Liability loss exposure Study guides, Class notes & Summaries
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![CIC Commercial Multi-line Exam Prep (100% Correct Answers)](/docpics/3323167/64ebb8ea14770_3323167_121_171.jpeg)
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CIC Commercial Multi-line Exam Prep (100% Correct Answers)
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CIC Commercial 
Multiline Exam 
Identify and describe the three primary purposes of excess liability/umbrella policies 
(LO1) - ANSWER 1. Provide additional limits that are excess over underlying limits of 
insurance 
2. Provide primary coverage when underlying poliy does not respond beacuse its 
aggregate limits of insruance are exhausted. 
3. Provide broader coverage than the exsiting underlying insurance 
excess liability coverage forms and commercial umbrella liability policy - ANSWER 1...
![Arizona Life Insurance Exam Questions and Answers (Latest Update 2023) Verified Answers](/docpics/4009071/657829c7614df_4009071_121_171.jpeg)
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Arizona Life Insurance Exam Questions and Answers (Latest Update 2023) Verified Answers
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Arizona Life Insurance Exam 
Questions and Answers 
(Latest Update 2023) 
Verified Answers 
a whole life policy that provides a choice of dividend options include the 
following statement about dividends they accrue at a guaranteed rate 
they are deferred for one year they are not guaranteed they are guaranteed 
after the first year - Correct Answers they are not guaranteed 
When there is a named beneficiary on a life insurance policy, the death 
benefits 
1. are directed to a trustee ...
![CPCU 500: Becoming a Leader in Risk Management and Insurance Exam Prep | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update)](/docpics/4019554/657a386c5f82f_4019554_121_171.jpeg)
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CPCU 500: Becoming a Leader in Risk Management and Insurance Exam Prep | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update)
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CPCU 500,Becoming a Leader in Risk Management and Insurance Exam Prep | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update) 
 
Q: Loss Exposure 
 
 
Answer: 
Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs 
 
3 Elements of a Loss Exposure: 
-An asset exposed to loss 
-Cause of loss (peril) 
-Financial consequences of that loss 
 
 
 
Q: Types of Loss Exposures 
 
 
Answer: 
Property Loss 
Liability Loss 
Personnel Loss 
Net...
![CPCU 552, CP&L FINAL EXAM 2023 WITH 100% VERIFIED ACCURATE ANSWERS](/docpics/3276285/64e0b992e18f8_3276285_121_171.jpeg)
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CPCU 552, CP&L FINAL EXAM 2023 WITH 100% VERIFIED ACCURATE ANSWERS
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Railroad owners commonly require contractors to purchase a Railroad Protective Liability Coverage Form. Which one of the following statements about this form is true? - correct answerOne of the coverage limits applies to physical damage to property owned by or leased or entrusted to the railroad 
 
Which one of the following statements about the general aggregate limit under a Commercial General Liability (CGL) Coverage Form is true? - correct answerIt is reduced by an claims paid for medical pa...
![AINS 101 - Increasing Your Insurance IQ Test with Verified Answers | Latest 2024/2025](/docpics/5101818/662a1145e3360_5101818_121_171.jpeg)
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AINS 101 - Increasing Your Insurance IQ Test with Verified Answers | Latest 2024/2025
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Which of the following represents uncertainty about outcomes that can be 
negative or positive? ️ Risk 
The primary role of insurance is to ️ Indemnify individuals and 
organizations for covered losses. 
The insurance agent suggested that Sally's Snack Shop buy a policy that 
combines property, crime, and liability coverage into one policy. This is 
referred to as as a(n) ️ Commercial package policy (CPP) 
Coverage for money and other business property from various causes of 
loss such as...
![OREGON STATE PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024](/docpics/5019228/661eb391ca580_5019228_121_171.jpeg)
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OREGON STATE PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024
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The Occurrence form 
it doesn't matter when the loss is reported, but the date the loss occurred must be during the policy period. 
 
 
 
The Supplemental Extended Reporting Period 
The cost of the endorsement may be up to 200% of the CGL's annual premium. This is a one-time charge and is fully earned at issuance. 
 
 
 
Product liability would cover 
Product liability applies to bodily injury the product causes away from the insured's premises. A customer contracting food poisoning is a perf...
![California property and casualty exam, Pool Questions & Answers. Verified. Rated A](/docpics/63dd5810dd087_2333246.jpg)
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California property and casualty exam, Pool Questions & Answers. Verified. Rated A
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California property and casualty exam, Pool Questions & Answers. Verified. Rated A 
 
 
 
The process where by a mutul insurer becomes a stock company is called - Demutalization 
 
The process whereby a stock company a mutal insurer is called - Mutalization 
 
The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause 
 
The part of the policy that states the amout of coverage the insured property policy period is - Declara...
![CPCU 500 Exam Questions and Answers 2023](/docpics/64204a899028b_2517862.jpg)
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CPCU 500 Exam Questions and Answers 2023
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Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes 
 
Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. 
 
What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome 
 
Pure Risk - Answer- a chance of loss or no loss, but no...
![2022-2023 Texas Adjuster Study Guide 367 QUESTIONS AND ANSWERS](/docpics/2141239/6516a7e41cbe8_2141239_121_171.jpeg)
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2022-2023 Texas Adjuster Study Guide 367 QUESTIONS AND ANSWERS
- Exam (elaborations) • 44 pages • 2022
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2022/2023 
Texas Adjuster Study Guide 367 QUESTIONS AND ANSWERS 
 
 
 
1.	PERILS: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE CON- TRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILD- ING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT 
2.	LAW OF LARGE NUMBERS: A FUNDAMENTAL CONCEPT IN STATISTICS 
AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A RANDOM- 
LY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY RE- LIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE PRE- DICTAB...
![Alabama Property and Casualty Exam 2022/2023 with 100% correct answers](/docpics/63a1f82f35d60_2192678.jpg)
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Alabama Property and Casualty Exam 2022/2023 with 100% correct answers
- Exam (elaborations) • 18 pages • 2022
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If a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis 
Pro Rata Basis 
 
 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ? 
a. cancellation 
b. nonrenewal 
c. separation 
d. exclusion 
Nonrenewal 
 
 
 
Which is the best example of an indirect loss ? 
 
a. sequential loss 
b. liability loss 
c. employee theft 
d. loss of use 
Loss o...
![Florida 2-20 Agents License Exam Questions And Answers](/docpics/2938754/649302a7d5c78_2938754_121_171.jpeg)
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Florida 2-20 Agents License Exam Questions And Answers
- Exam (elaborations) • 28 pages • 2023
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The Florida Surplus Service Lines Office (FSLSO) was created to - Answer- oversee the surplus lines industry in the state 
 
Which of the following is NOT a required qualification for a General Lines Agent: - Answer- Seeking the license only to write controlled business 
 
The Department of Financial Services performs the following, EXCEPT: - Answer- Pays insurance claims 
 
Once license, you have how long to obtain an appointment? - Answer- 48 months 
 
Which of the following is NOT a duty of t...
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