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CHAPTER 10: PROPERTY AND MOTOR VEHICLE INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASSS $11.49
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CHAPTER 10: PROPERTY AND MOTOR VEHICLE INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASSS
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CHAPTER 10: PROPERTY AND MOTOR VEHICLE INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASSS Insurance - protection against possible financial loss insurance company - A risk-sharing firm that assumes financial responsibility for losses that may result from an insured risk. insurer - an insurance c...

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  • December 22, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • chapter 10 property and motor vehicle insurance e

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  • AUTO INSURANCE
  • AUTO INSURANCE

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KatelynWhitman

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CHAPTER 10: PROPERTY AND MOTOR
VEHICLE INSURANCE EXAM QUESTIONS
AND ANSWERS 100% PASSS


Insurance - ✔✔protection against possible financial loss


insurance company - ✔✔A risk-sharing firm that assumes financial responsibility for losses that may

result from an insured risk.


insurer - ✔✔an insurance company


policy - ✔✔a written contract for insurance


premium - ✔✔The amount of money a policyholder is charged for an insurance policy


insured - ✔✔A person covered by an insurance


policyholder - ✔✔A person who owns an insurance policy


risk - ✔✔Change or uncertainty of loss; also used to mean " the insured"


peril - ✔✔The cause of a possible loss.


hazard - ✔✔A factor that increases the likelihood of loss through some peril.


self-insurance - ✔✔The process of establishing a monetary fund to cover the cost of a loss.


detuctible - ✔✔The set amount a policyholder must pay per loss on an insurance policy


liability - ✔✔Legal responsibility for the financial cost of another person's losses or injuries


negligence - ✔✔Failure to take ordinary or reasonable care of a situation

Created by Katelyn Whitman © 2025, All Rights Reserved.

, 2|Page


strict liability - ✔✔A situation in which a person is held responsible for intentional or unintentional

actions.


vicarious liability - ✔✔A situation in which a person is held legally responsible for the actions of another

person.


homeowner's insurance - ✔✔Coverage for a place of residence and its associated financial risks.


personal property floater - ✔✔Additional property insurance to cover the damager or loss of a specific

item of high value.


household inventory - ✔✔A list or other documentation of personal belongings, with purchase dates and

cost information.


umbrella policy - ✔✔Supplementary personal liability coverage; also known as "personal catastrophe

policy."


endorsement - ✔✔An addition of coverage to a standard insurance policy.


medical payments coverage - ✔✔Home insurance that pays the cost of minor accidental injuries one one's

property; could also cover medical expenses for people injured in one's car as a pedistrian.


coinsurance clause - ✔✔A policy provision that requires a homeowner to pay for part of the losses if the

property is not insured for the specified percentage of replacement value.


actual cash value ( ACV) - ✔✔A claim settlement method in which the insured receives payment based

on the current replacement cost of a damaged or lost item, less depreciation.


replacement value - ✔✔A claim settlement method in which the insured receives the full cost of repairing

or replacing a damaged or lost item.


financial responsibility law - ✔✔State legislation that requires drivers to prove their ability to cover the

cost of damage or injury caused by an automobile accident.

Created by Katelyn Whitman © 2025, All Rights Reserved.

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