PROPERTY AND CASUALTY CHAPTER 3
EXAM PREP QUESTIONS
AND
ANSWERS 2024
Property Insurance - answer Covers my stuff (buildings
and personal belongings).
First party losses - answer Property insurance pays the
insured for covered losses to the property
Third party losses - answer 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 - answer - Casualty = Liability
- Always pay the other
guy, never me - Third
party losses:
--First party: me (insured)
--Second party: my insurer
--Third party: other guy
Declerations Section - answer Information relative to
who, what, when, and where is found on the first page.
PROPERTY
, Insuring agreements - answer the "heart" of the policy,
state in general what is to be covered or, in other words,
the losses for which the insured will be indemnified. This
section also describes the type of property covered and
the perils against which it is insured.
Conditions section - answer states the policy provisions,
rules of conduct, duties, and obligations required for
coverage
Endorsements - answer add, modify, or take away
coverage
Exclusions - answer take coverage away from the
insuring agreement by describing property, perils,
hazards, or losses arising from specific causes which are
not covered by the policy
definitions section - answer Clarifies the meanings of
certain terms used in the policy.
Additional/Supplementary Coverage - answer -Payment
for additional expenses not normally covered
-May have separate limit of insurance
policy period - answer Duration of the policy
PROPERTY
EXAM PREP QUESTIONS
AND
ANSWERS 2024
Property Insurance - answer Covers my stuff (buildings
and personal belongings).
First party losses - answer Property insurance pays the
insured for covered losses to the property
Third party losses - answer 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 - answer - Casualty = Liability
- Always pay the other
guy, never me - Third
party losses:
--First party: me (insured)
--Second party: my insurer
--Third party: other guy
Declerations Section - answer Information relative to
who, what, when, and where is found on the first page.
PROPERTY
, Insuring agreements - answer the "heart" of the policy,
state in general what is to be covered or, in other words,
the losses for which the insured will be indemnified. This
section also describes the type of property covered and
the perils against which it is insured.
Conditions section - answer states the policy provisions,
rules of conduct, duties, and obligations required for
coverage
Endorsements - answer add, modify, or take away
coverage
Exclusions - answer take coverage away from the
insuring agreement by describing property, perils,
hazards, or losses arising from specific causes which are
not covered by the policy
definitions section - answer Clarifies the meanings of
certain terms used in the policy.
Additional/Supplementary Coverage - answer -Payment
for additional expenses not normally covered
-May have separate limit of insurance
policy period - answer Duration of the policy
PROPERTY
