Kentucky -property-and-casualty insurance well answered 2024(solution pack)

Kentucky Property & Casualty (Chapter 6) Homeowners Insurance - correct answer A multi line policy that includes property and liability insurance within the same contract. Introduced in the 1950s. Offers coverage on all 13 perils included in the standard fire policy and adding an additional n...

KY Property and Casualty Insurance Pre-Licensing Examexposures - CORRECT ANSWER being subject to a loss risk - CORRECT ANSWER chance/possibility of loss Law of Large Numbers - CORRECT ANSWER the more numbers used in a statistic, the more accurate the statistic will be pure risk - CORRECT AN...

Chapter 18: Kentucky Laws, Rules, and Regulations Pertinent to Property and Casualty Insurance No provision of the Kentucky insurance code applies to: - correct answer -fraternal benefit societies except as stated in the section relating to them -nonprofit hospital, medical-surgical, dental, and ...

Ky Property and Casualty Exam NotesWhich of the following is not one of the standard elements of a property insurance contract? Declarations page Conditions Limits of liability Insurable interest - correct answer Limits of liability. Standard elements of property insurance include d...

Property and Casualty Insurance Licensing ExamTo prevent recovery beyond the amount of the insured's actual loss, the policy will contain: - correct answer An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen engi...

Kentucky Property and Casualty - Unit 3 Fraternal Benefit Societies - correct answer 1.) Members only 2.) Not for Profit 3.) A lodge system Stock Company - correct answer owned by stockholders Mutual Insurance Company - correct answer owned by policyholders Risk Retention Group (RRG) - ...

Kentucky Property and Casualty State LawsA licensed agent must report any disciplinary action by the insurance action by the insurance regulatory agency of any other state or territory of the United States to the Commissioner within ______ days. - correct answer 30 The Commissioner _________ and ...

Kentucky Property & Casualty (Chapter 4) First Party Claimant - correct answer Claims that an insured files with their insurer Third Party Claimant - correct answer Claims made against an insured by someone other than the insured Policy Territory - correct answer Within the insurance contract...

Property and Casualty - KentuckyReplacement Cost Coverage formula - correct answer Insurance carried / insurance required x amount of loss = amount of reimbursement. Coverage A - Dwelling - correct answer Covers attached structures such as a garage Coverage B - Other Structures - correct answe...

KY Property & Casualty Insurance Exam Ch. 6-10Liability Loss - correct answer This type of loss occurs when a person is determined to have been responsible/ liable for loss to another person or their property and is required to make financial restitution Negligence - correct answer Another term f...

Kentucky Property and Casualty - Unit 5 Standardized Policies - correct answer Causes: 1.) The Law 2.) ISO 3.) Insurance Companies Named Insured - correct answer The individual(s) whose name appears on the policy's declaration to whom the policy issued to. Additional Insured - correc...

KY Property and Casualty questionsWhat are the relationships of perils to loss? - correct answer hazards perils loss insurance What is pure risk? - correct answer loss only no financial gain What are similar exposures called? - correct answer homogenous What is a moral hazard? - correct...

Kentucky State Licensing- InsuranceThe three most important principles of insurance are: - correct answer Risk pooling, The law of large numbers, and Insurable interest. Risk pooling - correct answer spreads risk by sharing the possibility of loss over a large number of people. It transfers r...

Ky insurance test - Property & Casualty Which of the following insurance principles is designed to keep you from profiting by insuring and then destroying OTHER PEOPLE's property? (Pg. 5) A) Indemnification B) Subrogation C) Co-insurance D) Insurable Interest - correct answer Insurable interes...

Property and Casualty Insurance KY Chapter 2 -The insurance contractELEMENTS OF A VALID CONTRACT (AGREEMENT) - correct answer Competent parties (15 Y KY) (16 Y IN) Legal purpose Offer and acceptance (agreement) (offer=applicant) (acceptance=Insurance) Consideration HH QUESTION : all of the f...

Kentucky Property Insurance Examinsurance - correct answer The transfer of PURE risk to the insurance company in consideration for a premium Pure Risk - correct answer the chance of loss without any chance of gain. Chance of loss or no loss. Determining fire/loss damage to a roof. Speculative ...

Kentucky Property & Casualty (Chapter 5) Dwelling Insurance Policy - correct answer This type of policy covers residential properties that are not regularly occupied by the policyholder. Includes properties which are rented to others and properties which are occupied seasonally. This covera...