california property and casualty exam questions with correct answers

california property and casualty exam questions
with correct answers

The |process |where |by |a |mutul |insurer |becomes |a |stock |company |is |called |- |CORRECT |
ANSWER✔✔-Demutalization



The |process |whereby |a |stock |company |a |mutal |insurer |is |called |- |CORRECT |ANSWER✔✔-
Mutalization



The |provision |in |a |property |policy |which |states |that |the |insured |has |been |paid |up |to |their |
insurable |interest |is |- |CORRECT |ANSWER✔✔-Valuation |clause



The |part |of |the |policy |that |states |the |amout |of |coverage |the |insured |property |policy |period |is
|- |CORRECT |ANSWER✔✔-Declaration




Part |of |the |policy |that |establishes |limits |upon |the |insurer |and |the |insured |with |the |insuance |
policy |- |CORRECT |ANSWER✔✔-Conditions



Which |are |the |characterics |of |negligence |- |CORRECT |ANSWER✔✔-Duty,breach,proximate |
cause, |damages



Which |of |the |following |is |not |a |federal |program |- |CORRECT |ANSWER✔✔-Worker' |
compensation



Absolute |risk(liability) |is |imposed |- |CORRECT |ANSWER✔✔-When |there |is |negligence |whether |
proven |or |not

,X |is |in |an |accident |with |Y. |X |suffers |$5000 |of |damage |but |it |is |determined |that |X |is |60% |
responsible |for |the |accident. |How |much |would |X |receive |under |CONTRIBUTORY |negligence |
rules? |- |CORRECT |ANSWER✔✔-$0



what |is |the |main |purpose |of |tort |law |- |CORRECT |ANSWER✔✔-to |determine |financial |
responsibillty |for |damage



what |of |the |following |is |not |considered |an |intentional |tort? |- |CORRECT |ANSWER✔✔-Auto |
accident



Which |of |the |following |statements |is |true |regarding |compensatory |damages? |- |CORRECT |
ANSWER✔✔-There |is |usually |no |direct |correlation |between |the |amount |of |general |and |special
|damages |awarded |to |the |victim




The |insurer |decides |not |to |renewan |insured's |personal |auto |policy. |How |much |notice |must |the
|insurer |provide |to |the |insured |- |CORRECT |ANSWER✔✔-30 |days




an |insured's |loss |reserve |for |a |claim |isan |estimate |of |the |amount |insurer |will |pay |for |present |
and |future |loss, |which |of |the |following |is |an |example |of |loss |prevention |- |CORRECT |
ANSWER✔✔-a |homeowner |decides |not |to |install |a |pool |in |the |backyard



which |of |the |following |describes |the |act |of |making |a |false |entry |in |any |book |statement |of |
report |of |any |insurer |with |the |intent |to |device |any |examiner |lawfully |appointed |to |examine |
the |insured's |- |CORRECT |ANSWER✔✔-an |unfair |practice



a |person |can |base |his/her |claim |for |liability |on |the |basis |of |all |of |the |following |EXCEPT |- |
CORRECT |ANSWER✔✔-breach |of |liability



the |term |"assignment"refers |to |- |CORRECT |ANSWER✔✔-the |transfer |of |the |insured's |interest |
in |a |policy |to |another |party

,the |term |"subrogation" |refers |to |- |CORRECT |ANSWER✔✔-the |insured's |right |to |recover |
payment |from |a |responsible |3rd |party



insur's |right |to |recover |the |payment |of |the |claim |after |they |paid |the |insured |for |their |property
|losses |a |negligent |3rd |party |is |know |as, |- |CORRECT |ANSWER✔✔-subrogation




an |insurance |deductible |is |- |CORRECT |ANSWER✔✔-the |amount |of |covered |expense |that |the |
insured |pays |before |the |insurer |pays,



all |of |the |following |are |requirements |for |a |notice |by |mail |to |an |insured |by |insurer |except |- |
CORRECT |ANSWER✔✔-notice |must |be |sent |with |return |receipt |required



which |of |the |following |is |considered |special |damages |- |CORRECT |ANSWER✔✔-Compensation |
for |time |away |from |work



Which |advisory |organization(s) |develop |forms |for |the |standard |market? |- |CORRECT |
ANSWER✔✔-Insurane |service |office |and |American |association |of |insurances



Which |of |the |following |would |be |considered |special |dmamges? |- |CORRECT |ANSWER✔✔-Lost |
wages



What |do |the |initials |S.tA.R.R |reperesent? |- |CORRECT |ANSWER✔✔-Methods |of |risk |
mamagement



All |of |the |following |would |be |considered |benfits |of |insurance |except |- |CORRECT |ANSWER✔✔-
Retention |of |loss |by |the |insured

, What |gives |an |insured |party |the |right |to |seek |compensation |if |it |is |proven |that |another |
person |with |negligence |contributed |to |the |injury |- |CORRECT |ANSWER✔✔-Tort |law



What |of |the |following |is |NOT |one |the |three |main |types |of |insurance |losses |- |CORRECT |
ANSWER✔✔-Financial |loss



Under |a |special |cause |of |loss |form |if |a |landslide |is |caused |by |an |unnatural |flow |of |water |due |
to |improper |grading, |the |loss |is, |- |CORRECT |ANSWER✔✔-Excluded |under |the |concurrent |
causation



An |open |peril |policy |protects |agaginst |the |loss |from |- |CORRECT |ANSWER✔✔-Any |peril, |other |
than |those |specifically |excluded



What |factor |supportd |the |principle |of |indemnity? |- |CORRECT |ANSWER✔✔-Insurable |interest



All |of |the |following |are |characteristics |of |an |ideally |insurable |loss |exposure"except" |- |CORRECT
|ANSWER✔✔-Losses |that |are |catastrophic




The |amount |to |replace |property |with |" |like |property |of |the |same |quality |and |construction" |is |
the |properties |- |CORRECT |ANSWER✔✔-Replacement |value



All |of |the |following |are |considered |intentional |torts |- |CORRECT |ANSWER✔✔-except, |Assult



What |is |the |difference |between |per |accident |limit |in |a |split |limit |policy |and |single |limits |- |
CORRECT |ANSWER✔✔-There |is |no |difference



The |intentional |relinquishment |of |known |right |is |- |CORRECT |ANSWER✔✔-Waivier