California property and casualty exam, Pool
Questions and Correct Answers_Rated A (every
single question and answer as it show on the
test)
The process where by a mutul insurer becomes a stock company is called (Correct
Answer) - ✅✅ Demutalization
The process whereby a stock company a mutal insurer is called (Correct Answer) - ✅✅
Mutalization
The provision in a property policy which states that the insured has been paid up to their
insurable interest is (Correct Answer) - ✅✅ Valuation clause
The part of the policy that states the amout of coverage the insured property policy
period is (Correct Answer) - ✅✅ Declaration
Part of the policy that establishes limits upon the insurer and the insured with the
insuance policy (Correct Answer) - ✅✅ Conditions
Which are the characterics of negligence (Correct Answer) - ✅✅
Duty,breach,proximate cause, damages
Which of the following is not a federal program (Correct Answer) - ✅✅ Worker'
compensation
,Absolute risk(liability) is imposed (Correct Answer) - ✅✅ When there is negligence
whether proven or not
X is in an accident with Y. X suffers $5000 of damage but it is determined that X is 60%
responsible for the accident. How much would X receive under CONTRIBUTORY
negligence rules? (Correct Answer) - ✅✅ $0
what is the main purpose of tort law (Correct Answer) - ✅✅ to determine financial
responsibillty for damage
what of the following is not considered an intentional tort? (Correct Answer) - ✅✅
Auto accident
Which of the following statements is true regarding compensatory damages? (Correct
Answer) - ✅✅ There is usually no direct correlation between the amount of general
and special damages awarded to the victim
The insurer decides not to renewan insured's personal auto policy. How much notice
must the insurer provide to the insured (Correct Answer) - ✅✅ 30 days
an insured's loss reserve for a claim isan estimate of the amount insurer will pay for
present and future loss, which of the following is an example of loss prevention (Correct
Answer) - ✅✅ a homeowner decides not to install a pool in the backyard
which of the following describes the act of making a false entry in any book statement of
report of any insurer with the intent to device any examiner lawfully appointed to
examine the insured's (Correct Answer) - ✅✅ an unfair practice
,a person can base his/her claim for liability on the basis of all of the following EXCEPT
(Correct Answer) - ✅✅ breach of liability
the term "assignment"refers to (Correct Answer) - ✅✅ the transfer of the insured's
interest in a policy to another party
the term "subrogation" refers to (Correct Answer) - ✅✅ the insured's right to recover
payment from a responsible 3rd party
insur's right to recover the payment of the claim after they paid the insured for their
property losses a negligent 3rd party is know as, (Correct Answer) - ✅✅ subrogation
an insurance deductible is (Correct Answer) - ✅✅ the amount of covered expense that
the insured pays before the insurer pays,
all of the following are requirements for a notice by mail to an insured by insurer except
(Correct Answer) - ✅✅ notice must be sent with return receipt required
which of the following is considered special damages (Correct Answer) - ✅✅
Compensation for time away from work
Which advisory organization(s) develop forms for the standard market? (Correct
Answer) - ✅✅ Insurane service office and American association of insurances
Which of the following would be considered special dmamges? (Correct Answer) - ✅✅
Lost wages
, What do the initials S.tA.R.R reperesent? (Correct Answer) - ✅✅ Methods of risk
mamagement
All of the following would be considered benfits of insurance except (Correct Answer) -
✅✅ Retention of loss by the insured
What gives an insured party the right to seek compensation if it is proven that another
person with negligence contributed to the injury (Correct Answer) - ✅✅ Tort law
What of the following is NOT one the three main types of insurance losses (Correct
Answer) - ✅✅ Financial loss
Under a special cause of loss form if a landslide is caused by an unnatural flow of water
due to improper grading, the loss is, (Correct Answer) - ✅✅ Excluded under the
concurrent causation
An open peril policy protects agaginst the loss from (Correct Answer) - ✅✅ Any peril,
other than those specifically excluded
What factor supportd the principle of indemnity? (Correct Answer) - ✅✅ Insurable
interest
All of the following are characteristics of an ideally insurable loss exposure"except"
(Correct Answer) - ✅✅ Losses that are catastrophic
The amount to replace property with " like property of the same quality and construction"
is the properties (Correct Answer) - ✅✅ Replacement value
Questions and Correct Answers_Rated A (every
single question and answer as it show on the
test)
The process where by a mutul insurer becomes a stock company is called (Correct
Answer) - ✅✅ Demutalization
The process whereby a stock company a mutal insurer is called (Correct Answer) - ✅✅
Mutalization
The provision in a property policy which states that the insured has been paid up to their
insurable interest is (Correct Answer) - ✅✅ Valuation clause
The part of the policy that states the amout of coverage the insured property policy
period is (Correct Answer) - ✅✅ Declaration
Part of the policy that establishes limits upon the insurer and the insured with the
insuance policy (Correct Answer) - ✅✅ Conditions
Which are the characterics of negligence (Correct Answer) - ✅✅
Duty,breach,proximate cause, damages
Which of the following is not a federal program (Correct Answer) - ✅✅ Worker'
compensation
,Absolute risk(liability) is imposed (Correct Answer) - ✅✅ When there is negligence
whether proven or not
X is in an accident with Y. X suffers $5000 of damage but it is determined that X is 60%
responsible for the accident. How much would X receive under CONTRIBUTORY
negligence rules? (Correct Answer) - ✅✅ $0
what is the main purpose of tort law (Correct Answer) - ✅✅ to determine financial
responsibillty for damage
what of the following is not considered an intentional tort? (Correct Answer) - ✅✅
Auto accident
Which of the following statements is true regarding compensatory damages? (Correct
Answer) - ✅✅ There is usually no direct correlation between the amount of general
and special damages awarded to the victim
The insurer decides not to renewan insured's personal auto policy. How much notice
must the insurer provide to the insured (Correct Answer) - ✅✅ 30 days
an insured's loss reserve for a claim isan estimate of the amount insurer will pay for
present and future loss, which of the following is an example of loss prevention (Correct
Answer) - ✅✅ a homeowner decides not to install a pool in the backyard
which of the following describes the act of making a false entry in any book statement of
report of any insurer with the intent to device any examiner lawfully appointed to
examine the insured's (Correct Answer) - ✅✅ an unfair practice
,a person can base his/her claim for liability on the basis of all of the following EXCEPT
(Correct Answer) - ✅✅ breach of liability
the term "assignment"refers to (Correct Answer) - ✅✅ the transfer of the insured's
interest in a policy to another party
the term "subrogation" refers to (Correct Answer) - ✅✅ the insured's right to recover
payment from a responsible 3rd party
insur's right to recover the payment of the claim after they paid the insured for their
property losses a negligent 3rd party is know as, (Correct Answer) - ✅✅ subrogation
an insurance deductible is (Correct Answer) - ✅✅ the amount of covered expense that
the insured pays before the insurer pays,
all of the following are requirements for a notice by mail to an insured by insurer except
(Correct Answer) - ✅✅ notice must be sent with return receipt required
which of the following is considered special damages (Correct Answer) - ✅✅
Compensation for time away from work
Which advisory organization(s) develop forms for the standard market? (Correct
Answer) - ✅✅ Insurane service office and American association of insurances
Which of the following would be considered special dmamges? (Correct Answer) - ✅✅
Lost wages
, What do the initials S.tA.R.R reperesent? (Correct Answer) - ✅✅ Methods of risk
mamagement
All of the following would be considered benfits of insurance except (Correct Answer) -
✅✅ Retention of loss by the insured
What gives an insured party the right to seek compensation if it is proven that another
person with negligence contributed to the injury (Correct Answer) - ✅✅ Tort law
What of the following is NOT one the three main types of insurance losses (Correct
Answer) - ✅✅ Financial loss
Under a special cause of loss form if a landslide is caused by an unnatural flow of water
due to improper grading, the loss is, (Correct Answer) - ✅✅ Excluded under the
concurrent causation
An open peril policy protects agaginst the loss from (Correct Answer) - ✅✅ Any peril,
other than those specifically excluded
What factor supportd the principle of indemnity? (Correct Answer) - ✅✅ Insurable
interest
All of the following are characteristics of an ideally insurable loss exposure"except"
(Correct Answer) - ✅✅ Losses that are catastrophic
The amount to replace property with " like property of the same quality and construction"
is the properties (Correct Answer) - ✅✅ Replacement value
