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Property and Casualty Exam 1 Questions And Answers @ 2024
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Property and Casualty Exam 1 Questions AndAnswers @ 2024
1
Moral Hazard
2
Which of the following is used to settle disputes between the insured and the insurer
when the parties disagree on whether or not a liability claim is payable?
A
Arbitration
B
Liberalization
C
Subrogation
D
Appraisal
3
A contract which one party draws up and then presents to the other party on a
take-it-or-leave-it basis, without negotiations is called a(n):
A
Contract of adhesion
B
Conditional contract
C
,Aleatory contract
D
Personal contract
4
Which of the following is an example of a type of producer authority which is implied by
the contract and which provides for the performance of those acts that are necessary to
carry out the duties of the producer?
A
Implied
B
Assumed
C
Admitted
D
Express
Terms in this set (57)
A peril is defined as which of the following?
It is the specific cause of loss
Physical Hazard
A physical condition that creates or increases the probability of loss, including property
use, condition or occupancy. Physical hazards can often be seen, heard, felt, tasted or
smelled.
Examples: Flammable material stored near a furnace or an icy sidewalk
Moral Hazard
,Dishonesty in characteristics and/or behavior of individuals that increase the likelihood
of a loss. Moral hazards are related most directly to some sort of lying, cheating, or
stealing. Since moral hazards are intentional, these losses are not covered.
Examples: An insured burns down their own house or fakes an injury to collect the
insurance payout.
Morale Hazard
If the public or a third party is falsely led to believe that an agent is able to perform a
certain duty, this is known as the producer's:
A
Implied authority
B
Apparent authority
C
Express authority
D
Assumed authority
Apparent -
, producer acts outside the scope of their apparent authority, and the principal does
nothing to indicate that the producer cannot act outside those apparent authorities
Rates that cannot be used before being approved by the Department or Division of
Insurance are referred to as:
A
Prior approval rates
B
Use and file rates
C
Open competition rates
D
File and use rates
Prior approval-
Rates cannot be used in prior approval states until the rates are approved by the
Department or Division of Insurance authorities, or until a specified period of time has
elapsed after the filing without being disapproved.
Wet leaves on a sidewalk present a:
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