Property and casualty ch - Study guides, Class notes & Summaries

Property and Casualty Chapter 2 Exam with Complete Solutions When a building has physical contents but no occupants, the building is said to be Unoccupied Under the Other Insurance condition, when two property policies cover the same property, how is a loss apportioned? Each policy will share proportionately according to the total insurance A property purchased 10 years ago for $100,000 has a replacement value today of $200,000. It has depreciated 3% each year. What is today's ac...

TEXAS Property and Casualty Chapter 3 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

Property Insurance Covers my stuff (buildings and personal belongings). First party losses Property insurance pays the insured for covered losses to the property Third party losses occur when a person claims to have been injured by an insured, or when a person's property has been damaged by the insured's actions Casualty Insurance - Casualty = Liability - Always pay the other guy, never me - Third party losses: --First party: me (insured) --Second party: my insurer...

Accident - CORRECT ANSWER-A sudden, unforeseen, unintended, and unplanned event from which loss or damage results. Occurrence - CORRECT ANSWER-An accident includes continuous or repeated exposure to the same general harmful conditions. Cancellation - CORRECT ANSWER-The termination of an insurance policy before its expiration date. Once cancelled, a policy provides no coverage. A policy may be cancelled by the insured or insurer. Pro Rata Cancellation - CORRECT ANSWER-A proportionate cance...

Property and Casualty Chapter 2 Exam Graded A Unoccupied ️When a building has physical contents but no occupants, the building is said to be Each policy will share proportionately according to the total insurance ️Under the Other Insurance condition, when two property policies cover the same property, how is a loss apportioned? $140,000 ️A property purchased 10 years ago for $100,000 has a replacement value today of $200,000. It has depreciated 3% each year. What is today's actu...

The term "Risk" means correct answers Uncertainty of loss Techniques for handling risk correct answers Avoid the Risk Retain the Risk Reduce the Risk Transfer the Risk The Law of Numbers correct answers The more examples used to develop a statistic, the more reliable the statistic will be. Pure Risk correct answers Involves only the possibility of a loss. Peril correct answers The cause of loss. Elements of a legally enforceable contract correct answers Legal offer by offeror...

Accident - CORRECT ANSWER-A sudden, unforeseen, unintended, and unplanned event from which loss or damage results. Occurrence - CORRECT ANSWER-An accident includes continuous or repeated exposure to the same general harmful conditions. Cancellation - CORRECT ANSWER-The termination of an insurance policy before its expiration date. Once cancelled, a policy provides no coverage. A policy may be cancelled by the insured or insurer. Pro Rata Cancellation - CORRECT ANSWER-A proportionate cance...

PROPERTY AND CASUALTY CHAPTER 3 EXAM PREP QUESTIONS AND ANSWERS 2024.

A D Banker Property and Casualty Chapter 2 With complete solution

ALABAMA- PROPERTY AND CASUALTY CHAPTER 1 – 7 WITH COMPLETE SOLUTIONS 100% ALABAMA- PROPERTY AND CASUALTY CHAPTER 1 – 7 WITH COMPLETE SOLUTIONS 100%