PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS
12 keer bekeken 0 keer verkocht
Vak
PROPERTY AND CASUALTY INSURANCE
Instelling
PROPERTY AND CASUALTY INSURANCE
PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS
1. Specific insur-
ance
2. Blanket insur-
ance
This type of insurance designates a particular item to be
insured
This type of insurance covers more than one item of
property at a single location or one more items of prop-
erty at m...
property and casualty insurance exam with verified
Geschreven voor
PROPERTY AND CASUALTY INSURANCE
PROPERTY AND CASUALTY INSURANCE
Verkoper
Volgen
MERCYTRISHIA
Ontvangen beoordelingen
Voorbeeld van de inhoud
PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS
1. Specific insur- This type of insurance designates a particular item to be
ance insured
2. Blanket insur- This type of insurance covers more than one item of
ance property at a single location or one more items of prop-
erty at multiple locations.
3. Speculative possibility of both gain and loss. Not insurable.
4. Pure only the possibility of loss. Insurable.
5. What are the 5 avoid, control, retain, and transfer risk.
methods of man-
aging or handling
risk?
6. Hazard A condition or situation which increases the chance for
loss
7. Physical Hazards a hazard that arises from the condition, occupancy, or
use of the property itself.
ex: skateboard left on the steps
8. Moral Hazards when an individual through carelessness or by irrespon-
sible actions can increase the possibly for a loss.
ex: person who drives carelessly just because they know
they are insured.
9. Morale Hazards when a person might create a loss situation on purpose
just to collect from the insurance company.
ex: Prearranged, faked theft of someone's old vehicle so
they can get an insurance payout to buy a new vehicle.
10. Replacement The amount of money it would take to replace a damaged
Cost or destroyed item with one of like kind and quality AT THE
TIME OF LOSS. No deduction for depreciation.
,PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS
11. Actual Cash Value Replacement Cost, minus depreciation.
(ACV)
12. Pair and Set Loss to one item of a pair or set does not constitute loss
Clause to the entire pair or set.
13. Appraisal A method of resolving disputes between insurers and
insureds over the amount owed on a covered loss.
-both parties select an appraiser
-the two appraisers select an umpire
-if the appraisers do not agree, the umpire is consulted
-the amount agreed on by 2 out of 3 is the amount that
will be paid
14. Subrogation An insurer's right to recover the amount of its loss pay-
ment from the third party who is legally responsible for
the loss.
15. Arbitration this condition is similar to the Appraisal Condition but it
is not limited to disputes over the value of the loss. It
may also be used to resolve other areas of disagreement
between the insured and the insurance company.
16. What does WC Windstorm, Civil commotion, Smoke, Hail, Aircraft, Vehi-
SHAVVER stand cles, Volcanic eruption, Explosion, Riot
for?
17. What does BIG Burglar damage, Ice & snow weight, Glass breakage,
AFFECT stand Accidental discharge, Falling objects, Freezing of pipes,
for? Electrical damage, Collapse, Tearing apart.
18. Insolvency A financial state that occurs if liabilities are greater than
assets.
19. Law of Agency Knowledge of the Agents is Knowledge of the Principal
(Insurance Company)
20. Principal Insurance Company
,21. What is the ISO? Insurance Services Office which is an organization es-
tablished for the benefit of its member insurance compa-
nies. This organization gathers statistics, provides loss
costs, drafts policy forms and coverage provisions and
conducts inspections for rate making purposes.
22. Coinsurance Requires the insured to carry a minimum specified
Clause amount (generally 80%) of the replacement cost value
of the insured property in order for partial losses to be
paid in full.
23. Estoppel A legal bar to changing or denying a fact because of
one's own previous actions or words to the contrary.
ex: If an insurance company representative intentionally
or unintentionally gives the impression that a specific
fact exists when it does not and a client relies on that
impression and is damaged a result.
24. Binder A temporary contract of insurance, oral or written, offered
by an insurer pending issuance of the policy. Usually
written for a period of 30-60 days and remains in force
for that period or until a permanent policy is either issued
or denied by the insurer.
25. Warranty A provision in a policy that pledges that a condition does
exist or will exist at some time in the future.
26. Deposit Premium Tentative charge made at the beginning of certain poli-
cies and reinsurance agreements to be adjusted when
the actual earned charge has been later determined.
27. Audit Verification of books or accounts to determine their ac-
curacy.
28. Occurrence An accident, including continuous or repeated exposure
to the same harmful conditions, which result in bodily
injury or property damage.
29. Special Damages
, type of compensatory damages that reimburse the in-
jured part for direct and specific expenses involved in the
loss. Such as medical expenses, funeral expenses and
loss wages.
30. General Damages type of compensatory damages that reimburse the in-
jured party for such things as pain and suffering and
disfigurement.
31. Punitive Dam- type of damages intended to punish the defendant and
ages make an example out of her to discourage others from
behaving the same way.
32. Proximate Cause An act, through an uniterrupted chain of events, that can
be determined to be the immediate or actual cause of a
loss.
33. 4 elements of 1. The existence of a DUTY to act in a certain way
negligence 2. A FAILURE to live up to this duty
3. An actual INJURY must occur
4. The failure in duty must be the PROXIMATE CAUSE
of the injury.
34. Negligence An unreasonable or prudent act, A thoughtless or care-
less act or one committed out of ignorance. It may be a
non-act or omission, but it is NEVER an intentional act.
35. Casualty Insur- Refers to coverage designed to address the liability of
ance individuals and organizations resulting from negligent
acts in their personal, business, or professional roles.
36. Overinsurance Exists if a property or an insurable interest in property is
insured by one or more insurance contracts against the
same hazard in excess of the fair value of the property
or of such interest.
37. Specific Insur- Coverage on ONE type of property (real or personal) in
ance ONE location.
38.
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper MERCYTRISHIA. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €8,89. Je zit daarna nergens aan vast.
