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Property and Casualty Exam Questions and answers, 100% Accurate, rated A
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Property and Casualty Exam Questions and answers, 100% Accurate, rated A the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - -true which of the following coverage...

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  • February 3, 2023
  • 12
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • property and casualty exam questions and answers
  • 100 accurate
  • rated a the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior

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Property and Casualty Exam Questions
and answers, 100% Accurate, rated A


the one basic characteristic of any type of insurance is that the insured is returned to the same status
that existed prior to the loss, but without a chance for gain or profit - ✔✔-true



which of the following coverages does an open peril policy provide? - ✔✔-perils other than those
specifically named as being excluded



determine the actual cash value in the following situation: original price of office equiptment when
purchased 8 years ago- 9,000. depreciated amount at time of fire-5,000 current replacement cost
12,000 - ✔✔-7,000



liquor liability - ✔✔-need for a dram shot, liquor, or package store



inherent vice or defect - ✔✔-iron rusting, milk going sour, rubber breaking down are all inherent vices



how is hitting an animal on the road covered? - ✔✔-other than collision otc



medicare supplement insurance - ✔✔-aka medical gap insurance. must include core benefits



ordinance or law - ✔✔-an endorsement for building code upgrades



loss sustained/discovery forms under crime coverage - ✔✔-loss is for later than the policy period.
discovery is for before the policy (loss is later, discovery before)



designated brush fire or civil unrest areas - ✔✔-qualifying areas under the fair plan

, stop loss provision - ✔✔-used in health insurance to limit the maximum amount of money the insured
would have to pay out of pocket on a health claim in any particular claim



shortages of inventory - ✔✔-under crime insurance the employee dishonesty endorsement never covers



can the mortgagee still collect if the insured burns their house down - ✔✔-yes, the mortgage clause is a
standard provision



otc covers - ✔✔-earthquake, flood, hail, theft, hitting an animal, gunshots (no collision or upset)



law of large numbers - ✔✔-the greater the number of insured the more accurately the prediction



where does a driver have coverage? - ✔✔-U.S. Canada and US possessions eg puerto rico, guam



what is excluded under commercial general liability? - ✔✔-pollution-with the exception of fuel spilled
during normal operations. Pollution is normally covered under cpp or builders risk



what is the midi-tail on claims made? - ✔✔-provides 5 years coverage for something reported during
minitail



speculative risk - ✔✔-chance for loss or gain



commercial package - ✔✔-modular policy



Binder - ✔✔-a temp insuring contract (written or oral)



Hazard - ✔✔-anything that increases a chance for loss

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