Property and Casualty Insurance Test Questions & Answers Correct 100%COMPLETE BUNDLE 2023

What is a peril? - ANSWERA Peril is a cause of loss What is a hazard? - ANSWERSomething that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - ANSWERMoral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method ...

Which of the following are the authorities that an agent can hold? - ANSWERExpress and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - ANSWERPermanent partial disability Who is NOT considered an employee in an commercial general li...

Specific insurance - ANSWERThis type of insurance designates a particular item to be insured Blanket insurance - ANSWERThis type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - ANSWERpossibility of both ...

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 - ANSWERtrue which of the following coverages does an open peril policy provide? - ANSWERperils other than those specifi...

Bailee - ANSWERAn individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - ANSWERSomething that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - ANSWE...

Insurance - ANSWERTransfer of risk form a person or business to an insurer Loss - ANSWERuncertainty/possibility of a loss Speculative vs pure risk - ANSWERSpeculative - chance of loss or gain Pure - only chance of loss Exposure - ANSWERrisks for which the insurance company would be liable ...

All of the following are factors in the determination of actual cash value EXCEPT - ANSWERInsurance premium paid The dwelling insured on HO-2, HO-3, or HO-5 forms is covered for replacement, provided that it is insured for at least what percentage of replacement cost on the date of loss? - ANSWER...

BPP building coverage - ANSWERinsures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property...

Representations - ANSWERStatements made by the applicant on an insurance application. Contract of Utmost Good Faith - ANSWERAn insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion - ANSWERWhen one party constructs the contract and the other party has no inp...

An insured may cancel a Personal Auto Policy by taking which of the following actions? A. Paying the insurance company any past due premiums B. Waiting until the policy expiration date C. Giving written notice to the insurance company D. Informing the producer by telephone - ANSWERC I...

National Association of Insurance Commissioners (NAIC) - ANSWERis an association of all of the state insurance commissioners active in insurance regulatory problems and in forming and recommending model legislation and requirements. The NAIC does not directly MAKE laws, as laws are made at the state...

Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability limits of 50/100. It is determined that Driver B is at fault for the accident. Driver A has $125,000 in medical expenses. How much will his Part C: UM/UIM cove...