnswera zvvtype zvvof zvvbond zvvthat zvvcovers zvvlosses zvvcaused
zvvby zvvdishonest zvvemployees
Blanket zvvInsurance zvv- zvvAnswerA zvvsingle zvvproperty zvvinsurance zvvpolicy zvvthat
zvvprovides zvvcoverage zvvfor zvvmultiple zvvclasses zvvof zvvproperty zvvat zvvone zvvlocation,
zvvor zvvprovides zvvcoverage zvvfor zvvone zvvor zvvmore zvvclasses zvvof zvvproperty zvvat
zvvmultiple zvvlocations.
Bodily zvvInjury zvvLiability zvv- zvvAnswerInsurance zvvthat zvvprotects zvva zvvdriver zvvfrom
zvvclaims zvvresulting zvvfrom zvvinjuries zvvor zvvdeaths zvvfor zvvwhich zvvthe zvvinsured zvvis
zvvat zvvfault
Boycott zvv- zvvAnswerAn zvvunfair zvvtrade zvvpractice zvvin zvvwhich zvvone zvvperson
zvvrefuses zvvto zvvdo zvvbusiness zvvwith zvvanother zvvuntil zvvhe zvvor zvvshe zvvagrees zvvto
zvvcertain zvvconditions.
Builder's zvvRisk zvvCoverage zvvForm zvv- zvvAnswerThis zvvcoverage zvvform zvvprovides
zvvcoverage zvvfor zvvbuildings zvvthat zvvare zvvunder zvvconstruction. zvvCan zvvalso zvvbe
zvvused zvvto zvvcover zvva zvvbuilding zvvwhile zvvadditions zvvand zvvalterations zvvare zvvbeing
zvvmade zvvto zvvthe zvvstructure.
Building zvvand zvvPersonal zvvProperty zvvCoverage zvvForm zvv- zvvAnswerA zvvcommercial
zvvproperty zvvform zvvthat zvvcovers zvvbuildings, zvvand/or zvvtheir zvvcontents.
Burglary zvv- zvvAnswerentering zvva zvvbuilding zvvunlawfully zvvwith zvvintent zvvto zvvcommit
zvva zvvfelony zvvor zvvto zvvsteal zvvvaluable zvvproperty
Cancellation zvv- zvvAnswerthe zvvtermination zvvof zvvan zvvin-force zvvinsurance zvvpolicy
zvvby zvveither zvvthe zvvinsurer zvvor zvvthe zvvinsured zvvprior zvvto zvvthe zvvexpiration zvvdate
zvvshown zvvon zvvthe zvvpolicy
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