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Property and Casualty Insurance Test Question Notes. Questions and answers, 100% Accurate. Rated A CA$12.61
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Property and Casualty Insurance Test Question Notes. Questions and answers, 100% Accurate. Rated A
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Property and Casualty Insurance Test Question Notes. Questions and answers, 100% Accurate. Rated A What is a peril? - A Peril is a cause of loss What is a hazard? - Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Moral Ha...

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  • February 3, 2023
  • 10
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • property and casualty insurance test question notes questions and answers
  • 100 accurate rated a what is a peril a peril is a cause of loss what is a hazard something that increases the cha

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Property and Casualty Insurance Test
Question Notes. Questions and answers,
100% Accurate. Rated A

What is a peril? - ✔✔A Peril is a cause of loss



What is a hazard? - ✔✔Something that increases the chance of a loss



What is the difference between a Moral hazard and a Morale Hazard? - ✔✔Moral Hazard - dishonesty,
against the law

Morale Hazard - carelessness



What is the method of handling risk that involves a deductible? - ✔✔Retention (loss or portion of loss)



If a fire causes damage to a building, what is the fire considered? - ✔✔A Peril



What are the elements of an insurable risk? - ✔✔CANHAM

Calculable, Affordable, Non-Catastrophic, Homogeneous, Accidental, Measurable



If an insurance company is housed in Tennessee, what type of insurer are they considered? -
✔✔Domestic



An insurance company incorporated in Wisconsin and conducting business in Minnesota is know as what
type of insurer? - ✔✔Foreign



What is it meant by "Express Authority"? - ✔✔Authorities are written in agent contract

, What is a term that is typically used to describe an Insurance Agent? - ✔✔Fiduciary - a person in a
position of financial trust



What is a contract or device for transferring risk from a persons, business, or organization to an
insurance company? - ✔✔Insurance



What is Reinsurance? - ✔✔When insurance companies purchase insurance to cover their own exposures
to loss



What is a fiduciary? - ✔✔A person in a position of financial trust



What is it meant by a contract of adhesion? - ✔✔Policy written by the insurer with the insured having
no input



What part of the insurance policy shows the premium payment? - ✔✔Declarations page



What are the duties of the insured after a loss? - ✔✔Notice to insurer, protect property from further
damage, Proof of loss, property available for inspection, examination under oath if needed, cooperate
with insurer



What is the FCRA? - ✔✔Fair Credit Reporting Act - If the insurer uses credit, must inform insured



What are the parts to an insurance contract? - ✔✔Declarations, Conditions, Insuring Agreements, and
Exclusions



When an insured decides to cancel an insurance policy before the expiration date, how is the unearned
premium returned? - ✔✔Short-Rate basis



What are the three basic perils? - ✔✔Fire, Lightning, and Internal Explosion

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