ALABAMA PROPERTY AND CASUALTY SPOT-ON EXAM SOLUTIONS 2024
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Module
ALABAMA PROPERTY AND CASUALTY
Institution
ALABAMA PROPERTY AND CASUALTY
ALABAMA PROPERTY AND
CASUALTY SPOT-ON EXAM
SOLUTIONS 2024 If a company cancels an auto policy mid term, the refund will be made on
a. pro rata basis
b. short rate basis
c. retroactive basis
d. coinsurance basis - correct answer Pro Rata Basis
ALABAMA PROPERTY AND
CASUALTY SPOT-ON EXAM
SOLUTIONS 2024
If a company cancels an auto policy mid term, the refund will be made on
a. pro rata basis
b. short rate basis
c. retroactive basis
d. coinsurance basis - correct answer ✔✔Pro Rata Basis
What is the term used to describe terminating the insurance relationship at the end of the policy
period ?
a. cancellation
b. nonrenewal
c. separation
d. exclusion - correct answer ✔✔Nonrenewal
Which is the best example of an indirect loss ?
a. sequential loss
b. liability loss
c. employee theft
d. loss of use - correct answer ✔✔Loss of Use
,Which is a two party contract?
A. property
B. casualty
C. liability
D. auto - correct answer ✔✔Property
Insurance Contracts offset
a. speculative risk
b. pure risk
c. gambling
d. created risk - correct answer ✔✔Pure Risk
Which of the following is a third party contract ?
a. property
b. casualty
c. earthquake
d. theft - correct answer ✔✔Casualty
Risk is best defined as
a. chance of loss
b. certainty of loss
c. financially loss
d. sentimental loss - correct answer ✔✔Chance of loss
Being subject to a loss is
a. liability
b. indemnity
c . exposure
, d. subrogation - correct answer ✔✔Exposure
The ranking insured in a personal lines contract is the
a. named insured
b. first named insured
c. mortgagee
d. husband - correct answer ✔✔Named Insured
To be paid under a P&C contract, insurable interest must exist
a. at the time of the application
b. on the policy date
c. at the time of the loss
d. at the time of claim settlement - correct answer ✔✔At the time of the loss
This type of company benefits the policyowners
a. stock
b. mutual
c. foreign
d. alien - correct answer ✔✔Mutual
Ohio Casualty is doing regular business in Indiana. Within the State of Indiana, Ohio Casualty
would be considered ?
a. domestic company
b. nonadmitted company
c. alien company
d. foreign company - correct answer ✔✔Foreign Company
Ohio Casualty is doing regular business in Indiana. Within the State of Indiana, Ohio Casualty
would be considered ?
a. admitted company
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