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Insurance Personal Lines Tn State Exam Questions And Answers Already Passed!!! Latest Updated 2024
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Insurance Personal Lines Tn State Exam Questions And Answers Already Passed!!! Latest Updated 2024

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  • October 1, 2024
  • 78
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • incidental occupancy
  • insurance personal lines tn state exam questions a
  • all of the following are characteristics of the dw
  • what are the 3 types of hazards
  • what are the 2 types of risks

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  • Personal lines
  • Personal lines

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Insurance Personal Lines Tn State Exam
Questions And Answers Already
Passed!!! Latest Updated 2024
Incidental occupancy - ANSWERS✔✔minor uses that are accessory to or support
the predominant occupancy


All of the following are characteristics of the dwelling policy EXCEPT:


A.) incidental occupancy of limited service-type exposure is permitted


B.) Dwellings up to 4 family units are eligible.


C.) The dwelling must be owner-occupied.


D.) Coverage includes the dwelling only, contents only, or both. -
ANSWERS✔✔C.) The dwelling must be owner-occupied.


What are the 3 types of hazards? - ANSWERS✔✔1. Moral
2. Morale
3. Physical


Define insurance - ANSWERS✔✔Transfer of risk


What does SANS stand for in transacting insurance ? - ANSWERS✔✔Sale
Advising

,Negotiating
Soliciting


what are the 2 types of risks? - ANSWERS✔✔Pure and Speculative


What is pure risk? - ANSWERS✔✔a risk that presents the chance of loss but no
opportunity for gain


What is speculative risk? - ANSWERS✔✔a risk situation that includes a chance of
loss and a potential for gain. Speculative risks are not insurable.


What type of risk can never be insured? - ANSWERS✔✔Speculative risk


What is exposure used to do? - ANSWERS✔✔Determine the rate


Define exposure - ANSWERS✔✔A unit of measure used to determine rates
charged for insurance coverage.


Define a physical hazard. - ANSWERS✔✔A condition of the subject of insurance
that creates or increases the chance of loss


What is a morale hazard? - ANSWERS✔✔Applicant demonstrates a careless
attitude that could increase the chance of loss


What is moral hazard? - ANSWERS✔✔A dishonest predisposition on the part of
an insured which increases the chance of loss

,What is a peril? - ANSWERS✔✔cause of loss insured against in an insurance
policy


Property peril is defined as ______________. - ANSWERS✔✔The loss of
physical property or of its income producing abilities


Casualty peril is defined as _____________. - ANSWERS✔✔The loss of and/or
damage TO property and resulting LIABILITIES.


What is loss? - ANSWERS✔✔Reduction in value, destruction, or disappearance of
property or person insured in a policy


True or False? The reduction or destruction (loss) must be due to a peril insured
against in the policy. - ANSWERS✔✔True.


Hazards are conditions that ———————- the ———————— of an
insured loss. - ANSWERS✔✔Increase, probability


What are the five elements of insurable risk? - ANSWERS✔✔1. Due to chance
2. Definite & measurable
3. Statistically predictable
4. Not catastrophic
5. Randomly selected/ large loss exposure


What is adverse selection? - ANSWERS✔✔insuring of risks that are more prone to
losses than the average risk

, How do insurers protect themselves from adverse selection? - ANSWERS✔✔By
refusing or restricting coverage for bad risks or by charging a higher rate.


Define the Law of Large Numbers - ANSWERS✔✔Insurance is spreading risk
among a large pool of ppl w/ similar exposure to loss.


True or False? The larger the number of ppl w/ a similar exposure to loss, the less
predictable actual losses will be. - ANSWERS✔✔False. The larger the number of
ppl w/ a similar exposure to loss, the more predictable actual losses will be.


What is a named insured? - ANSWERS✔✔the person or party named on the
declarations page of the policy


What is a first named insured? - ANSWERS✔✔The first name on the policy & has
certain additional rights and responsibilities that do not apply to other named
insureds


What is a additional insured ? - ANSWERS✔✔The specific interest. Name may
not be on the policy.


Who owns stocks? - ANSWERS✔✔Stockholders


Who owns a mutual policy? - ANSWERS✔✔Policy owners


Reciprocal Insurers - ANSWERS✔✔Attorney in fact

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