KENTUCKY PROPERTY AND CASUALTY INSURANCE SOLUTION PACK 2024 PASSED

Kentucky State Licensing- InsuranceThe three most important principles of insurance are: - correct answer Risk pooling, The law of large numbers, and Insurable interest. Risk pooling - correct answer spreads risk by sharing the possibility of loss over a large number of people. It transfers r...

Kentucky Property Insurance Examinsurance - correct answer The transfer of PURE risk to the insurance company in consideration for a premium Pure Risk - correct answer the chance of loss without any chance of gain. Chance of loss or no loss. Determining fire/loss damage to a roof. Speculative ...

Kentucky Property Insurance Exam FlashcardsAbandonment - correct answer The abdication of insured property into the hands of another, or into the possession of no one in particular. Accident - correct answer An unplanned, unforeseen event which occurs suddenly and at an unspecified place. Actu...

Kentucky Property/Casualty State ExamDwelling- Coverage A (Dwelling) - Correct answer Covers Dwelling Structures attached to the dwelling Materials and Supplies used for the repair of dwelling. Dwelling- Coverage B (Other Structures) - Correct answer Insures buildings on premises separated from...

Kentucky Property and Casualty State LawsA licensed agent must report any disciplinary action by the insurance action by the insurance regulatory agency of any other state or territory of the United States to the Commissioner within ______ days. - correct answer 30 The Commissioner _________ and ...

Kentucky Property and Casualty License Exam ISO - correct answer Insurance Services Office Parts of an Insurance Contract - correct answer Declarations, Insuring Agreements, Conditions, Exclusions, and Definitions Declarations of a Contract - correct answer state who in insured, whether it is...

Kentucky Property and Casualty Insurance License Exam In which of the following would you have an insurable interest? - correct answer a car in which you are still paying on, a home yiu have rented to a tenant Transferring risk - correct answer Insurance is a means of An Inusrable Risk - corr...

Kentucky Property and Casualty Insurance LicensingRisk - correct answer Chance or uncertainty of loss Managing Risk - correct answer STARR: Share, Transfer, Avoid, Reduce, Retain Purpose of Insurance - correct answer Transfer risk and responsibility in exchange for payment of a premium Law ...

Kentucky Property and Casualty Insurance LicensingRisk - correct answer Chance or uncertainty of loss Managing Risk - correct answer STARR: Share, Transfer, Avoid, Reduce, Retain Purpose of Insurance - correct answer Transfer risk and responsibility in exchange for payment of a premium Law ...

Kentucky Property and Casualty - Unit 6Liability Loss - correct answer A liability loss occurs when a person is determined to have been responsible, or liable, for loss to another person or another person's property and is required to make financial restitution. THIRD PARTY LOSS Example: A tr...

Kentucky Property and Casualty - Unit 5 Standardized Policies - correct answer Causes: 1.) The Law 2.) ISO 3.) Insurance Companies Named Insured - correct answer The individual(s) whose name appears on the policy's declaration to whom the policy issued to. Additional Insured - correc...

Kentucky Property and Casualty - Unit 3Fraternal Benefit Societies - correct answer 1.) Members only 2.) Not for Profit 3.) A lodge system Stock Company - correct answer owned by stockholders Mutual Insurance Company - correct answer owned by policyholders Risk Retention Group (RRG) - co...

Kentucky Property & Casualty (Chapter 7)Components of a Commercial Policy (CPP) - correct answer The only class of risk not eligible is property that is eligible for a homeowners policy Policies may be written on a continuous basis for up to three year term Common Policy Conditions - correct a...

Kentucky Property & Casualty (Chapter 6)Homeowners Insurance - correct answer A multi line policy that includes property and liability insurance within the same contract. Introduced in the 1950s. Offers coverage on all 13 perils included in the standard fire policy and adding an additional nin...

Kentucky Property & Casualty (Chapter 5) Dwelling Insurance Policy - correct answer This type of policy covers residential properties that are not regularly occupied by the policyholder. Includes properties which are rented to others and properties which are occupied seasonally. This covera...

Kentucky Property & Casualty (Chapter 4)First Party Claimant - correct answer Claims that an insured files with their insurer Third Party Claimant - correct answer Claims made against an insured by someone other than the insured Policy Territory - correct answer Within the insurance contract i...

Kentucky Property & Casualty (Chaper 3) Types of Construction - correct answer Frame ISO 1 Joisted Masonry ISO 2 Non-Combustable ISO 3 Masonry Non-Combustable ISO 4 Modified or Semi Fire Resistive ISO 5 Fire Resistive ISO 6 Frame (ISO 1) - correct answer the least resistant to fire of all s...