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TN Property and Casualty Exam 2024 Questions & Answers Already Graded A+.
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TNProperty
and
Casualty
Exam
Insurance
-
ANS
Social
device
used
for
transferring
risk
from
individuals
or
business
to
an
insurance
company
Law
of
Large
Numbers
-
ANS
The
larger
the
group
the
less
uncertainty
Insurable
Interest
-
ANS
must
have
a
legitimate
interest
in
the
property/subject
that
is
to
be
insured
risk
-
ANS
Uncertainty
or
chance
of
possible
loss
Property
risk
are
called
-
ANS
perils
Casualty
risk
are
called
-
ANS
Liability
and
Accident
Losses
What
kind
of
risk
are
insurable
-
ANS
Pure
risk
What
are
speculative
risk?
-
ANS
provide
the
chance
of
a
gain
and
are
NOT
insurable.
Example:
gambling
Hazard
-
ANS
Anything
that
would
increase
the
likelihood
that
a
loss
might
occur
or
increase
the
seriousness
of
the
loss
What
are
the
three
types
of
Hazards
-
ANS
1)
Physical
2)Moral
3)Morale
Physical
Hazard
-
ANS
Structural,
material
or
proximity
to
Moral
Hazard
-
ANS
Has
to
do
with
the
insureds
habits
(dishonest)
Morale
Hazards
-
ANS
The
insureds
carelessness
Peril
-
ANS
Cause
of
a
possible
loss
What
are
examples
of
a
peril
-
ANS
Flood
Fire
Accident
Explosion
Loss
-
ANS
Decrease
in
value,
Property,
quality
of
life
or
liability
owed What
are
the
two
types
of
losses
-
ANS
Direct
indirect
Direct
Loss
-
ANS
Actual
Physical
damage
to
the
property
Indirect
loss-
-
ANS
Loss
resulting
from
a
peril
but
not
directly
Actual
Cash
Value
(ACV)
-
ANS
Replacement
cost
(cost
new)-less
depreciation
Replacement
Cost
-
ANS
Cost
new
(
no
deduction
for
deprication)
Market
Value
-
ANS
What
it
can
be
sold
for
at
the
time
of
loss
Stated
Value
-
ANS
Value
that
meets
coinsurance
value
Salvage
value
-
ANS
Insurer
takes
damaged
property
after
payment
for
a
total
loss
and
sells
it
to
reduce
their
loss
Proximate
Clause
-
ANS
Resulting
cause
of
loss
or
damage.
The
unbroken
chain
of
cause
and
edict
between
the
occurrence
of
an
insured
peril
or
a
negligent
act
resulting
in
injury
or
damage
Decuctible
-
ANS
The
dollar
amount
that
must
be
paid
by
the
insured
before
any
benefits
are
payable
by
the
insurer.
Standard
Deductible
for
Homeowners
-
ANS
$250
Standard
Deductible
for
commercial
Property
-
ANS
$250
What
are
the
4
reasons
for
a
deductible
-
ANS
1)
To
keep
premiums
affordable
and
reduce
small
claims
2)
To
increase
profits
of
company
3)
To
make
premiums
excessive
4)
increase
the
number
insured
indemnity
-
ANS
Restores
the
insured
to
the
position
enjoyed
prior
to
a
loss
Limits
of
Liability
-
ANS
The
maximum
the
insurer
will
pay
on
a
claim
Coinsurance
-
ANS
Offers
the
insured
a
reduced
rate
if
they
keep
a
certain
amount
of
insurance
What
is
the
minimum
amount
an
insured
must
carry?
-
ANS
80% How
is
a
insured
paid?
-
ANS
Insurance
carried/insurance
required
x
Amount
of
loss=
The
amount
the
insurer
will
pay
-
Deductible
Pair
and
Set
Clause
-
ANS
When
insured
the
items
are
worth
more
as
a
set,
if
an
item
of
the
set
is
damaged
or
destroyed
the
insurance
company
has
the
option
of
finding
a
replacement,
repairing
the
item
or
paying
the
difference
difference
in
the
value
of
the
set
before
and
after
the
loss
Extensions
of
coverage:
-
ANS
No
charge
to
the
insured
(11
total)
Removal
Coverage
dp
-
ANS
property
moved
fringe
premises
to
protect
it
from
a
covered
peril.
5
days-basic
30
days
Broad/special
*direct
loss
to
the
moved
property
from
any
clause
is
covered
Other
Structures
dp
-
ANS
May
use
up
to
10%
of
coverage
A
Basic
Form-
payment
will
reduce
coverage
remaining
on
the
dwelling
by
the
amount
paid
Does
not
affect
the
broad
or
special
Debris
Removal:
dp
-
ANS
Covers
all
reasonable
expenses
for
removal
of
debris
from
coverage
property
*amounts
paid
would
be
considered
additional
to
the
policy
limits
Improvements,
Alterations
and
Additions
dp
-
ANS
(when
insured
is
a
tenant)
May
apply
to
10%
of
coverage
C
limit
on
the
basic
DP
form,
payment
would
reduce
the
limit
left
on
broad/special-
it
would
not
reduce
the
limit
Personal
Property
covered
anywhere
in
the
world
dp
-
ANS
Would
pay
up
to
10%
of
coverage
C
limit.
Payment
would
reduce
the
limits
of
coverage
c
for
all
forms
BASIC
DP
is:
-
ANS
Rental
Valie
What
includes
rental
value
and
additional
living
expenses
-
ANS
Broad
and
Special
DPS
Cost
of
repairs
to
protect
property
from
further
damage
dp
-
ANS
Payment
of
all
reasonable
cost
would
limit
the
coverage
paid
How
much
is
paid
if
the
Fire
Department
is
called
to
protect
the
covered
property
dp
-
ANS
$500-
but
not
paid
if
the
property
is
located
in
the
city,
municipality
or
district
furnishing
the
service
no
deductible
applies
What
is
covered
on
broad/special
dp
only?
-
ANS
-
Trees,lawns,shrubs
and
plants -Collapse
of
building
-
Glass
breakage
Trees,
lawns
and
shrubs-
-
ANS
will
pay
the
maximum
of
$500
per
tree
shrub
or
plant
Will
only
pay
up
to
5%
of
coverage
A
Collapsed
Building
dp
-
ANS
All
direct
losses
by
covered
perils
including:
collapse
from
hidden
insect
damage,
the
weight
of
contents,
rain
on
the
roof,
collapse
during
construction
Glass
breakage
dp
-
ANS
Only
covered
on
broad
and
special
DP
Additional
Coverages
found
on
homeowners
policy
form
-
ANS
removal
coverage
debris
removal
cost
of
repairs
to
protect
from
further
damage
Call
for
Fire
Department
Trees,
Lawns,
Shrubs
or
plants
Collapse
of
Building
credit
card
or
fund
transfer
Loss
of
Assessment
coverage
Landlords
furnishing
Building
Additions
and
Alterations
(
HO-4
ONLY)
How
much
is
paid
for
landlords
furnishing
-
ANS
2500.00
How
much
is
paid
for
loss
of
assessment
coverage
-
ANS
$1,000.00
How
much
additional
coverage
for
credit
card
or
fund
transfer
-
ANS
$500.00
Accident
-
ANS
Something
sudden
and
unexpected
that
took
place
that
results
in
BI
or
PD
Occurrence
-
ANS
an
accident.
Including
the
continued
exposure
to
conditions
which
result
in
BI
or
PD.
Unexpected
and
Unintended
by
the
insured
Cancellations
-
ANS
The
termination
of
a
policy
by
either
the
insured
or
the
insurer.
The
insurer
must
send
their
notice
to
the
1st
named
insured.
Non-Renewal
-
ANS
The
insurer
has
the
option
to
refuse
to
renew
the
policy
Vacancy
-
ANS
Empty
NO
contents
or
People
Unoccupancy
-
ANS
Contents
only-
no
people
living
there
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