PROPERTY
PROPERTY AND CASUALTY
EXAM
PREP QUESTIONS AND ANSWERS
2024
Ch.1 - answerGeneral Insurance
Estoppel - answerPrevents the denial of a fact previously
established to be true
The concept that the insured should not profit from an
insurance transaction is called - answerThe principle of
indemnity
When an individual faces the risk of economic loss in the
event of property damage, this indicates which of the
following - answerInsurable Interest
What is not an option for managing risk -
answerSubrogating the risk
What is not true of insurance - answerIt eliminates risk
The law of large number provides that - answerAs the
number of insured units increases, predictability of losses
improves
PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024
, PROPERTY
What does an agent not have the authority to do -
answerRepresent the insured's interest
What is not a characteristic of a mutual insurance
company - answerStockholder have ownership
Insurance is and example of which type of risk
management technique - answerTransfer of risk
A hazard is best defined as - answerSomething that
increases the chance of a loss
Which term is described as the relinquishment of a legal
right - answerWaiver
What is not a type of insurer - answerProprietary Insurers
When both parties to a contract must perform certain
duties in order to make the contract enforceable, is
known as a(n): - answerConditional contract
Which term is defined as the probability of loss -
answerRisk
PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024
PROPERTY AND CASUALTY
EXAM
PREP QUESTIONS AND ANSWERS
2024
Ch.1 - answerGeneral Insurance
Estoppel - answerPrevents the denial of a fact previously
established to be true
The concept that the insured should not profit from an
insurance transaction is called - answerThe principle of
indemnity
When an individual faces the risk of economic loss in the
event of property damage, this indicates which of the
following - answerInsurable Interest
What is not an option for managing risk -
answerSubrogating the risk
What is not true of insurance - answerIt eliminates risk
The law of large number provides that - answerAs the
number of insured units increases, predictability of losses
improves
PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024
, PROPERTY
What does an agent not have the authority to do -
answerRepresent the insured's interest
What is not a characteristic of a mutual insurance
company - answerStockholder have ownership
Insurance is and example of which type of risk
management technique - answerTransfer of risk
A hazard is best defined as - answerSomething that
increases the chance of a loss
Which term is described as the relinquishment of a legal
right - answerWaiver
What is not a type of insurer - answerProprietary Insurers
When both parties to a contract must perform certain
duties in order to make the contract enforceable, is
known as a(n): - answerConditional contract
Which term is defined as the probability of loss -
answerRisk
PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024
