california property and casualty |\ |\ |\ |\
exam QUESTIONS WITH ANSWERS |\ |\ |\
The process where by a mutul insurer becomes a stock company is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
called - CORRECT ANSWERS ✔✔Demutalization
|\ |\ |\ |\
The process whereby a stock company a mutal insurer is called -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Mutalization |\ |\
The provision in a property policy which states that the insured has
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
been paid up to their insurable interest is - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Valuation clause |\
The part of the policy that states the amout of coverage the insured
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
property policy period is - CORRECT ANSWERS ✔✔Declaration
|\ |\ |\ |\ |\ |\ |\
Part of the policy that establishes limits upon the insurer and the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
insured with the insuance policy - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔Conditions
Which are the characterics of negligence - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Duty,breach,proximate cause, damages |\ |\
,Which of the following is not a federal program - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Worker' compensation |\ |\
Absolute risk(liability) is imposed - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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 ANSWERS ✔✔$0 |\ |\
what is the main purpose of tort law - CORRECT ANSWERS ✔✔to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
determine financial responsibillty for damage
|\ |\ |\ |\
what of the following is not considered an intentional tort? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Auto accident |\ |\ |\
Which of the following statements is true regarding compensatory
|\ |\ |\ |\ |\ |\ |\ |\ |\
damages? - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔an unfair practice |\ |\ |\ |\
a person can base his/her claim for liability on the basis of all of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
following EXCEPT - CORRECT ANSWERS ✔✔breach of liability
|\ |\ |\ |\ |\ |\ |\ |\
the term "assignment"refers to - CORRECT ANSWERS ✔✔the
|\ |\ |\ |\ |\ |\ |\ |\
transfer of the insured's interest in a policy to another party
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the term "subrogation" refers to - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔subrogation |\ |\
an insurance deductible is - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔notice must
|\ |\ |\ |\ |\ |\ |\ |\ |\
be sent with return receipt required
|\ |\ |\ |\ |\
which of the following is considered special damages - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Compensation for time away from work |\ |\ |\ |\ |\ |\
Which advisory organization(s) develop forms for the standard
|\ |\ |\ |\ |\ |\ |\ |\
market? - CORRECT ANSWERS ✔✔Insurane service office and
|\ |\ |\ |\ |\ |\ |\ |\
American association of insurances |\ |\ |\
Which of the following would be considered special dmamges? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Lost wages |\ |\ |\
What do the initials S.tA.R.R reperesent? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Methods of risk mamagement |\ |\ |\
exam QUESTIONS WITH ANSWERS |\ |\ |\
The process where by a mutul insurer becomes a stock company is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
called - CORRECT ANSWERS ✔✔Demutalization
|\ |\ |\ |\
The process whereby a stock company a mutal insurer is called -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Mutalization |\ |\
The provision in a property policy which states that the insured has
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
been paid up to their insurable interest is - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Valuation clause |\
The part of the policy that states the amout of coverage the insured
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
property policy period is - CORRECT ANSWERS ✔✔Declaration
|\ |\ |\ |\ |\ |\ |\
Part of the policy that establishes limits upon the insurer and the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
insured with the insuance policy - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔Conditions
Which are the characterics of negligence - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Duty,breach,proximate cause, damages |\ |\
,Which of the following is not a federal program - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Worker' compensation |\ |\
Absolute risk(liability) is imposed - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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 ANSWERS ✔✔$0 |\ |\
what is the main purpose of tort law - CORRECT ANSWERS ✔✔to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
determine financial responsibillty for damage
|\ |\ |\ |\
what of the following is not considered an intentional tort? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Auto accident |\ |\ |\
Which of the following statements is true regarding compensatory
|\ |\ |\ |\ |\ |\ |\ |\ |\
damages? - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔an unfair practice |\ |\ |\ |\
a person can base his/her claim for liability on the basis of all of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
following EXCEPT - CORRECT ANSWERS ✔✔breach of liability
|\ |\ |\ |\ |\ |\ |\ |\
the term "assignment"refers to - CORRECT ANSWERS ✔✔the
|\ |\ |\ |\ |\ |\ |\ |\
transfer of the insured's interest in a policy to another party
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the term "subrogation" refers to - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔subrogation |\ |\
an insurance deductible is - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔notice must
|\ |\ |\ |\ |\ |\ |\ |\ |\
be sent with return receipt required
|\ |\ |\ |\ |\
which of the following is considered special damages - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Compensation for time away from work |\ |\ |\ |\ |\ |\
Which advisory organization(s) develop forms for the standard
|\ |\ |\ |\ |\ |\ |\ |\
market? - CORRECT ANSWERS ✔✔Insurane service office and
|\ |\ |\ |\ |\ |\ |\ |\
American association of insurances |\ |\ |\
Which of the following would be considered special dmamges? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Lost wages |\ |\ |\
What do the initials S.tA.R.R reperesent? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Methods of risk mamagement |\ |\ |\
