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TEXAS PROPERTY AND CASUALTY EXAM AND PRACTICE QUESTIONS NEWEST 2024 ACTUAL EXAM MOST TESTED QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A+£12.96
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TEXAS PROPERTY AND CASUALTY EXAM
AND PRACTICE QUESTIONS NEWEST 2024
ACTUAL EXAM MOST TESTED QUESTIONS
AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
What is uncertainty of loss - Correct answer - risk
What is a transfer of risk from the insured to the insurer -
Correct answer - insurance
Four parts of a policy –
Correct answer - DICE (declarations,
insuring agreement, conditions, and exclusions)
The ______ list the named insured, policy limits, and premium
and policy period - Correct answer - declarations
,The ____ __ ____ are found on the declaration page of the
policy - Correct answer - limits of liability
The _______ _______ describes the coverages provided -
Correct answer - insuring agreement
____ risk means there is no chance of gain. It is insurable. -
Correct answer - pure
____ risk means there is a chance of a loss or a gain. It is not
insurable. - Correct answer - speculative
a ____ is something that increases the risk. - Correct answer -
hazard
the principle of _____ governs property and casualty policies. It
states that the purpose of the policy is to restore the insured
financially to where they were prior to the loss - Correct
answer - indemnity
_____ _____ must exist on a casualty policy at time of loss in
order for the policy to provide coverage. - Correct answer -
insurable interest
,the law of _____ _____ is used to predict the likelihood of loss -
Correct answer - large numbers
____ ____ ____ is replacement cost minus depreciation. -
Correct answer - actual cash value
________ is a tort, or civil wrong; it is grounds for a lawsuit. -
Correct answer - Negligence
_______ is the failure to act as a reasonable person would in
the same set of circumstances - Correct answer - negligence
an _____ happens over a period of time - Correct answer -
Occurrence
a _____ may be oral or written - Correct answer - binder
a _____ provides coverage until the policy is issued. it includes
all coverages provided by the policy. - Correct answer - binder
a ____ is a literal truth - Correct answer - warranty
, a _______ is a substantial truth. in insurance, statements of the
applicant/policyowner are _______ - true to the best of their
knowledge - Correct answer - representation
______ is an omission of a material fact. - Correct answer -
concealment
the insurer has the right to sue a negligent third party for
damages paid to an insured under the concept of ______ -
Correct answer - subrogation
the _______ list the obligations of both parties, the insurer and
the insured - Correct answer - conditions
the ______ list the perils that are not covered - Correct answer
- exclusions
If the Insurer and the Insured disagree that the liability policy
does or does not provide coverage, the claim will go to _____ -
Correct answer - arbitration
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