Texas Property and Casualty Exam Questions and Answers Verified 100%
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Texas Property and Casualty
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Texas Property And Casualty
Texas Property and Casualty Exam Questions and Answers Verified 100%
____ is uncertainty of loss - risk
____ is a transfer of risk from the insured to the insurer - insurance
____ risk means there is no chance of gain. It is insurable. - pure
____ risk means there is a chance of a loss ...
texas property and casualty exam questions and ans
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Texas Property and Casualty Exam Questions and Answe rs Verified 100% ____ is uncertainty of loss - risk ____ is a transfer of risk from the insured to the insurer - insurance ____ risk means there is no chance of gain. It is insurable. - pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative a ____ is something that increases the risk. - hazard the principle of _____ governs property and casualty policies. It states that the purpose of the policy is to restore the insured financially to where they were prior to the loss - indemnity _____ _____ must exist on a casualty policy at time of loss in order for the policy to provide coverage. - insurable interest the law of _____ _____ is used to predict the likelihood of loss - large numbers ____ ____ ____ is replacement cost minus depreciation. - actual cash value ________ is a tort, or civil wrong; it is grounds for a lawsuit. - Negligence _______ is the failure to act as a reasonable person would in the same set of circumstances - negligence an _____ happens over a period of time - Occurrence a _____ may be oral or written - binder a _____ provides coverage until the policy is issued. it includes all coverages provided by the policy. - binder a ____ is a literal truth - warranty a _______ is a substantial truth. in insurance, statements of the applicant/policyowner are _______ - true to the best of their knowledge - representation ______ is an omission of a material fact. - concealment the insurer has the right to sue a negligent third party for damages paid to an insured under the concept of ______ - subrogation four parts of a policy - DICE (declarations, insuring agreement, conditions, and exclusions) the ______ list the named insured, policy limits, and premium and policy period - declarations the ____ __ ____ are found on the declaration page of the policy - limits of liability the _______ _______ describes the coverages provided - insuring agreement the _______ list the obligations of both parties, the insurer and the insured - conditions the ______ list the perils that are not covered - exclusions If the Insurer and the Insured disagree that the liability policy does or does not provide coverage, the claim will go to _____ - arbitration in _____ each party pays for one and a half persons involved - arbitration in arbitration there are _____ arbitrators - three the cancellation provisions are found in the ________ section of the policy - conditions the insured must promptly tell the insurer about a ______ - claim the other insurance clause is also known as the ____ -____ _____ _______ - pro-rata liability clause _____ -____ does not mean equal, it is proportionate - pro-rata the _____ _____ _____ act protects consumers against the circulation of inaccurate or obsolete personal or financial information. - fair credit reporting act the ____ -____ -____ act requires that a customer be given out a privacy notice at the time the customer relationship is initially established and thereafter annually. - gramm -leach -bliley act the ____ ____ insurance act applies to commercial policies only - terrorism risk insurance act (TRIA) the main difference between the various _____ _____ forms is the property perils insured against - dwelling policy (DP) DP policies do not cover personal liability, although it can be added by adding an endorsement known as a _____ ______ ______ for an additional premium charge - personal liability supplement DP policies contain general exclusions for damage due to war, nuclear hazard, and flood but not _____ - wind on a dwelling policy, other structures coverage will apply to a structure rented out as a _____ _____ - private garage DP policies do not cover _______ of ______ after 60 days of vacancy - breakage of glass DP policies do not cover _____ of _____ unless the heat was left on - freezing of plumbing the _____ on which the insured dwelling sits on is not insurable - land _____ _____, also known as the automatic increase endorsement, must be added to a DP policy by endorsement - inflation guard a loss from rain or dust would only be covered if an opening in the dwelling ____ or ____ was first created by wind or another covered cause of loss - roof or walls when a dwelling is covered by more than one policy, losses are shared ____ -____ under the other insurance clause. this may also be referred to ad the _____ -____ liability clause - pro-rata the basic dwelling form __ -_ is a named or specified peril policy - DP-1 the __ -_ _____ ____ does not provide additional living expense under coverage D; only fair rental value is provided - DP-1 basic form The Extended Coverage Endorsement is added to the Standard Fire Policy to create the __ -_ - DP-1 a __-_ _____ _____ policy is named perils on both the dwelling and the contents - DP-2 broad form on the dwelling broad form DP -2 building structures (Coverages A and B) are written with an ____% coinsurance requirement - 80% on a __ -_ ____ _____, Coverage B (other structures) is in addition to other coverage limits - DP-
2 broad form the __ -_ policy will provide the same coverage as the DP -2 (contents broad) for personal property coverage, should coverage for contents be declared. - DP-3 although the DP -1 Basic Form does not provide coverage for _____, _____, _____, and _____, both the DP -2 and DP -3 do - trees, shrubs, plants, lawns all __ policies are package policies combining property and liability coverages - HO
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