Broad peril exclusions - Study guides, Class notes & Summaries

Property and Casualty insurance exam questions and answers rated A Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative ...

warranty -ANSWER- A promise that certain facts are as they are represented to be and that they will remain so hazard -ANSWER- A condition which may cause a peril to occur Latent defect -ANSWER- A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement -ANSWER- Changes the terms or conditions of the insured's policy Messenger -ANSWER- The insured or a partner of the insured or any employee who is duly authorized by the insured to have...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of lo...

Surety Bond - ANSWER aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds - ANSWER aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond several employees ...

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 an individual or business. states WHAT is insured (specific or broad) Named Insured - correct answer person or business named in the Declarations to whom the policy is issued First Named Insure...

Property and Casualty EndorsementsAutomatic Increase in Insurance (Dwelling) - correct answer Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) - correct answer Used when dwelling under construction - policy limit based on value of partially completed home, increases as home progresses Mobile Home (Dwelling) - correct answer Allows mobile home to be insured, must be on permanent foundation Broad Theft Coverage (Dwelling) - corr...

3 coverage forms available under dwelling program correct answer: -basic -broad -special forms Is liability coverage included under dwelling program? correct answer: No, but can be added Does the dwelling policy can be used to insure: a) dwelling only b)contents only c)both dwelling and contents d)all of the above correct answer: Does the dwelling policy can be used to insure: d)all of the above Structure of a DP Form correct answer: 1) Agreement 2) Definitions 3) Deductibl...

CPCU 553 - Chapter 5 Exam Questions with 100% Correct Answers Identify the 3 general categories into which parties eligible for coverage under the ISO 2011 HO insurance program fall. - Answer ️️ -1. Individuals and families who own a private home in which they reside 2. People who rent or lease the premises in which they reside 3. Individuals and families who own private condominium units used for residential purposes List the 6 policy forms the ISO HO program offers. - Answer ️️ ...

20-44 Personal Lines Agent PreXam Flashcards All Sets Rated A The cost to replace an item or property at the time of loss, minus depreciation ️Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period ️Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation of all insurance licenses ️Aiding and Abetting an unathorized insurer insurer other...

Abandonment Condition - CORRECTANSWER-A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - CORRECTANSWER-A loss that occurs at a specific time and place Actual Cash Value (ACV) - CORRECTANSWER-Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - CORRECTANSWER-Company ...