INSURANCE TEXAS PROPERTY & CASUALTY
EXAM WITH 70+ REAL QUESTIONS AND
VERIFIED CORRECT ANSWERS ALREADY
GRADED A+ |GUARANTEED SUCCESS
Depreciation - CORRECT ANSWER ✔✔- Reduction in value, particularly due to
wear and tear
Exposure - CORRECT ANSWER ✔✔- Susceptibility to Risk
Implied Warranty - CORRECT ANSWER ✔✔- A legal term meaning that a
product is suitable for its intended purpose and that it fits an ordinary buyer's
expectations.
Insurance Policy - CORRECT ANSWER ✔✔- A contract between a policy owner
(and/or insured) and an insurance company which agrees to pay the insured or the
beneficiary for loss caused by specific events
Insurer (principal) - CORRECT ANSWER ✔✔- The company who issues an
insurance policy
Obsolescence - CORRECT ANSWER ✔✔- Depreciation in the value of a property
due to becoming outdated
Premium - CORRECT ANSWER ✔✔- The money paid to the insurance company
for the insurance policy
, Tort - CORRECT ANSWER ✔✔- a wrongful act or the violation of someone's
rights that leads to legal liability
Law of Large Numbers - CORRECT ANSWER ✔✔- States that the larger the
number the people with a similar exposure to loss, the more predictable actual
losses will be.
Insurable Interest - CORRECT ANSWER ✔✔- The insured must have insurable
interest in the person or property covered by an insurance policy.
3 Elements of Insurable Risk - CORRECT ANSWER ✔✔- Financial
Blood
Business
At the Time of the Loss - CORRECT ANSWER ✔✔- In Property & Casualty
insurance, insurable interest must exist.
Risk - CORRECT ANSWER ✔✔- Uncertainty or chance of a loss occurring.
Pure Risk - CORRECT ANSWER ✔✔- Situations that can only result in a loss or
no change. No financial gain
Speculative Risk - CORRECT ANSWER ✔✔- Involves the opportunity for either
loss or gain. Are not insurable.
EXAM WITH 70+ REAL QUESTIONS AND
VERIFIED CORRECT ANSWERS ALREADY
GRADED A+ |GUARANTEED SUCCESS
Depreciation - CORRECT ANSWER ✔✔- Reduction in value, particularly due to
wear and tear
Exposure - CORRECT ANSWER ✔✔- Susceptibility to Risk
Implied Warranty - CORRECT ANSWER ✔✔- A legal term meaning that a
product is suitable for its intended purpose and that it fits an ordinary buyer's
expectations.
Insurance Policy - CORRECT ANSWER ✔✔- A contract between a policy owner
(and/or insured) and an insurance company which agrees to pay the insured or the
beneficiary for loss caused by specific events
Insurer (principal) - CORRECT ANSWER ✔✔- The company who issues an
insurance policy
Obsolescence - CORRECT ANSWER ✔✔- Depreciation in the value of a property
due to becoming outdated
Premium - CORRECT ANSWER ✔✔- The money paid to the insurance company
for the insurance policy
, Tort - CORRECT ANSWER ✔✔- a wrongful act or the violation of someone's
rights that leads to legal liability
Law of Large Numbers - CORRECT ANSWER ✔✔- States that the larger the
number the people with a similar exposure to loss, the more predictable actual
losses will be.
Insurable Interest - CORRECT ANSWER ✔✔- The insured must have insurable
interest in the person or property covered by an insurance policy.
3 Elements of Insurable Risk - CORRECT ANSWER ✔✔- Financial
Blood
Business
At the Time of the Loss - CORRECT ANSWER ✔✔- In Property & Casualty
insurance, insurable interest must exist.
Risk - CORRECT ANSWER ✔✔- Uncertainty or chance of a loss occurring.
Pure Risk - CORRECT ANSWER ✔✔- Situations that can only result in a loss or
no change. No financial gain
Speculative Risk - CORRECT ANSWER ✔✔- Involves the opportunity for either
loss or gain. Are not insurable.
