Utah Property and Casualty Insurance Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Module
Utah Property and Casualty Insurance
Institution
Utah Property And Casualty Insurance
All-Risk Insurance - Insurance protecting the insured from loss arising from any Peril other than
those specifically excluded by name. This contrasts with Named Peril Insurance, which names the Peril or
Perils insured against.
Binders - Binders and other temporary insurance contracts may be made...
Utah Property and Casualty Insurance
Exam
All-Risk Insurance - Insurance protecting the insured from loss arising from any Peril other than
those specifically excluded by name. This contrasts with Named Peril Insurance, which names the Peril or
Perils insured against.
Binders - Binders and other temporary insurance contracts may be made orally or in writing. Each
binder is deemed to include all usual terms of the policy for which it was given plus endorsements. Life
or Disability insurance utilizes conditional receipts instead of binders.
Appurtenant Structure - A structure belonging to the insured structure, such as a tool shed.
Appurtenant structures are provided for in the Homeowners policy and other Dwelling policies. This
coverage is often called Other Structures or Out Buildings.
Actual Cash Value (ACV) - The cost to replace an item of property at the time of loss, less an
allowance for depreciation. Often used to determine amount of reimbursement for a loss (Replacement
Cost minus Depreciation.)
Additional Insured - A person, firm, or corporation other than the Named Insured on a policy, or a
lender named in a mortgage clause, who is protected against loss by the terms of the policy.
Additional Living Expenses - A coverage designed to reimburse the insured for an increase in living
expenses necessitated by a loss to the dwelling. This Indirect Loss must be the result of Direct Loss by a
covered Peril.
Adjuster - Represents the insurance company and acts for the company in working on agreements
as to the amount of a loss and the liability of the company.
Admitted Company - A company that meets the state insurance department's standards and is
authorized by the Director to do business in the state.
Agent/Producer - An individual appointed by an insurance company to solicit, negotiate, effect, or
countersign insurance contracts on its behalf.
, Aggregate Limit - A type of policy limit found in Liability policies that limits coverage to a specified
total amount for all losses occurring within the policy period.
Alien Company - An insurance company incorporated in a country other than the United States
Allied Lines - Property coverages that are closely associated with and frequently sold with fire
insurance: Dwelling Building and Contents form, Earthquake insurance, Sprinkler Leakage, etc.
Application - A questionnaire that is filled out by an agent and the prospect seeking insurance.
The form contains rating and underwriting information. The applicant is expected to make
representations by answering questions to the best of his knowledge (truthfully).
Absolute Liability - Liability that arises from an extremely dangerous situation. Absolute liability is
often found in cases involving explosives. Also known as "strict" liability. For ex you are absolutely liable
if you keep a wild animal as a pet.
Accident - A sudden and unexpected event, occurring at a specific time and place.
Appraisal - If the insured and insurer cannot agree on the amount of loss, either may demand an
appraisal, If demanded, each will select an appraiser, who jointly will select an umpire. The appraisers
will appraise the loss and either agree or submit differences to the umpire. Agreement by any two of the
three will be binding. Each party will pay its own appraiser and share equally the expenses of the
appraisal and the umpire.
Assigned Risk - There are some applicants that underwriters do not care to insure, but because of
state law or otherwise, must be provided protection. To become authorized, a Casualty company must
agree to participate in the Assigned Risk Pool and take its turn providing Auto insurance to high-risk
drivers. Also known as the auto insurance "plan".
Audit - A survey of the financial records of the insured conducted to determine exposures, limits,
etc., \which are needed to calculate the premium. The initial premium is only a deposit.
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