Property and Casualty Insurance Test Question
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Verified | Latest Update 2026
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Terms in this set (95)
What is a peril? A Peril is a cause of loss
What is a hazard? Something that increases the chance of a loss
What is the difference between a Moral Hazard - dishonesty, against the law
Moral hazard and a Morale Hazard? Morale Hazard - carelessness
What is the method of handling risk Retention (loss or portion of loss)
that involves a deductible?
, If a fire causes damage to a building, A Peril
what is the fire considered?
What are the elements of an CANHAM
insurable risk? Calculable, Affordable, Non-Catastrophic,
Homogeneous, Accidental, Measurable
If an insurance company is housed in Domestic
Tennessee, what type of insurer are
they considered?
An insurance company incorporated Foreign
in Wisconsin and conducting
business in Minnesota is know as
what type of insurer?
What is it meant by "Express Authorities are written in agent contract
Authority"?
What is a term that is typically used Fiduciary - a person in a position of financial trust
to describe an Insurance Agent?
What is a contract or device for Insurance
transferring risk from a persons,
business, or organization to an
insurance company?
What is Reinsurance? When insurance companies purchase insurance to
cover their own exposures to loss
Notes | Questions with 100% Correct Answers |
Verified | Latest Update 2026
Save
Terms in this set (95)
What is a peril? A Peril is a cause of loss
What is a hazard? Something that increases the chance of a loss
What is the difference between a Moral Hazard - dishonesty, against the law
Moral hazard and a Morale Hazard? Morale Hazard - carelessness
What is the method of handling risk Retention (loss or portion of loss)
that involves a deductible?
, If a fire causes damage to a building, A Peril
what is the fire considered?
What are the elements of an CANHAM
insurable risk? Calculable, Affordable, Non-Catastrophic,
Homogeneous, Accidental, Measurable
If an insurance company is housed in Domestic
Tennessee, what type of insurer are
they considered?
An insurance company incorporated Foreign
in Wisconsin and conducting
business in Minnesota is know as
what type of insurer?
What is it meant by "Express Authorities are written in agent contract
Authority"?
What is a term that is typically used Fiduciary - a person in a position of financial trust
to describe an Insurance Agent?
What is a contract or device for Insurance
transferring risk from a persons,
business, or organization to an
insurance company?
What is Reinsurance? When insurance companies purchase insurance to
cover their own exposures to loss
