8/23/25, 6:40 AM Texas Property & Casualty License EXAM Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 lat…
Texas Property & Casualty License EXAM
Questions & Answers | 100% Verified solutions
|Questions with Correct Answers 2025 latest
update!!
Save
Terms in this set (106)
Property vs Casualty: Structure & Personal Property
What is considered
property?
Property vs Casualty: Non-property losses. Legal liability to others. 3rd
What is considered Party
casualty?
Risk uncertainty of financial loss
Pure Risk Chance of Loss
Speculative Risk Chance of Loss or Gain (Gamble)
Insurance (covers which Pure Risk Only
type of risk?)
How does the law of large Actuaries use the law of large numbers to estimate
numbers apply in claims
insurance?
as the number of a similar loss exposure increases, the
What is the law of large
more accurate claims can be predicted from the
numbers?
group.
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, 8/23/25, 6:40 AM Texas Property & Casualty License EXAM Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 lat…
What is a peril? cause of loss
What is a hazard? things that increase the chance of a peril happening
Physical: visible characteristic (dead tree)
Three types of hazards Moral: Dishonest tendencies
Morale: Attitude of carelessness
Proximate Cause First cause in an unbroken chain of events
C - Competent parties (18/Right frame of mind)
Elements of a legal A - Agreement (Both parties agree)
contract (CALC) L - Legal Purpose (The risk is LEGAL)
C - Consideration (It has to be fair)
What is representation? Information believed to be true.
What is Information that is not true. False information.
misrepresentation?
What is material Information that is not true but would have caused the
misrepresentation? insurer not to issue the policy. (4 prev spd tix)
An all out effort by one party to deceive and cheat
What is fraud?
the other.
Guarantee that an insured will or will not do
What is warranty?
something
D - Declarations Page (First Page)
What are the four major
I - Insuring Agreement (Insurers promise to pay)
parts to an insurance
C - Conditions (Rules)
policy structure? (DICE)
E - Exclusions (Not covered)
Policy Number
Parties
What information is on the
Property Description/Location
declarations page?
Policy Term
(Remember 6 Ps)
Policy Limits/Deductibles
Premium
The max amount of coverage agreed to be paid per
What is Limit of Liability?
loss
https://quizlet.com/1067708141/texas-property-casualty-license-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025… 2/10
Texas Property & Casualty License EXAM
Questions & Answers | 100% Verified solutions
|Questions with Correct Answers 2025 latest
update!!
Save
Terms in this set (106)
Property vs Casualty: Structure & Personal Property
What is considered
property?
Property vs Casualty: Non-property losses. Legal liability to others. 3rd
What is considered Party
casualty?
Risk uncertainty of financial loss
Pure Risk Chance of Loss
Speculative Risk Chance of Loss or Gain (Gamble)
Insurance (covers which Pure Risk Only
type of risk?)
How does the law of large Actuaries use the law of large numbers to estimate
numbers apply in claims
insurance?
as the number of a similar loss exposure increases, the
What is the law of large
more accurate claims can be predicted from the
numbers?
group.
https://quizlet.com/1067708141/texas-property-casualty-license-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025… 1/10
, 8/23/25, 6:40 AM Texas Property & Casualty License EXAM Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 lat…
What is a peril? cause of loss
What is a hazard? things that increase the chance of a peril happening
Physical: visible characteristic (dead tree)
Three types of hazards Moral: Dishonest tendencies
Morale: Attitude of carelessness
Proximate Cause First cause in an unbroken chain of events
C - Competent parties (18/Right frame of mind)
Elements of a legal A - Agreement (Both parties agree)
contract (CALC) L - Legal Purpose (The risk is LEGAL)
C - Consideration (It has to be fair)
What is representation? Information believed to be true.
What is Information that is not true. False information.
misrepresentation?
What is material Information that is not true but would have caused the
misrepresentation? insurer not to issue the policy. (4 prev spd tix)
An all out effort by one party to deceive and cheat
What is fraud?
the other.
Guarantee that an insured will or will not do
What is warranty?
something
D - Declarations Page (First Page)
What are the four major
I - Insuring Agreement (Insurers promise to pay)
parts to an insurance
C - Conditions (Rules)
policy structure? (DICE)
E - Exclusions (Not covered)
Policy Number
Parties
What information is on the
Property Description/Location
declarations page?
Policy Term
(Remember 6 Ps)
Policy Limits/Deductibles
Premium
The max amount of coverage agreed to be paid per
What is Limit of Liability?
loss
https://quizlet.com/1067708141/texas-property-casualty-license-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025… 2/10
