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California Property and Casualty Study Guide Exam Questions (555 terms) with Certified Solutions . Contains terms like; The process where by a mutual insurer becomes a stock company is called - Answer: Demutualization
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California Property and Casualty Study Guide Exam Questions (555 terms) with Certified Solutions . Contains terms like; The process where by a mutual insurer becomes a stock company is called - Answer: Demutualization

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  • January 7, 2024
  • 86
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • california property and casualty study guide exam

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  • California Property and Casualty Study Gude Exm
  • California Property and Casualty Study Gude Exm

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California property and casualty exam




California Property and Casualty Study
Guide Exam Questions (555 terms) with
Certified Solutions 2023-2024.
The process where by a mutual insurer becomes a stock company is called -
Answer: Demutualization


The process whereby a stock company a mutual insurer is called - Answer:
Mutualization


The provision in a property policy which states that the insured has been paid up
to their insurable interest is - Answer: Valuation clause

, California property and casualty exam




The part of the policy that states the amount of coverage the insured property
policy period is - Answer: Declaration


Part of the policy that establishes limits upon the insurer and the insured with the
insurance policy - Answer: Conditions


Which are the characters of negligence - Answer: Duty, breach, proximate cause,
damages


Which of the following is not a federal program - Answer: Worker' compensation


Absolute risk(liability) is imposed - Answer: When there is negligence whether
proven or not


X is in an accident with Y. X suffers $5000 of damage but it is determined that X is
60% responsible for the accident. How much would X receive under
CONTRIBUTORY negligence rules? - Answer: $0


what is the main purpose of tort law - Answer: to determine financial
responsibility for damage


what of the following is not considered an intentional tort? - Answer: Auto
accident

, California property and casualty exam


Which of the following statements is true regarding compensatory damages? -
Answer: There is usually no direct correlation between the amount of general and
special damages awarded to the victim


The insurer decides not to renew an insured's personal auto policy. How much
notice must the insurer provide to the insured - Answer: 30 days


an insured's loss reserve for a claim isan estimate of the amount insurer will pay
for present and future loss, which of the following is an example of loss
prevention - Answer: a homeowner decides not to install a pool in the backyard


which of the following describes the act of making a false entry in any book
statement of report of any insurer with the intent to device any examiner lawfully
appointed to examine the insured's - Answer: an unfair practice


a person can base his/her claim for liability on the basis of all of the following
EXCEPT - Answer: breach of liability


the term "assignment “refers to - Answer: the transfer of the insured's interest in
a policy to another party


the term "subrogation" refers to - Answer: the insured's right to recover payment
from a responsible 3rd party

, California property and casualty exam


insures right to recover the payment of the claim after they paid the insured for
their property losses a negligent 3rd party is known as, - Answer: subrogation


an insurance deductible is - Answer: the amount of covered expense that the
insured pays before the insurer pays,


all of the following are requirements for a notice by mail to an insured by insurer
except - Answer: notice must be sent with return receipt required


which of the following is considered special damages - Answer: Compensation for
time away from work


Which advisory organization(s) develop forms for the standard market? - Answer:
Insurance service office and American association of insurances


Which of the following would be considered special dmamges? - Answer: Lost
wages


What do the initials S.tA.R.R reperesent? - Answer: Methods of risk mamagement


All of the following would be considered benfits of insurance except - Answer:
Retention of loss by the insured


What gives an insured party the right to seek compensation if it is proven that
another person with negligence contributed to the injury - Answer: Tort law

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