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Property and Casualty Exam With Complete Solutions Graded A+
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Property and Casualty Exam With Complete SolutionsGraded A+ 2024-2025
one fundamental characteristic of any form of insurance is that the insured is restored to
the identical position that existed before the loss, but without opportunity for gain or
profit - True
which of the following coverages does an open peril policy provide? - perils other than
those specifically named as being excluded
find the actual cash value in the following case: original price of office equiptment when
purchased 8 years ago- 9,000. depreciated amount at time of fire-5,000 current
replacement cost 12,000 - Answer 7,000
liquor liability - Answer need for a dram shot, liquor, or package store
inherent vice or defect - Answer iron rusting, milk going sour, rubber breaking down are
all inherent vices
How does hitting an animal on the road cover? - Answer other than collision otc
medicare supplement insurance - Answer aka medical gap insurance. must include core
benefits
ordinance or law - Answer an endorsement for building code upgrades
loss sustained/discovery forms under crime coverage - Answer loss is for later than the
policy period. discovery is for before the policy
, Designated brush fire or civil unrest areas -Answer qualifying areas under the fair plan
stop loss provision - Answer used in health insurance to limit the maximum amount of
money the insured would have to pay out of pocket on a health claim in any particular
claim
shortages of inventory - Answer under crime insurance the employee dishonesty
endorsement never covers
can the mortgagee still collect if the insured burns their house down - Answer yes, the
mortgage clause is a standard provision
otc covers - Answer earthquake, flood, hail, theft, hitting an animal, gunshots (no
collision or upset)
law of large numbers - Answer the greater the number of insured the more accurately the
prediction
where does a driver have coverage? - Answer U.S. Canada and US possessions eg puerto
rico, guam
What is excluded under commercial general liability? - Answer pollution-with the
exception of fuel spilled during normal operations. Pollution is normally covered under
cpp or builders risk
What is the midi-tail on claims made? - Answer provides 5 years coverage for something
reported during minitail
Speculative risk - Answer chance for loss or gain
Commercial package - Answer modular policy
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