Property And Casualty Exam With Correct Responses 2025.

Property And Casualty Exam With
Correct Responses 2025




____ is uncertainty of lossCORRECT ANSWERS✔✔risk
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____ is a transfer of risk from the insured to the insurerCORRECT ANSWERS✔✔insurance
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____ risk means there is no chance of gain. It is insurable.CORRECT ANSWERS✔✔pure
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____ risk means there is a chance of a loss or a gain. It is not insurable.CORRECT ANSWERS✔✔speculative
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a ____ is something that increases the risk.CORRECT ANSWERS✔✔hazard
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the principle of _____ governs property and casualty policies. It states that the purpose of the policy is to
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restore the insured financially to where they were prior to the lossCORRECT ANSWERS✔✔indemnity
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_____ _____ must exist on a casualty policy at time of loss in order for the policy to provide
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coverage.CORRECT ANSWERS✔✔insurable interest
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,the law of _____ _____ is used to predict the likelihood of lossCORRECT ANSWERS✔✔large numbers
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____ ____ ____ is replacement cost minus depreciation.CORRECT ANSWERS✔✔actual cash value
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________ is a tort, or civil wrong; it is grounds for a lawsuit.CORRECT ANSWERS✔✔Negligence
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_______ is the failure to act as a reasonable person would in the same set of circumstancesCORRECT
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ANSWERS✔✔negligence
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an _____ happens over a period of timeCORRECT ANSWERS✔✔Occurrence
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a _____ may be oral or writtenCORRECT ANSWERS✔✔binder
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a _____ provides coverage until the policy is issued. it includes all coverages provided by the
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policy.CORRECT ANSWERS✔✔binder
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a ____ is a literal truthCORRECT ANSWERS✔✔warranty
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a _______ is a substantial truth. in insurance, statements of the applicant/policyowner are _______ - true to
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the best of their knowledgeCORRECT ANSWERS✔✔representation
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______ is an omission of a material fact.CORRECT ANSWERS✔✔concealment
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the insurer has the right to sue a negligent third party for damages paid to an insured under the concept of
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______CORRECT ANSWERS✔✔subrogation
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,four parts of a policyCORRECT ANSWERS✔✔DICE (declarations, insuring agreement, conditions, and
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exclusions)
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the ______ list the named insured, policy limits, and premium and policy periodCORRECT ANSWERS✔✔
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declarations



the ____ __ ____ are found on the declaration page of the policyCORRECT ANSWERS✔✔limits of liability
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the _______ _______ describes the coverages providedCORRECT ANSWERS✔✔insuring agreement
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the _______ list the obligations of both parties, the insurer and the insuredCORRECT ANSWERS✔✔
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conditions



the ______ list the perils that are not coveredCORRECT ANSWERS✔✔exclusions
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If the Insurer and the Insured disagree that the liability policy does or does not provide coverage, the claim
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will go to _____CORRECT ANSWERS✔✔arbitration
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in _____ each party pays for one and a half persons involvedCORRECT ANSWERS✔✔arbitration
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in arbitration there are _____ arbitratorsCORRECT ANSWERS✔✔three
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the cancellation provisions are found in the ________ section of the policyCORRECT ANSWERS✔✔
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conditions



the insured must promptly tell the insurer about a ______CORRECT ANSWERS✔✔claim
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, the other insurance clause is also known as the ____-____ _____ _______CORRECT ANSWERS✔✔pro-rata
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liability clause
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_____-____ does not mean equal, it is proportionateCORRECT ANSWERS✔✔pro-rata
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the _____ _____ _____ act protects consumers against the circulation of inaccurate or obsolete personal or
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financial information.CORRECT ANSWERS✔✔fair credit reporting act
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the ____-____-____ act requires that a customer be given out a privacy notice at the time the customer
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relationship is initially established and thereafter annually.CORRECT ANSWERS✔✔gramm-leach-bliley act
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the ____ ____ insurance act applies to commercial policies onlyCORRECT ANSWERS✔✔terrorism risk
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insurance act (TRIA)
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the main difference between the various _____ _____ forms is the property perils insured againstCORRECT
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ANSWERS✔✔dwelling policy (DP)
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DP policies do not cover personal liability, although it can be added by adding an endorsement known as a
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_____ ______ ______ for an additional premium chargeCORRECT ANSWERS✔✔personal liability
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supplement
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DP policies contain general exclusions for damage due to war, nuclear hazard, and flood but not
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_____CORRECT ANSWERS✔✔wind
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on a dwelling policy, other structures coverage will apply to a structure rented out as a _____
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_____CORRECT ANSWERS✔✔private garage
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DP policies do not cover _______ of ______ after 60 days of vacancyCORRECT ANSWERS✔✔breakage of
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glass
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