MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS AND ANSWERS UPDATE 2024/2025 ALL ANSWERS
100% CORRECT VERIFIED BEST GRADED A_+
Declarations - CORRECT ANSWERS Policy includes the identity
and address of the name insured, the policy term or period, the
amount of insurance or limits of liability, the policy premium, and
any applicable deductibles. Will also include either a property
description or a schedule of coverage parts, and a list of any
endorsements.
Conditions - CORRECT ANSWERS Set provisions, rules of
conduct, duties and obligations for the parties. A number of
common insurance conditions describe such things as the policy
period and territory. It also includes the insured's obligation to
provide proof of loss, how settlements are handles when other
insurance is involved, and the right of each party to cancel the
policy.
Exclusions - CORRECT ANSWERS May describe property, perils,
hazards, or losses arising from specific causes that are not
covered by the policy.
Limitations - CORRECT ANSWERS May eliminate or reduce
coverage, but only under certain circumstances or when specified
conditions apply.
Abandonment - CORRECT ANSWERS The insured cannot simply
abandon the property to the insurance company in exchange for
the full-insured value.
,MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS AND ANSWERS UPDATE 2024/2025 ALL ANSWERS
100% CORRECT VERIFIED BEST GRADED A_+
Salvage - CORRECT ANSWERS If the insurer pays a loss on behalf
of the insured, the insurer is entitled to the salvage to reduce the
claim
Subrogation Clause - CORRECT ANSWERS Used when the insurer
has paid a covered claim on the behalf of the insured that is
caused by another party. The insurance company is entitled to the
insured's right of recovery from the negligent party. This is
sometimes called the "Transfer of Right of Recovery Against Other
to Us"
Vacany - CORRECT ANSWERS The building is void of contents
and people. The building is simply not being used. In most cases
the insured can purchase Vacancy permit coverage restored for an
additional premium.
Unoccupancy - CORRECT ANSWERS The premises are void of
people.
Named Peril - CORRECT ANSWERS This form lists the specific
perils to be covered in the policy.
Open Peril - CORRECT ANSWERS Does not list the perils but
provides broader coverage.
Definition of the Insured - CORRECT ANSWERS Those that have
insurable interest in the property who would suffer a financial
, MN PROPERTY & CASUALTY INSURANCE, MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS AND ANSWERS UPDATE 2024/2025 ALL ANSWERS
100% CORRECT VERIFIED BEST GRADED A_+
loss if the property were damaged by an insured peril can be
considered an insured. In personal insurance, this can include
family members without listing their names on the declarations
page of the policy. Additional insureds such as a lien holder.
Insurable Interest - CORRECT ANSWERS Before a person can
obtain an insurance policy, they must have this in the property
being insured. A person is deemed to have this in property when
he has a lawful, substantial, economic interest in the preservation
of the property. The term "person" includes an individual,
company, insurer, association, organization, reciprocal,
partnership, or any other legal entity.
Risk - CORRECT ANSWERS Possibility that a loss might occur and
is the reason that people buy insurance.
Peril - CORRECT ANSWERS Actual cause of a loss (fire,
windstorm, hail)
Hazard - CORRECT ANSWERS Any condition that increases the
possibility of a loss
Moral Hazard - CORRECT ANSWERS A condition of morals or
habits that increases the probability of a loss from peril.
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