Property and Casualty Exam Questions With Correct Answers
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Course
Property and casualty
Institution
Property And Casualty
Property and Casualty Exam Questions With
Correct Answers
The one basic characteristic of any type of insurance is that the insured is returned to the same
status that existed prior to the loss, but without a chance for gain or profit - answertrue
which of the following coverages does an open p...
Property and Casualty Exam Questions With
Correct Answers
The one basic characteristic of any type of insurance is that the insured is returned to the same
status that existed prior to the loss, but without a chance for gain or profit - answer✔true
which of the following coverages does an open peril policy provide? - answer✔perils other than
those specifically named as being excluded
determine the actual cash value in the following situation: 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 is hitting an animal on the road covered? - 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 (loss is later, discovery before)
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)
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
Binder - answer✔a temp insuring contract (written or oral)
Hazard - answer✔anything that increases a chance for loss
OTC - answer✔anything causing loss or damage to the car, except collision
you have liability only and borrow a car and collide with another. which pays? - answer✔the
borrowed cars insurance is primary
basic broad special: which has the broadest coverage? - answer✔special
gap insurance - answer✔pays the difference between the amount an insurer pays on a totaled
car and the amount owed on the loan or lease
eligibility/enrollment period - answer✔used in life and health group benefits without having to
prove insurability
symbol 9 - answer✔non-owned autos
the lender on a home is called - answer✔mortgagee or mortgage holder
multiple employer trust - answer✔a legal entity of small biz owners grouped together to buy
insurance
what percentage must vacant for a building to be called vacant? - answer✔70%
size limits for business owners policy - answer✔6 stories, 100,000 sq feet on offices, 25,000 sq
feet and 3 million dollars gross sales for mercantile space (store)
Dp-1 covers - answer✔fire, lightning, and internal explosion
dp1, 2, 3 all dwelling forms cover? - answer✔loss of rental income
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