PROPERTY AND CASUALTY INSURANCE Exam Pack | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+

IDAHO PROPERTY INSURANCE EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ The term flood refers to all of the following EXCEPT A. an overflow of inland tidal waters B. collapse of land as a result of excessive erosion due to flood C. mudslides D. sewer backup C...

ND PROPERTY INSURANCE EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Insurance Correct Answer: the transfer of financial responsibility associated with a potential of a loss (risk) to an insurance company, which in turn spreads the cost of unexpected losses t...

S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which ...

What is a peril? Correct Answer: A Peril is a cause of loss What is a hazard? Correct Answer: Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? Correct Answer: Moral Hazard - dishonesty, against the law Morale Hazard - carelessness...

S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which...

1. Which of the following perils is covered under the Commercial Property Basic Cause of Loss form? 1. A. Collapse 2. B. Sinkhole collapse 3. C. Falling objects 4. D. Breakage of glass Correct Answer: Answer: B Sinkhole Collapse The National Flood Insurance Program provides coverage for loss...

S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which...

What is a peril? Correct Answer: A Peril is a cause of loss What is a hazard? Correct Answer: Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? Correct Answer: Moral Hazard - dishonesty, against the law Morale Hazard - carelessness...

"The chance that a person or business entity will suffer a financial loss" defines: A.gambling B.loss exposure C.risk D.speculative risk Correct Answer: C "Actual physical destruction of insured property" defines A.direct loss B.indirect loss C.peril D.vandalism Correct Answer: A Lo...

Insurance Correct Answer: The transfer of risk through a legal contract Property Correct Answer: Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty Correct Answer: covers non-property losses (3rd Party) Personal line...

One of the following policies covers Mobile Homes: a. Dp-1 b. Dp-2 c. Dp-3 d. Ho-4 Correct Answer: a. Dp-1 On a dwelling policy, personal property would be covered at: a. ACV b. Replacement Cost c. Not covered d. 80% of Value Correct Answer: a. ACV 2 DP-1 would cover all of the followi...

Which of the following are the authorities that an agent can hold? Correct Answer: Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? Correct Answer: Permanent partial disability Who is NOT considered an employee in an comme...