Texas Property and Casualty Newest exam with verified detailed
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solutions
Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy.
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However, with the purchase of the water backup and sump pump overflow endorsement,
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coverage for up to $5,000 in loss or damage can be provided for an additional premium.
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What is the deductible associated with this coverage? - ✔✔$250
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Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided
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for an additional premium with this endorsement.
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An insured relocated to another state for work. However, she still owns and insures a house
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in this state, but has had no one living in it for 3 months. She is also storing some furniture
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and clothes in the house. From an insurance standpoint, the insured's house is considered -
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✔✔Unoccupied
Unoccupancy refers to an insured structure in which no people have been living or working
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within the required period of time, but the structure contains contents.
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Individuals in the business of selling construction equipment and mobile equipment should
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insure with a/an - ✔✔Equipment dealers coverage form
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An equipment dealer's coverage form covers a dealer's stock in trade consisting primarily of
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mobile agricultural equipment and construction equipment. It also covers property of
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others in the dealer's care, custody, or control. It excludes coverage for autos, motorcycles,
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aircraft, and watercraft. || ||
All of the following are true regarding deposit premium - ✔✔It must be paid in advance.
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, It is an estimated premium paid at the policy issue.
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It could be adjusted by the audit.
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Deposit premium is an estimated premium paid in advance at the time the policy is issued
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that may be adjusted by the audit based on actual exposures.
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Which of the following is NOT an essential element of an insurance contract? -
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✔✔counteroffer
To purchase insurance, the policyowner must have financial interest in the property being
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insured. This is known as - ✔✔Insurable Interest
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The insured must have an insurable interest in the person or property covered by an
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insurance policy. In property insurance, this means the insured would incur a financial loss
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if the insured property was damaged.
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What type of property does a Personal Floaters policy cover? - ✔✔Movable personal
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property, wherever it may be located || || || || ||
Events or conditions that increase the chances of an insured loss occurring are referred to as
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- ✔✔Hazards
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solutions
Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy.
|| || || || || || || || || || || || || ||
However, with the purchase of the water backup and sump pump overflow endorsement,
|| || || || || || || || || || || || ||
coverage for up to $5,000 in loss or damage can be provided for an additional premium.
|| || || || || || || || || || || || || || || ||
What is the deductible associated with this coverage? - ✔✔$250
|| || || || || || || || ||
Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided
|| || || || || || || || || || || || || || || || ||
for an additional premium with this endorsement.
|| || || || || ||
An insured relocated to another state for work. However, she still owns and insures a house
|| || || || || || || || || || || || || || || ||
in this state, but has had no one living in it for 3 months. She is also storing some furniture
|| || || || || || || || || || || || || || || || || || || ||
and clothes in the house. From an insurance standpoint, the insured's house is considered -
|| || || || || || || || || || || || || || ||
✔✔Unoccupied
Unoccupancy refers to an insured structure in which no people have been living or working
|| || || || || || || || || || || || || ||
within the required period of time, but the structure contains contents.
|| || || || || || || || || || ||
Individuals in the business of selling construction equipment and mobile equipment should
|| || || || || || || || || || ||
insure with a/an - ✔✔Equipment dealers coverage form
|| || || || || || || ||
An equipment dealer's coverage form covers a dealer's stock in trade consisting primarily of
|| || || || || || || || || || || || || ||
mobile agricultural equipment and construction equipment. It also covers property of
|| || || || || || || || || || ||
others in the dealer's care, custody, or control. It excludes coverage for autos, motorcycles,
|| || || || || || || || || || || || || ||
aircraft, and watercraft. || ||
All of the following are true regarding deposit premium - ✔✔It must be paid in advance.
|| || || || || || || || || || || || || || ||
, It is an estimated premium paid at the policy issue.
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It could be adjusted by the audit.
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Deposit premium is an estimated premium paid in advance at the time the policy is issued
|| || || || || || || || || || || || || || || ||
that may be adjusted by the audit based on actual exposures.
|| || || || || || || || || ||
Which of the following is NOT an essential element of an insurance contract? -
|| || || || || || || || || || || || || ||
✔✔counteroffer
To purchase insurance, the policyowner must have financial interest in the property being
|| || || || || || || || || || || || ||
insured. This is known as - ✔✔Insurable Interest
|| || || || || || ||
The insured must have an insurable interest in the person or property covered by an
|| || || || || || || || || || || || || || ||
insurance policy. In property insurance, this means the insured would incur a financial loss
|| || || || || || || || || || || || || ||
if the insured property was damaged.
|| || || || ||
What type of property does a Personal Floaters policy cover? - ✔✔Movable personal
|| || || || || || || || || || || || ||
property, wherever it may be located || || || || ||
Events or conditions that increase the chances of an insured loss occurring are referred to as
|| || || || || || || || || || || || || || ||
- ✔✔Hazards
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