PROPERTY AND CASUALTY INSURANCE LICENSE EXAM PREP QUESTIONS AND ANSWER | LATEST UPDATE

Insurance -:- Transferring risk of unforeseen losses to an insurance company Law of Large Numbers -:- Actual losses are more predictable among a larger group of people Property Insurance -:- Insuring against the loss of physical property or its ability to produce income Statistical Predic...

Insurance -:- Transferring risk or loss to an insurance company Law of Large Numbers -:- Sharing risk between a large pool of people Statistical Prediction -:- Using past losses to predict future losses Insurable Interest -:- Policy owner must have a financial interest in the insured prop...

Accident -:- A sudden, unexpected event resulting in damage or injury Occurrence -:- Loss caused by repeated or continuous exposure to conditions Direct Loss -:- Physical damage to personal property or buildings Indirect Loss -:- Loss resulting from a direct loss, such as time to replace ...

PROPERTY AND CASUALTY TERMS QUESTIONS AND ANSWER | LATEST UPDATE Accident -:- A sudden, unexpected and unplanned event resulting in damage or injury. Occurrence -:- A broader definition of loss, including losses caused by repeated or continuous exposure to damaging conditions. Direct Los...

Insurance -:- Transferring risk or loss to an insurance company Law of Large Numbers -:- Sharing risk between a large pool of people Statistical Prediction -:- Using past losses to predict future losses Insurable Interest -:- Having a financial stake in the insured property Elements of I...

Insurance -:- Transferring risk of loss to an insurance company Law of Large Numbers -:- Predictability of losses among a larger group of people Property Insurance -:- Insuring against the loss of physical property or its ability to produce income Casualty Insurance -:- Insuring against...

Accident -:- Sudden, unexpected event resulting in damage or injury Occurrence -:- Loss caused by repeated or continuous exposure to conditions Direct Loss -:- Physical damage to personal property or buildings Indirect Loss -:- Loss resulting from a direct loss, such as time to replace or...

Insurance -:- Transferring risk or loss to an insurance company Law of Large Numbers -:- Sharing risk between a large pool of people Statistical Prediction -:- Using past losses to predict future losses Insurable Interest -:- Having a financial stake in the insured property Elements of I...

Insurance -:- Transferring risk or loss to an insurance company Risk -:- Uncertainty or likelihood of a loss occurring Law of Large Numbers -:- Sharing risk among a large pool of people with similar exposure to loss Insurable Interest -:- Policy owner must have a financial interest in t...

Absolute Liability -:- Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives. Also known a s "strict" liability. For ex you are absolutely liable if you keep a wild animal as a pet. Accident -:- A sudden and unexpect...

Which of the following is a property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written and suspends any coinsurance or other contribution clauses in the policy? a) ...

Abandonment -:- The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability -:- A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident ...

Ad Valorem Tax -:- A tax levied according to the value of the property Alta or Lender's Policy -:- The lender's title insurance policy which offers coverage in the amount of the loan which includes a site visit to discover unrecorded encumbrances Assessed Value -:- A percentage of the ...