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PSI Exam Property and Casualty EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

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PSI Exam Property and Casualty EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

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Información del documento

  • 21 de noviembre de 2024
  • 60
  • 2024/2025
  • Examen
  • Preguntas y respuestas

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  • psi exam property and casualty exam newest 2024

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  • PSI Property and Casualty
  • PSI Property and Casualty

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Property Insurance Basics



PSI Exam Property and Casualty EXAM NEWEST, 2024/
2025, ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS |ALREADY GRADED A


All of the following may be listed as an insured on a property policy, except:

A . mortgagee listed as an additional insured

B. The policyowner

C. A business with temporary custody of the insured property

D. A named insured's legal representative ......answer.....C

under no benefit to bailee remember 3 C's, care,custody, control of an insured's

property does NOT benefit from claim, payment and cannot be named on policy



Property Insurance Basics-

listed on a property policy ......answer.....-mortgagees

-loss payees

-legal insured



Property Insurance Basics-

when property is valued on a replacement cost basis losses are paid:

A

At the cost to replace with functionally equivalent property

,B

At today's costs, without any deduction for depreciation

C

At market value of the damaged property

D

At an amount previously agreed upon by the insured and insurer ......answer.....B



remember functional replacement cost is for materials or techniques that are

outdated or too expensive



Property Insurance Basics-

Which construction classification uses materials that can withstand fire for at

least 2 hours?

A

Frame

B

Noncombustible

C

Fire-Resistive

D

Masonry ......answer.....Fire-Resistive

,The pair and set clause found in property policies states that in the event of a

loss to only part of pair or set, losses will be settled

either by

A. repairing or replacing the damaged part or by paying the difference between

the actual cash value before and after the loss

B. deny coverage

C. Replace entire set with equal value

D. Pay the appraised value ......answer.....Repairing or replacing the damaged part

OR

paying the difference of ACV before and after loss



Property Insurance Basics-

when filing a property insurance claim, the insured is required to do all of the

following except

A

Hire an appraiser

B

Give notice of loss as soon as possible

C

Protect property from further damage

D

Submit to an examination under oath at the insurer's request ......answer.....A

, Insured's duties after a loss

-furnishing inventory

-submitting to examination

-giving prompt notice of loss

-protect property from further damage



Does fire insurance insure against

A-friendly fires (confined to their intended place)

B- accidental fires

C-Hostile fires ......answer.....C

Fire insurance insures against uncontrolled or hostile fires



Property Insurance Basics-



The standard fire policy requires that all property insurance policies provide

coverage for all of the following perils, except:



A

Fire

B

Lightning

C

Theft

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