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Texas Property and Casualty practice exam 2024/2025 already graded A+
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Texas Property and Casualty practice exam 2024/2025 already graded A+
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Texas Property and Casualty practiceexam
Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy.
However, with the purchase of the water backup and sump pump overflow endorsement,
coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is
the deductible associated with this coverage? - ANS$250
Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for
an additional premium with this endorsement.
An insured relocated to another state for work. However, she still owns and insures a house in
this state, but has had no one living in it for 3 months. She is also storing some furniture and
clothes in the house. From an insurance standpoint, the insured's house is considered -
ANSUnoccupied
Unoccupancy refers to an insured structure in which no people have been living or working
within the required period of time, but the structure contains contents.
Individuals in the business of selling construction equipment and mobile equipment should
insure with a/an - ANSEquipment dealers coverage form
An equipment dealer's coverage form covers a dealer's stock in trade consisting primarily of
mobile agricultural equipment and construction equipment. It also covers property of others in
the dealer's care, custody, or control. It excludes coverage for autos, motorcycles, aircraft, and
watercraft.
All of the following are true regarding deposit premium - ANSIt must be paid in advance.
It is an estimated premium paid at the policy issue.
It could be adjusted by the audit.
Deposit premium is an estimated premium paid in advance at the time the policy is issued that
may be adjusted by the audit based on actual exposures.
Which of the following is NOT an essential element of an insurance contract? - ANScounteroffer
, To purchase insurance, the policyowner must have financial interest in the property being
insured. This is known as - ANSInsurable Interest
The insured must have an insurable interest in the person or property covered by an insurance
policy. In property insurance, this means the insured would incur a financial loss if the insured
property was damaged.
What type of property does a Personal Floaters policy cover? - ANSMovable personal property,
wherever it may be located
Events or conditions that increase the chances of an insured loss occurring are referred to as -
ANSHazards
Workers compensation statutes provide coverage for diseases that occur as a result of working
in the employer's working environment. Which of the following is an example of a disease that
would NOT be covered by such provisions? - ANSAn employee of a medical facility who suffers
from a common cold
When a direct chain of events resulting from a negligent act causes injury or damage, that act is
considered to be - ANSThe proximate case
The causes of loss insured against in an insurance policy are known as - ANSPerils
Perils are the causes of loss insured against in an insurance policy.
Surety bonds are written for a definite limit called - ANSThe Bond Penalty
Insurance is the transfer of - ANSRisk
Crime insurance is usually written on the basis of - ANSAll-Risk
A homeowner sells his house to a friend. The friend wants to keep the homeowner's current
policy in effect. Under the assignment provision, which of the following is most likely? - ANSThe
homeowner will need to get written consent from the insurer before the policy can be
reassigned.
What term best describes the act of withholding material information that would be crucial to an
underwriting decision? - ANSConcealment
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