Property casualt - Study guides, Class notes & Summaries

LOUISIANA PROPERTY AND CASUALTY INSURANCE EXAM 2024 (QUESTIONS WITH CORRECT ANSWERS) GUARANTEED PASS

The process where by a mutul insurer becomes a stock company is called Ans: Demutalization The process whereby a stock company a mutal insurer is called Ans: Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is Ans: Valuation clause The part of the policy that states the amout of coverage the insured property policy period is Ans: Declaration Part of the policy that establishes limits upon the insurer and the insu...

The Mobile Home Endorsement of a Homeowners policy affords coverage to mobile homes under the? A. HO-1 (Basic Form) B. HO-2 (Broad Form) C. HO-3 (Special Form) D. HO-2 or HO-3 (Broad and Special) D. HO-2 or HO-3 (Broad and Special) All of the following are eligible for coverage under Homeowners policy except? A. A condominium unit owner. B. A farm owner. C. A mobile home owner. D. A tenant in an apartment building. B. A farm owner. Under Homeowners policies, the bas...

S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 Correct Answer: C 2 The MAXIMUM amount a policy will pay in the event of a loss is called the: A. coinsurance amount B...

What is a peril? Correct Answer: A Peril is a cause of loss What is a hazard? Correct Answer: Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? Correct Answer: Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? Correct Answer: Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? 2 Correct ...

What is the required rate discount under a Good Driver Discount policy? Ans: 20% below the rate the insured would have been otherwise charged for the same coverage All the following are authorized activities for the Limited Automobile Insurance Agent EXCEPT if the agent Ans: Charges and collects a brokers fee for service What is the procedure for refusing uninsured motorist coverage in a liability policy? Ans: Prior to issuance or renewal, the insured may state in writing that they do n...

Insurance Correct Answer: The transfer of risk through a legal contract Property Correct Answer: Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty Correct Answer: covers non-property losses (3rd Party) Personal lines Correct Answer: Insurance for families and individuals Commercial Lines Correct Answer: Insurance for Business Risk 2 Correct Answer: Uncertainty of financial loss Pure Risk Correct Answer: ...

PSI CA Property and Casualty Practice//PSI CA Property and Casualty Practice Examination Exam 2023 Solved 100% 1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - ANSWER-The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - ANSWER-EXCEPT a person who is conducting an investigation of a claim on behalf of an insure...

GEORGIA PROPERTY AND CASUALTY INSUARANCE EXAMS 2024 WITH ACTUAL CORRECT QUUESTIONS AND VERIFIED DETAILED RATIONALES ANSWERS 2024(NEWEST) ALREADY GRADED A+

LOUISIANA PROPERTY AND CASUALTY INSURANCE EXAM 2024 (QUESTIONS WITH CORRECT ANSWERS) GUARANTEED PASS