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KY PROPERTY & CASUALTY EXAM
Questions and Correct Answers/ Latest
Update / Already Graded
What is a hazard?
Ans: An increase in the possibility that a loss might occur
Purpose of insurance
Ans: To transfer risk from a person, business or organization to
an insurance company in exchange for a deductible
The type of insurance company in which the policy holder is considered
an owner, with right to vote & share in profits is a
Ans: Mutual company
What is not an element of insurability?
Ans: Risk of loss must be speculative
The principle that states that an insured should be stored to approx the
same financial position after loss is
Ans: Indemnity
All rights reserved © 2025/ 2026 |
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What part of an insurance policy personalizes the policy as to who and
what are insured?
Ans: Declarations
An insurance policy is prepared by the company, with little or no input
from the insured. This means that an policy is a/an
Ans: Adhesion contract
An individual who owns and lives in a condo can obtain both broad
coverage for person property in the condo under which homeowners
form?
Ans: HO-6
What is the purpose is the fair credit reporting act?
Ans: To give the recourse if insurance is denied in the basis of a
credit report
Which is not a liability loss?
Ans: A fire that was caused the insured negligence burns a
neighboring building
All rights reserved © 2025/ 2026 |
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What rating method involves nosying the premium based on the
insured loss experience over a specific time?
Ans: Experience rating
Most Flood insurance coverage is provided by
Ans: a federal government program
What type of business could be emigre for a business owners policy?
Ans: Rest Easy Motel
What type of benefit is generally not provided by a state worker
compensation law?
Ans: Pain and suffering
What describes an insurance company doing business in a state other
than one where it is incorporated?
Ans: Foreign
The purpose of a binder is to
All rights reserved © 2025/ 2026 |
KY PROPERTY & CASUALTY EXAM
Questions and Correct Answers/ Latest
Update / Already Graded
What is a hazard?
Ans: An increase in the possibility that a loss might occur
Purpose of insurance
Ans: To transfer risk from a person, business or organization to
an insurance company in exchange for a deductible
The type of insurance company in which the policy holder is considered
an owner, with right to vote & share in profits is a
Ans: Mutual company
What is not an element of insurability?
Ans: Risk of loss must be speculative
The principle that states that an insured should be stored to approx the
same financial position after loss is
Ans: Indemnity
All rights reserved © 2025/ 2026 |
, Page |2
What part of an insurance policy personalizes the policy as to who and
what are insured?
Ans: Declarations
An insurance policy is prepared by the company, with little or no input
from the insured. This means that an policy is a/an
Ans: Adhesion contract
An individual who owns and lives in a condo can obtain both broad
coverage for person property in the condo under which homeowners
form?
Ans: HO-6
What is the purpose is the fair credit reporting act?
Ans: To give the recourse if insurance is denied in the basis of a
credit report
Which is not a liability loss?
Ans: A fire that was caused the insured negligence burns a
neighboring building
All rights reserved © 2025/ 2026 |
, Page |3
What rating method involves nosying the premium based on the
insured loss experience over a specific time?
Ans: Experience rating
Most Flood insurance coverage is provided by
Ans: a federal government program
What type of business could be emigre for a business owners policy?
Ans: Rest Easy Motel
What type of benefit is generally not provided by a state worker
compensation law?
Ans: Pain and suffering
What describes an insurance company doing business in a state other
than one where it is incorporated?
Ans: Foreign
The purpose of a binder is to
All rights reserved © 2025/ 2026 |
